Arvest Bank Offers Tips to Prevent Elder Fraud

Fort Smith, AR. (Oct. 14, 2025) – October is National Cybersecurity Month and Arvest Bank is sharing tips to help one particular group most vulnerable to financial fraud: America’s elders.
 
According to the Federal Trade Commission, older adults lost the most money to scammers in 2024. Victims aged 60 and older reported losses of nearly $2.4 million.

Criminals will target vulnerable people online or on the phone and gain their trust through elaborate schemes, including imposter, romance and sweepstakes scams. Their ultimate goal is to financially exploit their victims through theft, fraud or misuse of the person’s money or property.

“Financial fraud is an issue that impacts everyone regardless of age, but too often we see older victims fall prey to these scams,” said Heather Polk, Branch Administrator at Arvest Bank - Fort Smith. “Our hope is to continually educate the public about these scams so they can protect themselves and their loved ones from being victims.”

Polk shares three common scams and ways to prevent vulnerable individuals from financial fraud.

Imposter Scams
Imposter scams happen when fraudsters contact someone pretending to be their bank’s fraud department, the government, a business or even a relative. These imposters have a number of ways to contact you, including emails, texts and phone calls. These scams typically warn of a serious problem or an issue that requires immediate attention, such as a potential unauthorized transaction or a credit card that has been locked.
It’s important to never click on any links in an unsolicited text, email or website. If you’re unsure if it’s legitimate, contact the business or agency that is allegedly responsible for contacting you through a verified number.

Romance Scams
Romance scams are a type of imposter scam that occurs when a scammer creates a fake online identity to gain a victim’s liking and trust. Fraudsters will use this false relationship to manipulate their target into giving them money or even gaining access to their financial accounts. If a love interest asks for money, they may ask you to send it as a gift card, online money transfer or cryptocurrency.
 
A simple rule to follow: Never send money or gifts to someone you have not met in person.

Fake Prize Scams
Scammers, possibly posing as a recognizable organization, may contact you through text, phone or email with the promise of a prize, lottery or sweepstakes. Their goal is to gain access to your personal information and money. The FTC provides three common signs of a prize scam: if you have to pay to claim your prize; if you have to pay to increase your odds of winning; or if you have to give your financial or personal information.

If you’re not sure about a contest or the company contacting you, search online to see if you find anything about them. Type the name with terms like “review,” “complaint” or “scam.”

Protecting Loved Ones
If you are concerned about a family member or friend you may think is a target of financial exploitation, here are some things to watch for:

• Erratic or unusual banking transactions, or changes in banking patterns such as frequent large withdrawals, including at the ATM, or uncharacteristic internet charges or attempts to wire large sums of money.
• Unusual or sudden changes in a will or other financial documents.
• Unexplained disappearance of funds or valuable possessions.
• A new caretaker or friend who suddenly begins conducting financial transactions on behalf of the elder.