Protecting Seniors From Financial Fraud: How To Spot and Prevent Scams

In recognition of World Elder Abuse Awareness Day – 15 June

Financial fraud targeting older Australians is a growing concern, with new scams emerging every year. Older people are often targeted due to perceived financial vulnerability, trusting natures, or limited digital literacy.

While some individuals live on a fixed income from pensions and savings, others with significant assets may also fall victim to sophisticated scams. No matter your financial situation, anyone can be targeted — and even small losses can have a major impact on a senior’s financial stability, confidence, and wellbeing.

Top Financial Scams Targeting Older Australians

Scammers are becoming more sophisticated — using artificial intelligence (AI), social media, and fake caller IDs to impersonate trusted sources. They may pretend to be government officials, banks, service providers, or even family members.

According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch, the most common scams affecting older Australians include:

1. The Grandparent Scam – A scammer poses as a grandchild or relative in urgent trouble, asking for money via phone, text, or email.

2. Medicare or Aged Care Scams – Fraudsters claim to be from Services Australia or My Aged Care, requesting personal information or offering fake health benefits.

3. Tech Support Scams – The caller pretends to be from a reputable tech company, claiming there’s a virus or issue with the victim’s computer and requesting remote access.

4. Online Prescription or Product Scams – Promises of cheaper medications or “miracle” health and anti-ageing treatments often lead to fake or unsafe products.

5. Funeral and Estate Scams – Scammers may take advantage of grieving families, using obituaries to target new victims.

6. Investment and Romance Scams – Older Australians are often targeted for fraudulent investment opportunities or online dating scams, which can result in large financial losses.

These scams not only cause financial harm but can also lead to embarrassment, isolation, and reluctance to seek help.

Warning Signs of Financial Abuse

Sometimes, financial abuse doesn’t come from a stranger — it can come from someone known to the victim. Watch for red flags such as:

• Unexplained withdrawals, account changes, or unusual bank activity

• Bills going unpaid despite sufficient funds

• New “friends” or carers becoming overly involved in financial matters

• Sudden changes to wills, powers of attorney, or financial arrangements

• A general sense of confusion, fear, or secrecy around money

How To Protect Yourself and Loved Ones

Preventing financial fraud starts with awareness and a few key steps:

• Be cautious with unsolicited contact. If someone contacts you unexpectedly and asks for money or personal information, hang up and verify their identity independently.

• Don’t rush decisions. Scammers create urgency. Take your time and talk to a family member, trusted friend, or financial advisor.

• Set up account alerts. Many banks offer SMS or email notifications for transactions over a certain amount.

• Limit information sharing. Avoid posting sensitive personal details on social media and shred any documents that contain personal or financial data.

• Report concerns. If you or someone you know may be experiencing financial abuse, contact:

  • Scamwatch: www.scamwatch.gov.au

  • National Elder Abuse Helpline: 1800 ELDERHelp (1800 353 374)

  • State-based elder abuse services or advocacy bodies

Awareness Is the First Line of Defence

At Right at Home, we support older Australians in maintaining independence, dignity, and safety in their own homes. That includes being informed about financial safety.

If something feels wrong, speak up. Trust your instincts, seek a second opinion, and remember — you’re not alone.

About Right at Home Australia

Right at Home Australia is a leading provider of quality in-home care, supporting older Australians, people living with disability, and those recovering from hospital to live safely and independently in their own homes. With locally owned and operated offices across the country, we proudly deliver care in communities throughout Australia.

Want to make sure your loved ones are safe and supported at home — financially and physically? Learn how our in-home services and care management can help protect older Australians from common risks.

Right at Home Australia is a leading provider of quality in-home care. Our mission is to improve the quality of life for those we serve ensuring the Right Care, Right at Home™.  We support people living with complex and post-operative care needs, dementia and cognitive decline, seniors, and adults living with a disability including NDIS participants. Our tailored services help clients to remain safe and independent in their homes. We are an Approved Provider under the Aged Care Act, meaning we can provide quality support at home under a government-funded home care package. We also offer private pay arrangements for those who do not have government funding, or who wish to pay privately for top-up care. Right at Home is all about you. We are available 24/7 so contact your local office today. You can also call our national number on 1300 363 802. 

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