State Agencies Offer Tips To Safeguard Seniors from Scammers

Article Presented By Ross Chillicothe Convention & Visitor’s Bureau…

(Columbus) – In recognition of Older Ohioans Month, which coincides with Older Americans Month, the Ohio Department of Commerce Division of Financial Institutions and the Department of Aging are calling attention to the growing issue of scams targeting state’s seniors and how Ohioans can better protect themselves and their loved ones.

Older adults are often targeted by criminal actors due to their perceived vulnerability, increased financial stability and greater wealth potential. Shame, fear or lack of familiarity with reporting resources often prevent victims from reporting cases, allowing scammers to escape with their hard-earned money and target their next victim.

Recent data reveals an alarming trend at the state and national levels. In 2024, Commerce’s Division of Securities received 302 scam- and fraud-related complaints, a 22% increase from 247 complaints in 2023. Nationally, the FBI’s Internet Crime Complaint Center reported $1.6 billion in elder fraud losses from January to May 2024 alone, up from $300 million during the same period in 2023, which which saw a total $3.4 billion lost.

Many of these scams have grown increasingly complex. For example, due to advancements in artificial intelligence, some scammers now attempt to clone familiar voices to impersonate loved ones, making fraudulent calls more convincing and difficult to detect by those on the other end of the line. Seniors also are being targeted through schemes that involve the use of Bitcoin ATMs and other cryptocurrencies that can send money directly to scammers with no way to track or retrieve it.

The impact of these crimes is profound and often permanent. These scams not only result in significant financial losses but also undermine older Americans’ sense of security and financial independence. Since 2020, the number of older Americans reporting losses exceeding $100,000 has more than tripled, with the Federal Trade Commission (FTC) noting adults aged 60 and older are 60% more likely than younger adults to lose such amounts.

“Taking time this month and every month to understand the steps you can take to protect yourself and your loved ones from financial criminals and fraudsters is critical,” Division Superintendent Kevin Allard said. “Simple steps can make a significant difference in preventing fraud and ensuring personal safety and financial security.”

To stay safe, the Division recommends always taking the following protective measures:

• Verify the identity of unfamiliar contacts before sharing information or sending money.
• Resist high-pressure tactics that urge immediate action or confidentiality.
• Be cautious of unsolicited phone calls, mailings, or door-to-door solicitations.
• Never provide personal or financial information to unverified sources.
• Monitor financial accounts regularly for unusual activity and contact your institution immediately if fraud is suspected.
• Consider signing up for a fraud monitoring service.

The Department of Aging’s website also hosts resources to help prevent scams targeting older Ohioans, underlining common tactics that scammers use to take advantage of older Ohioans. The Department also understands that fraud is a form of elder abuse and encourages Ohioans to protect themselves and their loved ones from all forms of elder abuse.