The New York Department of State’s Division of Consumer Protection is providing tips to help older adults avoid financial scams and exploitation in advance of National Senior Citizens Day on August 21st. Financial fraud and exploitation is one of the most prevalent types of elder abuse, and a 2023 report from the Federal Bureau of Investigation’s Internet Crime Report estimates that the annual loss to victims aged 60 years and older in the United States is assessed to be at least $3.4 billion dollars, the highest of any age group. The FBI’s Internet Crime Complaint Center also reported that losses due to investment scams took the top rank of any crime type. Investment fraud losses rose from $3.31 billion in 2022 to $4.57 billion in 2023, a 38% increase. Consumers over 60 years old lost the most money to investment scams in 2023, with these scams costing older adults over $1 billion nationwide.
“Losing money, retirement savings, possessions or benefits to scams can be very devastating to older adults who generally live on a fixed income,” said Secretary of State Walter T. Mosley. “On National Senior Citizens Day, help protect yourself and your loved ones by staying up to date on how to spot and avoid trending scams that target older adults. A few simple steps and precautions can help consumers of all ages protect their personal information, money and livelihood.”
New York State Office for the Aging (NYSOFA) Director Greg Olsen said, “NYSOFA is proud to work with the Department of State’s Division of Consumer Protection in offering resources to protect older adults against financial scams. All scams have one thing in common: they exploit your goodwill to obtain information that can be used to steal money, property, and other assets. If someone reaches out asking for money or personal information, always remember: close the link, hang up the phone, contact a trusted source instead.”
Financial Scams Affecting Older Adults
Investment Scams
Reverse Mortgage Scams
Money Moving Scams
Government Imposters
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About the New York State Office for the Aging
NYSOFA is committed to helping older adults and their caregivers become more knowledgeable of fraud tactics that target older adults. Recently, NYSOFA developed a new guide Don't Get Scammed: A Comprehensive Guide for Avoiding Fraud and Theft that provides tips, resources and more to help older adults avoid scams. Please also watch and share NYSOFA's recent livestream on Older Adults: Avoiding Scams and Fraud. Additionally, NYSOFA has partnered with the online community GetSetUp to feature helpful online classes such as Cybersecurity and Fraud , Scam Guard in an AI Era as well as an Elder Abuse Awareness Series. The classes are among hundreds available for older adults to meet with their peers for online learning and social connectedness, free for older New Yorkers. More classes can be found on the GetSetUp website.
About the New York State Division of Consumer Protection
Follow the New York Department of State on Facebook, X and Instagram and check in every Tuesday for more practical tips that educate and empower New York consumers on a variety of topics. Sign up to receive consumer alerts directly to your email or phone here.
The New York State Division of Consumer Protection provides voluntary mediation between a consumer and a business when a consumer has been unsuccessful at reaching a resolution on their own. The Consumer Assistance Helpline 1-800-697-1220 is available Monday to Friday from 8:30am to 4:30pm, excluding State Holidays, and consumer complaints can be filed at any time at www.dos.ny.gov/consumerprotection. The Division can also be reached via X at @NYSConsumer or Facebook.