Scams Targeting Older Adults: How to Spot and Prevent Elder Financial Abuse

Fraudsters increasingly target older adults due to a combination of factors, including social isolation, trust in authority figures, unfamiliarity with emerging technologies, and access to retirement savings or accumulated assets. 

The consequences extend far beyond financial loss, often leaving victims with lasting emotional distress, anxiety, and a loss of confidence.

While physical and emotional abuse are often discussed, financial abuse remains one of the most widespread yet underreported threats facing older people today.

Whether it is your parents, grandparents, neighbours, or friends, understanding how fraud affects older adults is an important step towards helping them stay safe.

In this guide, we explore the growing issue of elder financial abuse, the scams most commonly used against older adults, and practical steps families can take to protect their loved ones.

Key Takeaways

• Elder financial abuse is one of the most common and underreported forms of elder abuse.
• Older adults are frequently targeted through Authorised Push Payment (APP) fraud including: impersonation scams, investment fraud, romance scams and purchase scams.
• The financial and emotional impact of scams can be devastating for elderly victims.
• Families can help protect loved ones by recognising warning signs and encouraging open conversations about scams.
• Victims of Authorised Push Payment (APP) & Unauthorised fraud may have options to recover their losses under UK reimbursement rules.

What Is Elder Financial Abuse?

Elder abuse refers to any act or failure to act that causes harm, distress, or risk to an older person. It can take many forms, including physical abuse, emotional or psychological abuse, neglect, financial exploitation, and coercive control. While some forms of elder abuse are more visible than others, financial abuse is often overlooked despite its potentially devastating impact.

As technology evolves and fraud tactics become more sophisticated, older adults are increasingly being targeted by scammers, making awareness and prevention more important than ever.

Why Elder Financial Abuse Is a Growing Concern in the UK

Elderly people are commonly targeted by scammers and protecting them from scammers is more important than ever. The UK Government reported that fraud now accounts for 45% of all crime in the UK and costs the economy an estimated £14.4 billion every year.  

Whilst UK Finance reported that £1.2 billion was lost to fraud last year, they also state that 1 in 3 older adults fail to report the fraud, which shows the figure will most likely be much greater. 

Whilst this statistic looks at fraud as a whole, it does not tell the full story of how elderly people are targeted by scammers and the effect it has on them both financially and mentally. 

Research from Independent Age highlights the scale of the problem:

• 61% of people aged over 65 have been the target of fraud or a scam
• On average, older people who have been scammed have lost nearly £4,000 each 
• 45% of older adults report that fraud negatively affected their financial health
• 31% experienced negative impacts on their mental health, and 12% suffered physical health consequences after being the target of fraud.

These figures demonstrate that elder fraud is not simply a financial issue. The FCAʼs vulnerability review revealed that one third of respondents felt too embarrassed to disclose their circumstances. It’s important to note that a lot of fraud on elderly individuals goes unreported and these figures will most likely be even greater. 

Why Are Older Adults Targeted by Scammers?

Older adults are often targeted by scammers due to a combination of factors that fraudsters actively seek to exploit. Many older people are naturally trusting and may be less familiar with the sophisticated tactics used in modern scams, particularly those carried out through digital channels. Social isolation can also make individuals more vulnerable, as scammers frequently build trust over time before attempting to steal money or personal information.

In many cases, older adults may have accumulated savings, pensions, or other assets over their lifetime, making them attractive targets for financial criminals. Fraudsters often use fear-based tactics, such as pretending to be from a bank, government agency, or law enforcement organisation, to pressure victims into making quick decisions without verifying the request.

One of the fastest-growing threats facing older adults is Authorised Push Payment (APP) fraud. Unlike traditional account takeover fraud, APP fraud relies on manipulation rather than hacking. Criminals convince victims to willingly transfer money by posing as trusted organisations, family members, investment providers, or even bank staff. Because the payment is authorised by the victim, these scams can be particularly difficult to identify until significant financial losses have occurred.

Common Scams Affecting Older Adults

• Impersonation/Safe Account Scams

Safe account scams involve criminals impersonating trusted organisations, banks, HMRC, the police, or fraud prevention services. Victims are told their account has been compromised and that their money must be urgently moved to a "safe account" for protection.

• Property Scams

Property scams involve fraudsters promoting fake, misleading, or non-existent property investments designed to steal investors’ funds. Victims are often promised high returns through buy-to-let developments, overseas property schemes, social housing investments, or property bonds that either do not exist or are significantly misrepresented.

• Romance Scams

Romance scams occur when fraudsters build emotional relationships with victims in order to manipulate them into sending money.

• Investment & Cryptocurrency Scams

Fraudsters pose as experienced brokers or legitimate investment platforms, promising high or guaranteed returns through forex trading, cryptocurrency, or commodity investments. 

Victims are then pressured to deposit further funds or charged withdrawal fees before the platform disappears entirely.

• Grandparent/Parent Scams

Scammers pretend to be a grandchild or child in distress and text them from a ‘friends’ number claiming they need money urgently. The request will come from a random number and the child or grandchild has no knowledge of the request. 

• Purchase Scams

Purchase scams occur when fraudsters advertise goods or services that appear genuine but do not actually exist. Once payment is made, the item never arrives and the seller disappears or cuts off communication. 

At Refundee we commonly see these types of scams targeting older adults, however scammers can target older adults in multiple different forms. Where there is money to be gained, scammers will look to exploit. As we explored in our article on Top 10 scams targeting the UK public in 2026, many of these scams are also used to target younger people too. 

Warning Signs of Elder Financial Abuse

To protect your loved ones from falling victim to fraud it is important to keep awareness of the warning signs of a scam occurring. They may not realise the warning signs themselves due to manipulation, however you can take some steps to spot this before financial loss becomes a problem. 

• Unusual bank transactions or unexplained withdrawals.
• Increased secrecy around finances or communications.
• Sudden financial difficulties despite stable income or savings.
• New online relationships requesting money or financial assistance.
• Pressure to act quickly on investment opportunities or payment requests.
• Large transfers to unfamiliar accounts.

How Families Can Help Protect Elderly Loved Ones

• Encourage open conversations – Create an environment where loved ones feel comfortable discussing suspicious calls, emails, or messages.
• Verify requests independently – Always contact organisations directly using trusted contact details.
• Set up banking alerts – Transaction notifications can help identify unusual activity quickly.

What To Do If a Scam Occurs

If you believe an older loved one has fallen victim to a scam, acting quickly can improve the chances of limiting financial losses. 

Here are some steps you can take:

• Stop communication immediately
• Contact the bank
• Report the scam to Report Fraud
• Preserve evidence
• Contact Refundee for expert guidance

Can You Recover Money Lost From a Scam?

If yourself or someone you know has lost money and a UK bank was involved, then there are protections which mean recovering the stolen money may be possible.

New fraud reimbursement rules, such as the PSR’s Mandatory Reimbursement Model, have introduced stronger protections for fraud victims.

Key parts of the Mandatory Reimbursement rules:

• You made the payment after the 7th of October 2024
• Your payment was sent to another UK bank account
• Maximum refund of £85,000 per claim
• Banks can deduct an excess of £100 (doesn’t apply to vulnerable customers)
• Victims must report the scam within 13 months of the last payment
• Banks cannot delay the claim indefinitely

It is a free process to claim yourself from your bank and the Financial Ombudsman. We have written a guide here on how you can do this.

Alternatively, you can start your claim with Refundee for a free eligibility assessment.

We are regulated and authorised by the Financial Conduct Authority and we have recovered £140 million for our clients so far.

We work on a no-win, no-fee basis, so you only pay us if we are successful. You can read more about our fees here.

Frequently Asked Questions (FAQ's)

What are the top 5 scams targeting older adults?

• The top 5 scams targeting older adults include impersonation scams, investment scams, romance scams, purchase scams, and property scams.

Why do fraudsters often target older adults?

• Many older people are naturally trusting and may be less familiar with the sophisticated tactics used in modern scams, particularly those carried out through digital channels. Social isolation can also make individuals more vulnerable, as scammers frequently build trust over time before attempting to steal money or personal information.

What are the latest scams to watch out for?

• Scammers are using AI-powered and deepfake scams to target individuals. They can use AI to impersonate loved ones, your bank, or the government to exploit victims.

Conclusion

Fraud targeting older adults is not a niche issue, it is a growing national problem affecting thousands of families across the UK every year. As scammers become increasingly sophisticated, awareness remains one of the most effective tools for preventing financial exploitation.

Recognising elder financial abuse provides an important opportunity to highlight the issue, but the conversation should not end there. By recognising the warning signs, discussing scams openly, and supporting those affected, we can help reduce the devastating impact of elder financial abuse and protect older adults from becoming the next victims of fraud.

More about Refundee 

Here are the technical bits: 

Refundee Ltd is a claims management company authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity FRN: 937096. 

Registered with the Information Commissioner's Office; registration number: A8986071. 

Registered office address: Refundee, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE. 

Registered as a company in England & Wales; number: 12855931.