Older Americans reported losing more than $1.9 billion to fraud in 2023, but since most fraud isn’t reported, the actual figure could be as high as $61.5 billion, according to the Federal Trade Commission (FTC) and noted in its recent annual report to Congress on protecting older consumers.

Adults aged 60 and older were less likely to report fraud than younger age groups, FTC reports. However, median losses for older adults were higher than those for other age groups. Fraud reports from older consumers indicate that bank transfers and cryptocurrency payments were the costliest payment mechanisms, and although investment scams were not the leading complaint, they reflect the largest losses.

Additionally, seniors may be less inclined to report fraud because they don’t know how, or they may be too ashamed of having been scammed. They might also be concerned that their relatives will lose confidence in their abilities to manage their own financial affairs. And when an elderly victim does report a crime, they may be unable to supply detailed information to investigators.

According to FBI reports, with the elderly population growing, elder fraud is also rapidly growing. It is only by all relevant agencies, federal and state, working together on education and awareness that we will be able to change this trajectory.

Below are some of the most common scams we see now.

Utility Scams

Scammers pose as utility company representatives and threaten to shut off service if customers don't pay their bills immediately. Scammers may ask for credit card or bank account information, or demand payment in the form of a gift card. You know by now that you should never, ever, send anyone you don’t know a gift card or give out your credit card number or personal information. Utility companies will communicate with you by mail.

If you aren’t sure, hang up and call the number that is listed on your monthly bill. They will let you know the accurate information on your account.  It’s also important to let the company know that you have been called by a scammer.

Social Security Scams

Scammers who pose as Social Security employees will ask for personal information, such as a Social Security number, name, or bank account information. They often claim that the information is needed to issue rebates or additional funds, making it more likely that you will respond.

Social Security will never call to ask you for personal information, and like all government agencies, they will alert you to changes by mail, or by you accessing your account online.

Lottery, Tech Support, and Sweepstakes

Older adults were five times more likely than younger people to report losing money on a tech support scam. (If you need help with your computer, ask a family member. And if you have a teenager in your family, ask them!!) Giving someone access to “your screen” to fix it, is like opening wide the door, and inviting the scammer to steal every single piece of personal and financial information you have.

With an increase in loneliness in the country, more and more older adults find themselves tempted to believe that they have been chosen to win a prize. This is truly a case of “if it sounds to good to be true, it probably is.” When people offer you any prize or sweepstakes winning on the phone or by email or text, delete the message, and block the caller.

USPS Text Scams

I bet you’ve seen this; a text message or email that claims a package can't be delivered because the shipping information is missing a house number, or a mistake in the tracking number, or that it needs to be signed for and they need more information on your availability. The text may include a link to a USPS tracking website that asks for a security code and $3.

As you now know, never click on a link in an unknown email. No legitimate delivery service will ask you to provide that information. Delete and block the sender.

Grandparent Scams

This scam is now among the oldest, but with advanced technology, including AI, it is even more sophisticated and frightening. Voices can now be replicated and used to produce full sentences and responses. This makes it much harder to resist the urge to help a loved one.

If this happens, hang up and call the person who they are telling you is in a jam. And other family members who will know where they are. Please don’t respond emotionally; make that call to a family member.

Scammers are increasingly contacting the grandparents of active-duty soldiers and claim that there is a problem with the soldier's military leave that requires money. Sometimes it is difficult to contact a family member in the military, increasing the chances that you will believe the scammer.

Scammers think older adults are an easy target, but with the increase in knowledge and experience, they are not only fighting back by not doing what the scammers want them to do, they are telling friends and family how to spot a scam and what to do!

We are stronger together when we share our experiences, no matter how embarrassing they might be. Passing on your experience makes you a consumer superhero!

This article was written by Catherine Blinder, chief education and outreach officer of the Department of Consumer Protection of the State of Connecticut. To learn more about how the Department of Consumer Protection can help, visit us at www.ct.gov/dcp.