In the first quarter of 2025, credit card fraud reports rose 24% to 154,483 filed (source). As a daily money management service, we’ve seen firsthand how devastating these crimes can be for our clients and their families. In this blog, we’re walking you through straightforward tips to safeguard your financial and personal information.
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Why You Are More At Risk Than Ever
Adults over age 60 reported fraud losses of more than $1.9 billion in 2023, according to the Federal Trade Commission’s October 2024 annual report to Congress (source). In 2024, the FBI received 147,127 reports from individuals over 60 claiming $4.8 billion in cybercrime losses (source). Financial scams are becoming increasingly sophisticated and targeting seniors, but with awareness and practical steps, seniors can play a strong role in protecting themselves.
The number of data compromises fell in 2024 by about 50% to 3,158, but the number of individuals impacted grew by roughly 1 billion to 1.35 billion — a staggering number (source). Caretakers managing finances for aging parents face double exposure: not only are they responsible for protecting their own financial information, but they’re also managing sensitive information for their loved ones. On the other hand, solo seniors without close family support are especially vulnerable because they may not have anyone regularly monitoring their accounts or noticing red flags. This combination of trust, isolation, and divided attention makes both groups high-risk—and exactly why proactive protection matters.
💗 Protect your loved ones from fraud – 5 Ways to Protect Older Adults from Fraud
When Your Data is Compromised by Trusted Companies
According to the Maine Attorney General, 1 million people had their data breached in the 2024 Patelco Credit Union ransomware attack. The breached data included names, Social Security numbers, driver’s license numbers, dates of birth, and email addresses (source). Additionally, in 2025, over 743,000 individuals were notified that their personal information had been seized in a massive cyberattack from McLaren Health Care, which had taken place in July-August of 2024 (source).
What happens to your stolen data:
Unfortunately, stolen data can be used for identity theft, phishing scams, account takeovers, and sold to criminals to facilitate fraud. In fact, $171 is the average price of a physical, cloned credit card, or $0.0575 per dollar of credit limit (source). What can you do to prevent your data from being compromised, or in response to a potential data breach?
Action Steps:
- Check whether your data has been affected by recent data breaches with trusted websites like haveibeenpwned.com
- Set account alerts with your bank, credit card companies, and other financial institutions so you are notified when changes are made to your accounts.
- Be sure to change your passwords frequently, especially after a data breach has occurred. Using a password manager, such as Proton Pass, helps create strong, unique passwords for every login.
What is Property Fraud?
Property fraud targets individual homeowners, especially seniors, landlords, and people with paid-off or vacant homes. There are a couple of different types of property fraud:
- Title theft involves a criminal impersonating the property owner to sell the property or obtain a second mortgage
- Equity fraud occurs when someone forges a property owner’s signature on a deed, enabling them to steal equity through fraudulent loans.
The solution:
As with all fraud, vigilance and understanding scammers’ tactics are key to prevention. Software like PropertyFraudAlert.com, a free service, notifies users whenever documents such as deeds, mortgages, liens, or easements are recorded in their name. While this does not prevent fraud, timely alerts enable homeowners to act promptly.
Setting up a Google alert for your property address is a simple way to monitor online activity related to your home, including potential property fraud. Enter your address, customize notifications, and receive alerts when your address appears in new content.
👉🏻 Learn practical tips to stay safe from fraud – 10 Ways to Protect Seniors from Fraud
The Top Scams Targeting Seniors and Caregivers Right Now
Romance Scams
Romance scams (also called sweetheart scams) are when scammers pretend to be romantically interested in someone to gain their trust and steal personal information, money, or property. The FTC found that more than 64,000 people reported a romance scam, with losses totaling $1.1 billion (source). Unfortunately, romance scams can drag on for a long time, and as a result, victims often lose a significant amount of money.
AI-Enhanced Scams
AI (Artificial Intelligence) scams are on the rise. Experts project they will cost a staggering $100 billion by 2025 (source). Unfortunately, AI makes scams more believable and more challenging to detect because it uses sophisticated tools to mimic real people and create fake content, thereby tricking many savvy people. AI scams can include: voice cloning, chatbots, and phony job or investment offers.
Medicare Scams
A Medicare scam involves someone attempting to steal your personal information or Medicare number to commit medical identity theft or to fraudulently bill Medicare for services or equipment you didn’t receive. With the new Medicare prescription drug cap of $2,000 per year starting in 2025, seniors may see some relief in their medication costs, but scammers are likely to attempt to take advantage of this change (source). Medicare scams tend to increase during the Medicare Open Enrollment Period (OEP) from October 15 to December 7. When in doubt, go directly to Medicare.gov or call 1-800-MEDICARE.
Tech Support Scams
Tech support scammers want you to pay them to fix a problem that does not exist. These scams were responsible for over $1.3 billion in losses alone. Tech support scams can take many forms, including unsolicited calls, payment demands, and pop-up warnings that appear to be genuine alerts to prompt a quick response.
Grandparent Scams
Grandparent scams involve someone impersonating a grandchild or pretending to be calling on a grandchild’s behalf in a fake emergency situation to appeal to their emotions and get the grandparent to send money quickly before they can verify the story.
Respondents aged 80 and above reported significantly higher losses per incident ($1,450) than those in other age groups, including seniors aged 70 to 79, who reported a loss to fraud of $804 (source).
🔎 Identify financial scams so that you can steer clear of their consequences – Financial Scams and How to Avoid Them
Credit Card Fraud – What to Do When It Happens to You
Scammers quickly steal credit card information from skimmers, data breaches, or phishing. For adults aged 70 to 79, credit cards are most often used to pay for goods and services, with 26% of victims reporting fraudulent credit card payments (source). People over 80 lose the most, with an average incident loss of about $1,650 (source). Take action immediately if you suspect credit card fraud.
Simple, immediate action steps:
- Contact your bank/credit card company immediately to report your suspicions
- Document everything, including any changes to your credit score and credit card statements
- File reports with appropriate authorities
- Monitor all financial accounts closely
Your Fraud Prevention Action Plan
Fraud is scary, but there are steps you can take to protect yourself from fraudulent activity.
Credit Protection
A freeze keeps people from getting into your credit report. While a freeze is in place, nobody can open a new credit account. A freeze is free to place and lift, and it doesn’t affect your credit score. You will need to freeze your credit at all three credit bureaus: Equifax, Experian, and TransUnion. If you suspect that credit fraud is taking place, set up fraud alerts with the credit bureaus by the type of fraud suspected:
- Initial Fraud Alert (1 year): For anyone who suspects identity theft or has been part of a data breach.
- Extended Fraud Alert (7 years): For confirmed victims of identity theft, you’ll need to submit a police report or FTC Identity Theft Report.
- Active Duty Alert (1 year): For military personnel on active duty who want to minimize risk while deployed.
☎️ Avoid dangerous phone scams with these essential tips – How to Avoid Phone Scam Conning Veterans Out of Money
Document Security
Organize and secure important documents with software designed specifically with security measures in place, such as Trustworthy or another digital vault and document management tool designed to help users organize, protect, and share important life information. For some of our best digital organization tips, check out this blog on digital organizing. At True Assisting, we specialize in document security as a Personal Assistant and Daily Money Manager. If you need help securing your important documents, please reach out to us today.
Technology Safeguards
While technology offers valuable tools, it also poses risks because scammers frequently target the online spaces where we store and access personal information. Therefore, it is essential to use strong passwords and enable two-factor authentication (2FA) for your online accounts. Additionally, when browsing the internet, be sure to verify URLs to avoid fraudulent websites, refrain from clicking suspicious links, exercise caution with pop-ups and unsolicited ‘tech support’ alerts, and install reputable antivirus or anti-malware software. We like Malwarebytes, and they offer a Free version.
Red Flags – Warning Signs You’re Being Targeted
There are some common red flags to look for when you suspect that you are the victim of scammers. One of the most common red flags is using urgency and pressure to force you to make decisions quickly. Other common red flags include:
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Requests for gift cards or wire transfers
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Unsolicited contact claiming you’ve won something
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Tech support calls about non-existent problems
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Romantic interests who never want to video chat
🚩 New account fraud victims are three times as likely to be unaware of the problem for more than a year. Learn more here – Protecting Yourself from Credit Card Fraud
What to Do When You’ve Been Scammed
Take these immediate steps if you think you are the victim of a scam:
- Stop all contact with the scammer
- Contact your financial institutions
- If identity theft affects you, place fraud alerts or security freezes on your credit reports, file a report at IdentityTheft.gov, and take steps to protect your credit and finances
- Report to appropriate authorities (FTC, FBI IC3, and your local police)
Recovery Resources:
- IdentityTheft.gov
- AARP Fraud Watch Network
- Local elder abuse resources
- Contact the Consumer Financial Protection Bureau (CFPB)
Taking Control of Your Financial Security
Protecting your finances and personal information doesn’t have to feel overwhelming—small steps make a big difference. Freezing your credit, setting up account alerts, recognizing scam red flags, and organizing important documents are simple yet powerful ways to stay ahead of fraud. Remember, prevention is far easier—and far less stressful—than trying to recover after the fact. If you’ve been putting off taking action, pick one step and do it today.
If you’re ready to take action, reach out to True Assisting today for secure digital document organization and remote financial management support. Let us help you protect your peace of mind—start now.
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