May is Older Americans Month, a time to celebrate the contributions of older adults and an important opportunity to recognize the increased risks they face from financial fraud and exploitation.
Financial scams targeting older adults are becoming sharper and harder to spot. Even with stronger monitoring tools and closer coordination across the banking industry, scammers continue to focus on seniors, who often face greater risks.
Today’s fraudsters use everything from AI‑powered voice tricks and social engineering to cryptocurrency schemes, taking advantage of issues like isolation or declining cognitive ability. These new tactics add to long‑standing threats such as romance scams and even financial abuse by people the victim knows.
The scale of the problem is staggering. According to the Federal Trade Commission’s Protecting Older Consumers, 2024–2025 report, total fraud losses reported by adults 60 and older rose from about $600 million in 2020 to $2.4 billion in 2024. This isn’t just a personal financial challenge; it’s a growing national issue affecting banks, customers, and the broader economy.
Many older adults carry a heavy emotional burden after being scammed, often blaming themselves. That sense of embarrassment only adds to the financial fallout.
According to federal data, older consumers lost $159 million to tech‑support scams in 2024 and are far more likely than younger adults to be targeted by sweepstakes, romance, and government impersonation schemes.
The FTC’s Protecting Older Consumers, 2024–2025 report shows the problem is accelerating. More seniors are reporting losses above $100,000, most often tied to investment schemes, romance scams, and impersonations. It also notes that investment scams cost older adults more money than any other fraud category in 2024, with many victims first approached on social media. People 80 and older reported a median loss of more than $1,600.
At First United Bank & Trust, we are committed to strengthening security, enhancing fraud detection, and providing clear, compassionate guidance to customers and families navigating these threats. Protecting older adults requires awareness, education, and trusted financial partners who prioritize safety.
For more information about scams and First United’s commitment to security, visit MyBank.com/security.
To learn more about scam prevention campaigns from the American Bankers Association, visit: BanksNeverAskThat.com and PracticeSafeChecks.com.