Older adults should beware scams

Submitted information

COLUMBUS — In recognition of World Elder Abuse Awareness Day on Saturday, June 15, the Ohio Department of Commerce Division of Securities urges all Ohioans to be aware of the potential dangers facing our older neighbors, friends and loved ones through various scams, frauds and other forms of financial exploitation. 

According to the FBI’s 2023 Elder Fraud Report, complaints of elder fraud increased by 14 percent in 2023, and associated losses topped $3.4 billion, which was an increase of about 11 percent. In addition, more than 101,000 victims aged 60 and over reported this kind of crime last year.

“Financial exploitation and abuse of elderly adults is one of the largest sectors of the population that the Ohio Division of Securities sees in its cases,” said Janice Hitzeman, Attorney Inspector with the Ohio Division of Securities. “The elderly are often prime targets for these scams, with perpetrators exploiting their loneliness or lack of familiarity with modern fraud tactics. That’s why it’s so important that friends and loved ones help to protect these individuals from crimes that can have devastating and long-lasting effects on their financial and personal well-being.”

According to the Ohio Division of Securities, two of the most prevalent schemes include:

• Wrong Number Texts and Social Media Direct Messaging: Fraudsters commonly initiate contact with individuals through these channels and work to gain the trust of their unsuspecting victims.
• Cryptocurrency Scams: Utilizing a variety of different types of fraud, scammers instruct victims to create digital wallets or deposit cash at Bitcoin ATMs, often providing step-by-step instructions and QR codes that link directly to the fraudster’s wallet. According to the FBI, more than 12,000 victims aged 60 and over indicated that cryptocurrency was “a medium or tool used to facilitate” the scam or fraud that targeted them last year.

In many cases, the perpetrators are foreign actors who conceal their identities. Because it can be extremely difficult to take legal action again these individuals, taking preventive measures is essential.

“Creating an open line of communication and staying engaged are key to preventing elder financial abuse,” Hitzeman said. “It is also important to do your due diligence on the front end of any proposed transaction and ask questions before you send the money because once you send it, and if it goes to an overseas bank, it’s extremely likely we won’t be able to get it back.”

The Division highlights several steps Ohioans should take to protect themselves and their older loved ones:

• Trusted Contacts: Ensure all financial accounts have a trusted individual who can oversee and manage the accounts responsibly and securely.
• Estate Planning and Power of Attorney: Have these documents in place and filed with financial institutions to ensure proper authorization.
• Open Communication: Maintain an open dialogue about financial matters with elderly family members.
• Stay Informed: Regularly check public agency alerts and run Google searches to stay up to date on the latest scams.
• Know Caregivers and Financial Advisers: Be aware of the people involved in your loved one’s life and monitor for any changes.

For those who suspect they or their loved ones may be victims of financial fraud, it is important to immediately halt any transactions and contact the Ohio Division of Securities or local law enforcement for assistance. The Division can be contacted at 614.644.7381.

The Ohio Division of Securities remains committed to safeguarding investors from financial fraud through rigorous monitoring and enforcement. Below are some additional resources Ohioans may consider reviewing to protect themselves and their loved ones from financial fraud.

• If you suspect securities fraud, call the Ohio Division of Securities’ Investor Protection Hotline at 877.683.7841.
• Employees at Ohio-chartered banks, credit unions and similar financial institutions are considered mandatory reporters if they suspect financial fraud is occurring with a customer. The Division of Financial Institution’s Office of Consumer Affairs can provide guidance to financial institutions for reporting purposes.
• Ohio’s Adult Protective Services Referral Line can be contacted at 855-OHIO-APS (855-644-6277).
• Ohio Attorney General’s Elder Justice Unit can be contacted at 800-282-0515.
• Individuals concerned about financial exploitation and other types of abuse in nursing homes or assisted living facilities should contact the Office of the State Long-Term Care Ombudsman at 800.282.1206.
• The Ohio Department of Aging website includes various resources to learn more about the many of elder abuse, recognize the signs of physical or financial abuse and scams, and how to report suspected abuse.
• Ohio’s Area Agencies on Aging help connect older adults to local services and support that promote independence, reduce isolation, and help reduce the risk of abuse and exploitation. Ohioans can call 866.243.5678 to be connected the agency serving their community.