Helping Ohio’s seniors navigate the growing threat of financial exploitation
This year, older Ohioans are at risk of losing more than $60 million to scammers and fraudsters. In recognition of Elder Abuse Awareness Month during June, the Ohio Department of Commerce Division of Securities and the Ohio Department of Aging are partnering to shine a spotlight on a growing issue involving the financial exploitation of older adults.
In 2024, the Division of Securities received 302 scam- and fraud-related complaints from older Ohioans, which was up 22% from the previous year’s 247 complaints. In addition, according to the FBI’s Elder Fraud Report, Ohio had the sixth largest volume of complaints in the country in 2023, with losses exceeding $64 million. Meanwhile AARP found that, nationwide, more than $28 billion is stolen from individuals over the age of 60 annually, with three-fourths of those losses involving individuals the victim knows.
In response to this alarming trend and the increased risk posed to older Ohioans, the Division is highlighting the warning signs of elder financial abuse to protect loved ones from becoming a statistic. These warning signs include:
• Unexplained financial changes, such as large withdrawals or unexpected fund transfers.
• Changes in banking practices, such as adding new names to accounts, or uncharacteristic attempts to wire money to unknown acquaintances.
• Unpaid bills, sudden non-sufficient fund activity, and unexplained purchases or debts.
“Financial exploitation of the elderly is one of the most pervasive and heartbreaking issues we encounter at the Ohio Division of Securities,” Securities Commissioner Andrea Seidt said. “The victims are often targeted by perpetrators who exploit their loneliness, trust or lack of familiarity with modern technology. Recognizing the signs of this abuse is critical so we can protect our friends and loved ones from these crimes that carry devastating financial consequences.”
Older adults are particularly vulnerable to a wide variety of schemes, including romance scams, tech support impersonations and grandparent scams. Perpetrators often use mail, phone calls, and online communication to trick seniors into handing over money, personal information, or access to their financial accounts. Once a victim is targeted, the financial losses and emotional toll can be severe.
If you suspect either yourself or someone in your life has been the target of a financial scam, you should immediately contact the Ohio Division of Securities at 614-644-7381 or local law enforcement. In addition, the Division is highlighting the below resources for reporting fraud and securing assistance.
Additional Resources to Protect and Address Elder Financial Exploitation
• To report securities fraud, call the Division of Securities’ Investor Protection Hotline at 877-683-7841.
• Ohio’s Adult Protective Services Referral Line is available at 855-OHIO-APS (855-644-6277).
• The Ohio Attorney General’s Elder Justice Unit can be reached at 800-282-0515.
• For concerns about abuse in nursing homes, contact the Long-Term Care Ombudsman at 800-282-1206.
The Department of Aging’s website has a wide range of resources available to help prevent scams that target older Ohioans, including underlining common tactics that scammers use to take advantage of older individuals. ODA encourages Ohioans to protect themselves and their loved ones from all forms of elder abuse.