By Jen Fulton, branch administrator for Arvest Bank – Greater Kansas City
As the month winds down, it’s good to remember that October is National Cybersecurity Month, and anyone helping aging parents or relatives manage their affairs should know that they are among the most vulnerable to financial fraud.
According to the Federal Trade Commission (FTC), adults 60 and older reported nearly $2.4 billion in losses in 2024 alone. Fraudsters target potential victims in various ways, including posing as family members in distress, banking representatives or potential romantic interests.
Individuals with assets, trusts or investment portfolios provide more opportunities for criminals to exploit. By the time the deception is uncovered, the financial and emotional damage may already be done. That’s why vigilance and proactive planning are essential.
Three scams to watch
1. Imposter scams
Scammers pretending to be from a bank, the IRS, a tech support service or even a relative in trouble may call, text or email with an urgent message that a bank account has been locked or a loved one needs emergency funds and pressure their targets to act quickly.
What to do: Never click on links in unsolicited messages and verify directly by calling the business or individual using a trusted number. Families with significant assets may consider dual verification, requiring confirmation from a trusted advisor or family member before large transactions are processed.
2. Romance scams
Older adults who feel isolated are particularly vulnerable to scammers who build relationships online and, once trust is gained, send requests for money, often via gift cards, wire transfers, or cryptocurrency.
What to do: Never send money to someone you haven’t met in person. Talk openly with loved ones about online relationships and, where appropriate, discuss adding a trusted individual account access so unusual withdrawals or patterns can be flagged quickly.
3. Fake prize scams
The promise of winning a sweepstakes or lottery can be exciting and tempting. But if the prize requires payment or personal details, it’s a scam.
What to do: Never pay for prizes or eligibility. Legitimate contests never require upfront payment. Always search the company name online with terms like “scam” or “complaint.” For added security, establish spending alerts across multiple accounts to catch fraudulent charges early.
Red flags
Beyond individual scams, certain warning signs may indicate broader financial abuse:
- Messages that pressure the person to send money.
- Sudden, frequent withdrawals or wire transfers.
- Unusual changes to wills or legal documents.
- Missing funds or valuables without explanation.
- A new “friend” or caregiver who quickly gains financial control.
For households with established estate plans, these warning signs should prompt a call to attorneys, trustees or financial advisors to ensure no unauthorized changes have been made to legal or financial documents. Preemptive protection and proactive family communication are the keys to preventing fraud.
If a loved one has been targeted, contact their bank immediately, flag suspicious transactions and file a report with local law enforcement and the Federal Trade Commission. Like many financial institutions, Arvest has a fraud alert program if we detect suspicious activity on debit and credit cards. Our associates are also trained to watch for suspected financial abuse and are required to report it based on pertinent facts.
With more than $27 billion in assets, Arvest is a full-service bank that delivers financial solutions to individuals and businesses of all sizes. Since entering the Kansas City market in 2009, Arvest has grown to a top 20 bank and the sixth largest mortgage lender in the metro. The bank has 20 locations in the metro area, including eight in Johnson County. Arvest is an Equal Housing Lender and Member FDIC.
