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Anyone can fall victim to financial scams, but senior citizens are at a higher risk. Elder financial abuse is a crime that can deplete your entire retirement savings, while the scammers make off with your hard-earned money. According to the National Council on Aging, estimates of elder financial abuse and fraud range from $2.9 billion to $36.5 billion every year.

Below are a few examples of elder financial abuse scams and ways to protect yourself against them.

“Did you make these purchases?”

Identity theft is one of the most common forms of elder financial abuse. A stranger, or even a person you trust, who has access to your checkbook, credit or debit card, and/or bank information can take your money without you even realizing it. Medicine and personal property are also stolen sometimes.

Make sure to check your bank statements often for signs of identity theft. Enroll in e-statements or download our mobile app to check your balances and view transactions.

“Grandma, I need money!”

In recent years, grandparent scams have been on the rise. This scam involves a person emailing, texting or calling you, pretending to be a grandchild. They need money and they need it now. They will usually ask for the money to be wired to them.

Before wiring the money, confirm that it really is your grandchild. Ask personal questions that only they would know. You can also contact your grandchild directly to see if they really need the money.

“Congrats, you’ve won the lotto!”

You know the old saying, “If it’s too good to be true, then it probably is.” If you receive an email informing you that you’ve won the lottery, but you need to pay a fee or provide financial information in order to claim your winnings, don’t fall for it. Delete the email.

“I can fix that for you!”

As we head into our twilight years, we become more and more dependent on others to help us. This includes needing people to help us with repairs around the house. Unfortunately, there are people out there who are willing to take advantage of this situation by offering to do work (as long as you pay upfront), and then either not doing it at all or doing it poorly. If you need work done around the house, enlist the help of a company you trust.

“I really do love you (for your money).”

One of the most expensive forms of elder financial abuse is the sweetheart scam. Why? Put simply, love can often be blind. You meet a person, perhaps online, and you both fall madly in love rather quickly. This person seems to be the perfect partner and trust is built between you two. Then maybe an emergency comes up in which they need money. It could be for unexpected medical bills or maybe there’s an investment opportunity that is too good to pass up.

While starting a new romance is exciting, keep a level head about it. Talk to your family and ask for feedback about your new beau. Research this person by doing a simple Google search. Contact law enforcement, who is familiar with sweetheart scams, for a second opinion. Above all, never transfer or wire money to anyone.

These are just a few types of elder financial abuse scams that could wipe out your savings. If you believe you are a victim, talk to someone about it. You can call the local police, our Member Support Center or call the Eldercare Locator at 1-800-677-1116 to get the contact information for Adult Protective Services in your area.