How to Protect Older Adults from Financial Fraud this Holiday Season

It’s the family holiday party and you’re ready for the eggnog and lively mix of chatter—from your uncle’s unsolicited advice to catching up with your cousins. But this year, you notice something different: your grandfather is standing off to the side, nervously checking his phone. When your grandmother asks him a question, he snaps and later confides that his bank account was emptied by a scammer after he purchased a gift on a bogus website.

Financial exploitation of older adults is surging and costly: roughly one in twenty Americans over 60 experiences financial exploitation each year, with total losses estimated at $28.3 billion annually. In 2023 alone, online fraud reported to the FBI cost people 60 or older more than $3.4 billion. The holiday season only heightens the risk.

Holiday Scams

According to the U.S. Attorney’s Office, certain scams flourish during the holidays.

Fake or “lookalike” online stores lure shoppers with deals that are too good to be true. “Missed delivery” notifications are texts or emails that appear to be from trusted carriers but link to sites built to steal personal information. Gift card scams which trick victims into buying worthless gift cards are common. Other scammers prey on generosity through fake charities and online fundraising campaigns and pocket donations.

How to Spot and Stop Abuse

Family gatherings offer rare, face-to-face moments to notice red flags and intervene early. Yet many scam victims don’t feel comfortable opening up, out of shame or fear that others will question their judgment or capacity to manage finances. While scams can happen to anyone, older adults are targeted more frequently.|

Warning signs to look for include unexplained withdrawals or transactions, sudden preoccupation with phones or computers, buying large numbers of gift cards, new secrecy, or unusual anxiety. These subtle changes are often the first indication that something is wrong.

How You Can Help

If you suspect a loved one may be the victim of a scam, start by staying calm and reassure them that it’s not their fault. Scammers are highly skilled, and even the most cautious people can be deceived. Encourage them to cut off communication with anyone that is suspicious, and report what happened to authorities right away.

Set aside time to co-create a protection plan with your relative. While this conversation may feel uncomfortable, it is key to prevent further damage. This protection plan might include reviewing scam warning signs, changing passwords, ordering new bank cards, enabling two-factor authentication, or talking with their bank about adding fraud alerts or other safeguards. You can explain to your loved one that before providing personal information to anyone, they should call the institution directly and ensure the request is legitimate.

If more support is needed, you can help them identify a trusted contact—someone who can receive alerts about unusual activity, review bank statements, or serve as a “second set of eyes” before money is sent. In some cases, it may make sense for the person to become a joint account holder or to be named as a durable power of attorney.

For those showing signs of cognitive decline, a medical evaluation is important.

Cognitive impairment can increase vulnerability and make it harder for a person to follow through on a protection plan. These situations may require more hands-on help, even if the older adult is hesitant. Offer to help with practical steps, such as monitoring bank activity, paying bills, deleting suspicious apps, or blocking unknown callers to prevent further exploitation. If the older adult is reluctant to accept help, involve a trusted professional such as a primary care provider, banker, or accountant who can reinforce your support. In more serious cases, medical or psychiatric intervention may be necessary to prevent further harm, such as pausing large transfers or enabling alerts, while considering long-term planning options (e.g., power of attorney, guardianship). To learn more, visit Project Guardianship.

Overall, remember that it can be emotionally draining to assume a new role in the relationship. Whenever possible, involve another trusted family member or friend to share the responsibility and help you sustain your own well-being along the way.

As you enjoy family get-togethers this holiday, make time to offer help for loved ones who may be experiencing financial vulnerability. It may take patience, trust, and some trial and error, but it’s worth it.

Kristin Lees Haggerty, Project Director at EDC.org and the National Collaboratory to Address Elder Mistreatment

Elaine Gottesman, Licensed Clinical Social Worker at Weill Cornell Medicine