Bank Fraud Targeting Older Customers
Fake bank calls, courier fraud, investment pitches and 'helpful' strangers target older customers. The common approaches, and simple habits and bank tools that protect them.
Older customers are often targeted because they may have savings, answer landline calls, and be more trusting of authority. The scams are well rehearsed, and anyone can be caught out.
Common approaches
- Fake bank or police calls about fraud on the account. See bank impersonation.
- Courier fraud: handing over a card and PIN to a "courier" for safekeeping.
- Safe account transfers. See the safe account scam.
- Investment and romance pitches. See romance investment scams.
- Tech support calls leading to remote access. See fake IT support calls.
- Distraction at ATMs. See ATM card swap scams.
Protective habits
- Hang up on any caller asking about money, and call the bank on the number on the card.
- Never hand a card or PIN to anyone, and never tell anyone the PIN.
- Keep a trusted person's number by the phone and agree to call them first.
- Set up alerts and sensible limits. See alerts and limits.
Ask the bank about options such as trusted contact arrangements or third-party access, which let family help without sharing PINs.
Related: protecting older parents and securing older relatives' accounts. For more, see the complete guide to financial scams.
Frequently asked questions
What is courier fraud?
A caller posing as the bank or police persuades someone to hand their card and PIN to a 'courier' for safekeeping. Banks never collect cards this way.
Can a trusted family member help manage finances?
Many banks offer third-party access or formal arrangements. Ask the bank about safe options rather than sharing PINs.
Where can older people get help after fraud?
Their bank, the police, and support services such as the AARP Fraud Watch Network Helpline in the US or Victim Support in England and Wales.
Sources
- Report Fraud to the AARP Fraud Watch Network Helpline, AARP
- Take Five to Stop Fraud, Take Five (UK Finance)
- Phone Scams, US Federal Trade Commission
