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FBI Warns Of Senior Citizen Scams

With the world’s senior citizen population growing, criminals are taking more and more advantage of seniors by scamming them.  In some instances, senior citizens can lose their lifetime savings and don’t really have hope of ever getting that money back. 

 

According to the internet crime complaint center, an elder fraud report in 2021 showed that over 92,000 victims over the age of 60 reported losses of $1.7 billion, a 74% increase in losses from 2020.  Romance scams saw the most loss with over $432 million.  This isn’t just a national issue.  Illinois residents reported total losses of almost $50 million placing them 11th in the state-wide ranking. 

 

Experts believe more seniors get hit because they are polite and trusting and have difficulty saying no. Others may be lonely or may have diminished physical or mental capacity.  They are also less likely to report the crime out of shame, and are often financially stable and own their homes. 

 

Seniors are encouraged to consider the following to avoid victimization.  Experts say to shred credit card receipts and old bank statements, close unused credit card or bank accounts, don’t give out personal information over the phone, never respond to an offer you don’t understand, and talk over investments with a trusted friend, family member, or advisor. The FBI also encourages you to require all plans and purchases to be in writing, don’t pay in advance for services, don’t pay for services via prepaid gift cards or cryptocurrency, and resist the urge to act quickly or secretly. 

 

If you believe you have been the victim of fraud or know a senior who may be, report the fraud to the FBI at ic3.gov.  DOJ provides an Elder Fraud Hotline at 833-FRAUD-11.  You can also call the Springfield hotline at 217-522-9675. 

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