Protecting Older Adults From Financial Scams: A Guide for MetroWest Families

October is Cybersecurity Awareness Month, and it is a good moment for families across Marlborough and MetroWest to talk openly about financial scams. According to the Federal Trade Commission, many victims of scams and financial fraud are age 50 or older. Scammers reach people by phone, mail, email, text message, and even at the front door, and they are skilled at sounding helpful, official, and urgent all at once.

As an SRES (Senior Real Estate Specialist) team, we spend a great deal of time with older homeowners and the adult children who support them. We see how much trust, equity, and history lives inside a family home, and we know that protecting it starts with knowing what to watch for. This guide walks through the warning signs, the simple habits that keep personal information safe, and what to do if something has already gone wrong. If questions come up along the way, our team is always happy to talk.

Why Are Older Adults Targeted by Financial Scams?

Scammers tend to focus on people who have built up savings, retirement income, and home equity over many years. Older adults who live alone can be at higher risk, simply because there may be no one nearby to offer a second opinion before a decision is made. It is also important to know that scams do not only come from strangers. Financial abuse can come from someone the person already knows, which is one reason it often goes unreported for so long.

What Are the Most Common Scams Targeting Older Adults?

Scams come in many forms, but nearly all of them are designed to get either money or personal information. Some of the most common include:

• Risk free investments, fake charities, and notices about free prizes or sweepstakes winnings
• Miracle health products and fake Medicare discount cards
• Calls, emails, or texts that appear to come from a bank, credit card company, utility, or other service provider
• Door to door sales pitches that push for an immediate payment

Scams That Target Homeowners

Homeowners face a few additional risks that are worth naming. Long time owners often receive unsolicited letters, calls, and texts offering to buy their home for cash, sometimes paired with pressure to sign quickly. Others receive official looking mailers offering a copy of their deed or a property record for a fee, when that information is typically available through the Registry of Deeds. Unexpected home repair offers, especially those requiring a large deposit upfront, deserve the same caution. Later this month, we will also cover wire fraud at closing and how families can protect a vacant or inherited home from deed fraud.

What Are the Warning Signs of a Scam?

Most scams share a few telltale patterns. Learning to recognize them is one of the most effective ways to stay safe:

• A request for money in advance. Scammers may call it a deposit, a processing charge, or a handling fee.
• A request for account details. Legitimate organizations rarely call out of the blue asking for a credit card, Social Security, or bank account number.
• An offer that sounds too good to be true. Words like "low cost" and "no risk" are common hooks, and if an offer sounds too good to be true, it probably is.
• Pressure to decide immediately. If you are told you must act right now or miss the opportunity, that urgency is itself a strong sign of a scam.
• A request to send cash or wire money. These payments are very difficult to recover once they are sent.

How Can You Protect Your Personal Information?

A few everyday habits go a long way toward keeping personal and financial information out of the wrong hands:

• Do not share credit card, Social Security, or bank account numbers with anyone who contacts you unexpectedly.
• Be careful if someone new suddenly shows an interest in your finances.
• Shred bills, receipts, and other private records before throwing them away.
• Have Social Security and other benefit checks deposited directly into your bank account.
• Read monthly bills and statements carefully and question any charge you do not recognize.
• Only buy items by phone or online when you placed the call or started the purchase yourself.
• Never give money to people who show up at your door, and never feel rushed to send cash.

Before spending or donating money, it also helps to do a little research. The Better Business Bureau can tell you whether a business or charity is legitimate, and a quick online search of a company name along with words like "review," "complaint," or "scam" will often reveal problems others have already reported. To cut down on unwanted sales calls, add your number to the National Do Not Call Registry by calling 1-888-382-1222 or visiting DoNotCall.gov.

How Can Adult Children Tell if a Parent Is Being Scammed?

Many of the families we work with first notice that something is off during a visit home or while helping with bills. Signs that a loved one may be the target of a scam include:

• Sudden changes in their finances or spending
• Unusual withdrawals from a checking, savings, or credit card account
• Abrupt changes to a will, power of attorney, or property title
• A large amount of mail, magazines, or packages arriving at the house
• An increase in phone calls or emails
• Secrecy, embarrassment, or confusion when money comes up

If you notice these signs, approach the conversation with patience rather than blame. Scammers are professionals, and the people they target often feel ashamed, which can make them reluctant to share what is happening.

What Should You Do if You Have Been Scammed?

First, please do not blame yourself, and know that you are not alone. Talk with a trusted advisor, family member, or care provider about what happened and what steps to take next. Contact your bank or credit card company as soon as possible, and consider reporting the situation to your local police department and to the Federal Trade Commission at ReportFraud.ftc.gov. In Massachusetts, concerns about the financial exploitation of anyone age 60 or older can also be reported to the statewide Elder Abuse Hotline at 1-800-922-2275, which is available around the clock.

Why Should You Consider Naming a Power of Attorney?

At some point, any of us may become unable to make financial decisions on our own. Naming a trusted person as your power of attorney ahead of time means someone you have chosen can step in and manage your affairs if that day comes. It is a conversation worth having with a lawyer or financial advisor while everyone can participate fully. For families planning a future move or the sale of a family home, having this document in place can also make the real estate process far smoother. We are happy to connect you with trusted local professionals through our Senior Transitions resources.

Frequently Asked Questions

Who do I call in Massachusetts if I think an older adult is being financially exploited?

Massachusetts operates a statewide Elder Abuse Hotline at 1-800-922-2275, available 24 hours a day, seven days a week, for concerns involving adults age 60 and older, including financial exploitation. If someone is in immediate danger, call 911 first.

How do I report a scam to the federal government?

You can file a report with the Federal Trade Commission at ReportFraud.ftc.gov. You may also want to contact your local police department and your bank or credit card company right away.

How can I stop telemarketing calls to an aging parent?

Register the phone number with the National Do Not Call Registry by calling 1-888-382-1222 from the phone you want to register or by visiting DoNotCall.gov. Registration reduces legitimate telemarketing calls, so any unexpected sales call after registering deserves extra caution.

Are homeowners targeted by real estate scams?

Yes. Long time homeowners often receive unsolicited cash offers, high pressure home repair pitches, and mailers charging fees for public records. Before signing anything or sharing personal information, talk with a trusted advisor such as a real estate professional, attorney, or family member.