Scams Are on the Rise - and Older Adults Are Prime Targets

Older Americans are facing a rising wave of fraud. In 2024 alone, Americans reported $12.5 billion in losses due to scams, a 25% increase over 2023's total of $10 billion.

Seniors in particular are disproportionately affected:

• People in their 60s lost $324 million
• Those in their 70s lost $240 million
• People aged 80 and older lost $86 million

In 2024, the FBI's Internet Crime Complaint Center (IC3) received over 147,000 elder fraud complaints, totaling $4.9 billion in losses - a 43% increase from the year before. Financial exploitation is one of the most common forms of elder abuse - and it's often underreported.

More:Read the FBI's Full 2024 Internet Crime Report

Why Scammers Target Older Adults

Older adults are frequently targeted because they often:

• Own their homes or have substantial retirement savings
• Live alone or experience social isolation
• Tend to be trusting and polite on the phone
• Aren't always up to date on the latest scam tactics

Whether it's a fraudulent sweepstakes or a fake contractor, the emotional and financial toll can be devastating. Let's walk through the most common scams to watch for - and how to respond safely.

"You Need a New Roof" (Home Repair Scams)

A "contractor" appears uninvited at your home, claiming urgent repairs are needed - often offering a senior discount or free inspection. They may pressure you to agree on the spot, pay in advance, or raise costs mid-job for substandard or unnecessary work.

Never feel pressured to agree right away. Always ask for a contractor's license, verify their credentials with your state's licensing board, and always get multiple estimates before hiring anyone.

Predatory Loan Offers

Fraudsters often exploit financial stress, promising quick loans for repairs, taxes, or medical bills - with predatory terms. Be wary of offers that don't require a credit check, expire quickly, require upfront payments for "processing", or come with high fees and outrageous interest rates.

According to the FTC, imposter scams and fraudulent financial services are among the top scams affecting older Americans in 2024. Remember, reputable lenders never solicit door-to-door or by phone. Never feel rushed into a financial decision.

"We Can Fix Your Bad Credit"

Some scammers claim they can remove negative items from your credit report - for a hefty fee. Remember, no one can legally erase accurate credit history. Building better credit takes time, responsible borrowing, and consistent repayment. Review your credit report at AnnualCreditReport.com and dispute only inaccurate information.

More:Learn More About Using Credit Cards Wisely with Listerhill's Partner Banzai

Prize, Lottery, or Sweepstakes Scams

"You've won!" - but only if you first pay shipping, taxes, or other fees. In reality, you never have to pay to claim a legitimate prize. Seniors are three times more likely than younger people to report losing money to sweepstakes scams. The median report loss? Over $1,000.

If you receive a suspicious or unexpected contest or prize offer, it's probably best to throw it away, block the number, and report the incident to ReportFraud.ftc.gov.

Recovery Scams

Scammers often prey on people who have already been defrauded. They may pose as law enforcement or "recovery experts" offering to help - for a fee. If you're asked to wire money to recover losses, it's likely another scam - possibly by the same people who scammed you the first time.

Real government agencies like the FBI or FTC will never ask for money to investigate or recover funds.

"Let Me Help You Pay Your Bills"

When someone you trust - like a friend, family member, or caregiver - offers to help with your finances, it often comes from a place of care. However, well-meaning arrangements can open the door to financial harm if boundaries aren't clear.

As an example, joint accounts give full access to your funds, including the ability to withdraw money or inherit your account. While most people would never misuse this trust, it's important to understand the risks - because abuse by trusted individuals does happen.

As an alternative, talk to your credit union or bank about safer options like assigning limited access, setting up alerts, or naming a trusted contact. These options allow you to get help without giving up control of your finances.

Investment & Estate Planning Scams

Fraudsters often host free meal seminars on "retirement planning" or "wealth growth," then pressure attendees to buy high-fee or worthless products. According to the FBI, investment scams targeting seniors resulted in over $1 billion in losses in 2024.

Protect yourself by avoiding any pressure to act immediately, never share sensitive personal or financial information, and consulting your attorney or trusted advisor for financial planning needs.

How Families & Caregivers Can Help

Talk regularly about potential scams or strange phone calls.

Set up account alerts to monitor for unusual activity.

Stay informed about current scam tactics via resources like the FTC or AARP Fraud Watch.

Encourage openness by reminding loved ones it's not embarrassing to ask for help.

How Listerhill Credit Union Helps Protect Its Members

At Listerhill, protecting our members - especially older adults - is part of our mission.

Here's how we help safeguard your financial wellbeing:

• Live local support: No robocalls or aggressive sales tactics - just friendly, local professionals you can trust
• Real-time fraud alerts: We notify you of suspicious activity right away
• Account protections: Ask about features like transaction alerts, view-only access for caregivers, or spending limits
• Educational resources: We regularly share updates, tips, and tools to help members recognize fraud early

Whether you're managing your finances or helping a loved one, we're here to help every step of the way.

• Learn more about how Listerhill protects you and your accounts
• Visit our Elder & Vulnerable Adult Protection page
• Explore what it means to be a member at Listerhill

If You Suspect a Scam

1. Contact us at 256-383-9204 or by visiting our Support page.
2. Report the scam to the BBB Scam Tracker and the FTC at ReportFraud.ftc.gov. You may also want to report scammers directly to the FBI.

Additional steps you can take:

• Call the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311), M-F, 10AM - 6PM ET.
• Change your passwords and monitor your accounts for suspicious activity.

Final Thoughts: Stay Aware, Stay Safe

Financial scams are becoming more sophisticated - but so are tools to fight them. By staying informed and connected, you can help protect yourself or someone you care about from serious loss.