New data from the Federal Trade Commission (FTC) revealed that consumers lost more than $10 billion to fraud in 2023—the first time losses have risen that high.¹

Senior adults are especially vulnerable to online scams. According to the FBI Internet Crime Complaint Center (IC3), roughly $3.4 billion in total fraud losses were reported by Americans over age 60 in 2023, up 11% from 2022. The average loss per case was nearly $34,000.²

Seniors are at a higher risk of scams because:

• Scammers believe they have retirement savings in a bank account.
• Some senior adults are more trusting by nature or may have cognitive issues that make them more prone to exploitation.
• Many seniors live alone with no one to help manage their money.

How do scammers target the elderly?

1. Imposter Scams

This is any type of scam where the scammer tries to trick you by pretending to be someone else like a government agency, bank employee, or a business you trust. They operate one of two ways:

• Authority – they gamble that most people are not going to question an “authority figure” such as your electric/gas company, IRS, Social Security Administration, or credit union/bank. Someone can pretend to be calling from Members Trust to tell you there’s a problem with your account and ask you to transfer money or trick you into sharing details about your account.
• Familiarity – they pretend to be with one of your loved ones who need help so they can trick you into giving them sensitive information or sending money through a digital payment platform, wire, or check. Or they pretend to be romantically interested in you and then start asking for money or account information.

2. Tech Support Scams

Common senior citizen scams involve unsolicited offers to help fix a “problem” with your computer. They pretend to be a legitimate software company such as Microsoft or Apple. They reach out by phone, text, or email, or sometimes a popup alert on your computer and then they request remote access to your computer to “repair the issue.” Another method is to say you are owed a refund for a tech subscription and then they ask for your account information and then claim to have accidentally transferred a larger refund than you are owed. Next, you’re asked to return the difference by sending cash or payment via a payment digital platform.

3. Fake Check Scams

This is when a scammer gives you a fake check to deposit and asks that you send them back the money for a variety of reasons such as:

• You get hired for an online job for remote work. Your “employer” sends money to set up your home office and then asks you to send some back via a digital payment platform or gift card.
• You’ve won a prize or sweepstakes. They send you a check and then request a digital payment to cover taxes or other “fees.”
• Online Sales. A person buys something from you and “accidentally” sends you a fraudulent check for more than what they owe you. Then they ask you to refund the balance via a digital payment platform.

4. Death of Loved One

People are most vulnerable and let their guard down when they are grieving. If you get a phone call from someone claiming to be from a government agency or a company that the deceased did business with, and they ask for personal information like your Social Security number, credit card number, or bank account number, do not give them any information. These are all common tricks to avoid where scammers try to get the deceased’s personal information so they can steal their identity or their money.

How to know if you know if you are chatting with a scammer?

Here are 6 Ways Seniors Can Spot Scammers:

• Financial scams targeting older adults often come in the form of an email from private email addresses (john.doe@gmail.com) while claiming they work for a large company.
• The scams may have poor grammar and spelling in their emails.
• Scammers often create fake websites that look like the website of a legitimate company but with a different URL (www.micr0s0ft.com instead of www.microsoft.com)
• Scammers will often be aggressive on the phone or via email and will request you to send them private information immediately.
• Seniors may receive a link from the scammers to click to submit information. Never click links in emails from addresses you don’t recognize or trust.
• Older adults may receive messages on a social media platform as a way to connect, claiming to be a long-lost friend, government official, agency representative, billing collector, etc. (Note: Officials from any kind of agency generally do not search out people on social media to try and get them to pay for things!)

What to do if you suspect you have been scammed?

If you’re ever unsure, always err on the side of caution and contact the company or organization directly to verify any information you’ve been given. Members Trust is always a resource to help seniors navigate possible scams.

If you think you may have been a victim of a scam, report it to the Federal Trade Commission (FTC). You can also report it to the three credit bureaus and place a credit freeze on your credit report. If you suspect someone you love has been a vistim of elder fraud, contact the National Elder Fraud Hotline.

¹Federal Trade Commission (FTC). As Nationwide Fraud Losses Top $10 Billion in 2023, FTC Steps Up Efforts to Protect the Public. Found on the internet at https://www.ftc.gov/news-events/news/press-releases/2024/02/nationwide-fraud-losses-top-10-billion-2023-ftc-steps-efforts-protect-public. ²Federal Bureau of Investigation (FBI) Internet Crimes Complaint Center (IC3). Elder Fraud Report 2023. Found on the internet at https://www.ic3