Turns out, the biggest threat to grandma’s bank account might not be her online shopping habit—it’s a scammer pretending to be her friend, caregiver, or even a family member.
In this publication, we're uncovering a growing financial scam targeting older Americans—just in time for Older Americans Month in June. Whether you're a senior or someone who loves one, this is a must-read.
Scammers are increasingly preying on older Ohioans through financial exploitation, with a 22% rise in fraud complaints since 2023. Warning signs often go unnoticed until significant money is gone.
How It Works:
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The Slow Burn:
Scammers build trust—posing as relatives, romantic interests, caregivers, or even financial advisors. -
The Ask:
Once trust is established, they make financial requests: large cash withdrawals, money transfers, or requests to add names to accounts. -
The Disappearance:
After draining funds or securing access, they vanish—leaving behind empty bank accounts and confused victims.
Often, this happens within families or by people who know the victim personally. That makes it harder to spot—and even harder to report.
Who’s Targeted:
- Older adults, especially those living alone or with memory issues
- Retirees with savings
- People unfamiliar with digital banking and fraud red flags
Ohio officials have warned that financial abuse is rising sharply among this group—highlighting the need for awareness and early intervention.
Real-Life Example:
The Ohio Department of Commerce’s Division of Securities received over 300 fraud complaints from older Ohioans last year, a sharp increase from 2023. Many involved suspicious transactions like unexpected money wires, new names added to bank accounts, and sudden large withdrawals.
In one case, a senior began transferring thousands of dollars to a “new friend” she met online. Her adult children noticed only after repeated overdraft fees hit her checking account.
Why You Should Care:
This isn’t just about money—it’s about dignity, independence, and security. Financial abuse of older adults often goes unreported due to embarrassment or fear. Victims may lose their savings, fall into debt, or become unable to afford healthcare or housing.
And here’s the kicker: most abusers are people they know.
How to Protect Yourself (or a Loved One):
• Watch for financial red flags: Unusual withdrawals, wire transfers, or sudden changes in account access
• Stay in touch: Frequent check-ins help detect changes in behavior or new "friends" with financial motives
• Secure accounts: Use strong passwords, enable transaction alerts, and limit account access to trusted individuals
• Educate yourself and your loved ones: Talk openly about scams—awareness is the first line of defense
• Report suspicious activity: Contact adult protective services or the Ohio Division of Securities
Quick Tips & Updates:
Quick Tip #1: Did you know? In many elder financial abuse cases, victims don’t realize they’re being scammed until someone else catches it.
Pro Tip: Set up alerts on bank accounts for any withdrawals over a set amount. It’s a simple way to catch unusual activity early.
Update: In recognition of Older Americans Month this June, Ohio authorities are increasing outreach and education efforts across the state. Keep an eye out for workshops and seminars in your area.
Stay safe, stay informed.
Keywords:
• Financial Elder Abuse – The exploitation of older adults for financial gain, often by someone they know.
• Red Flag Transactions – Unusual account activities that may signal fraud, such as large or repeated withdrawals.
• Ohio Department of Commerce – The state agency warning of increased financial scams against older residents.
• Older Americans Month – A national observance in June that honors and supports senior citizens.
• Wire Fraud – A scam involving the transfer of money via electronic methods, often used in elder financial abuse.
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