Fighting Fraud Against Older Adults

Posted on June 12, 2018 by Jodi Boyne

Financial fraud targeting older Americans is a growing epidemic that costs seniors an estimated $2.9 billion annually. The U.S. Senate Special Committee on Aging has released its 2018 Fraud Book on the top 10 scam complaints reported in 2017 against older adults.  

Seniors often do not report fraud because they do not know where to report it, are too ashamed to admit they have been scammed, or may not even know that they are victims. 

In 2017, the Aging Committee’s Fraud Hotline received more than 1,400 complaints of fraud targeting seniors around the country. The top 10 scams reported in 2017 were:

1. IRS Impersonation Scams
2. Robocalls and Unsolicited Phone Calls
3. Sweepstakes Scams / Jamaican Lottery Scam
4. “Can You Hear Me?” Scams
5. Grandparent Scams
6. Computer Tech Support Scam
7. Romance Scams
8. Elder Financial Abuse
9. Identity Theft
10. Government Grant Scams 

If you or someone you know are the victim of a scam or fraud attempt, call the Fraud Hotline at 1-855-303-9470. 

Bipartisan legislation to strengthen banking laws to protect older adults against financial fraud has passed both houses of Congress and will soon be signed into law. The Senior $afe Act will encourage banks, credit unions, insurance companies, investment brokerages, and other financial services to train their employees in spotting possible fraud against older customers and protect the companies and their employees from liability for reporting suspected fraud to regulatory agencies.