Senior Scams: Understanding Financial Exploitation and Fraud Against Older Americans
According to recent data released by the AARP, Americans lost $47 billion to identity fraud and scams in 2024, an increase of $4 billion from the previous year. This growing threat is highlighted by the fact that the FBI reported a 43-percent jump in annual reported fraud thefts, with an average loss of $83,000. It is particularly concerning that adults age 60 and over filed the most complaints of any age group.
In the program Next Chapter Forums, Renee Shaw and a panel of experts examine the scams frequently targeted at the elderly and other forms of fraud. This conversation about senior scams and fraud is part of KET’s ongoing aging initiative, The Next Chapter, that explores the rewards and challenges of growing older.
Common Fraudulent Schemes and Tactics
The panel discusses the financial exploitation schemes and types of fraud that are stealing billions of dollars from older Americans. Some of the most common scams identified include:
- Imposter scams: Criminals pretend to be government officials, police or businesses.
- Family distress scams: Scammers falsely claim a relative is in trouble.
- Tech support fraud: Criminals claim they’re a tech support specialist to whittle money or personal data from their targets.
- Home repair schemes: Seniors often fall victim to shady home repair schemers and are more susceptible to other forms of financial exploitation.
As Paul Greenwood, a nationally-renowned expert on elder abuse, notes, fraud can occur at any age, but certain characteristics can make individuals over 50 more vulnerable to these fraudulent schemes regardless of what form they might take.
Expert Panel and Prevention Strategies
To help us understand these fraudulent traps and learn ways to prevent them, a panel of experts offer ways to prevent falling victim to identity theft and fraudulent schemes. The assembled experts include:
- Gary Adkins: Volunteer State President of AARP Kentucky.
- Sergeant Ben Baker: Financial Crimes Unit of the Lexington Police Department.
- Andrea Mattingly Williams: Assistant U.S. Attorney.
- Paul Greenwood: Retired San Diego Deputy District Attorney who has prosecuted over 750 felony cases of physical, sexual, emotional and financial elder abuse.
- Cliff Bryant: Assistant Director of the Division of Protection and Permanency.
Impact of Fraud on Seniors
The following data illustrates the significant financial impact of these crimes as reported by the FBI and AARP:
| Metric | Details |
|---|---|
| Total Lost to Scams (2024) | $47 Billion |
| Annual Increase in Losses | $4 Billion |
| Jump in Reported Fraud Thefts | 43% |
| Average Loss per Incident | $83,000 |
| Most Targeted Age Group | 60 and Over |
How to Access Resources and Watch
Next Chapter Forums is a local public television program presented by KET. Our website has a library of programs and resources available to help us all thrive in our golden years. For those interested in watching the full discussion, Next Chapter Forums is available to stream on pbs.org and the free PBS App, available on iPhone, Apple TV, Android TV, Android smartphones, Amazon Fire TV, Amazon Fire Tablet, Roku, Samsung Smart TV, and Vizio.