At Mercer Savings Bank, we believe protecting our community goes beyond managing money—it means helping our customers safeguard what matters most. And when it comes to fraud, older adults are increasingly being targeted by scams that can lead to devastating losses.
According to the FBI’s Elder Fraud Report, adults aged 60 and older reported losing over $3.4 billion to fraud in 2023—an 11% increase from the previous year. And the numbers are rising. In 2024, Nasdaq reported that nearly 1 in 10 seniors fall victim to a scam each year, with the average loss per victim at a staggering $34,000.
So why are seniors being targeted, and what can be done to prevent it?
Why Scammers Target Older Adults
There are a few key reasons scammers often focus on seniors:
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Financial Stability – Many older adults have built up savings, own property, or receive consistent income from pensions or Social Security—making them attractive targets.
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Technology Gaps – Seniors may not be as familiar with online banking, email safety, or digital payment platforms, which leaves them more vulnerable to phishing emails or fake tech support calls.
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Cognitive Decline – While not all older adults experience memory issues, those who do may be less likely to notice red flags or remember fraud prevention tips.
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Social Isolation – Scammers often exploit loneliness, gaining trust through friendly conversations before launching romance scams, sweepstakes schemes, or investment fraud.
Common Scams That Target Seniors
Here are just a few of the schemes commonly used to trick older adults:
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Government Impersonation Scams – Claiming to be from the IRS, Medicare, or Social Security
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Sweepstakes & Lottery Scams – Asking for payment to claim a “prize”
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Robocall Scams – Automated calls threatening action unless a payment is made
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Tech Support Scams – Pretending to fix a nonexistent computer issue
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Romance Scams – Building a fake relationship to exploit trust
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Investment or Financial Scams – Promising high returns with fake opportunities
How to Help Prevent Elder Fraud
At Mercer Savings Bank, we encourage our customers—especially families and caregivers—to have open conversations and take proactive steps to stay ahead of scams. Here are a few key ways to help protect yourself or a loved one:
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Watch for red flags like urgent requests for money, threats of arrest, or demands for payment through gift cards or wire transfers.
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Never share personal or financial information with someone who contacts you unexpectedly—especially over the phone, email, or text.
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Monitor bank and credit card statements regularly and review unusual transactions with a trusted family member.
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Pause and verify. If something feels off, it’s okay to stop and check with someone you trust before taking action.
Resources That Can Help
There are several trusted organizations working to support seniors and stop scammers:
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National Council on Aging (NCOA) – Offers tools to recognize and avoid scams
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AARP Fraud Watch Network – Tracks scams and provides alerts
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Senior Medicare Patrol (SMP) – Assists in detecting Medicare fraud (smpresource.org)
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Federal Trade Commission (FTC) – File reports and find recovery plans at identitytheft.gov
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Social Security Fraud Hotline – Report suspicious Social Security activity at 1-800-269-0271
Additionally, the Senior Safe Act encourages financial institutions like Mercer Savings Bank to train employees in spotting and reporting suspected elder financial abuse.
Together, We Can Help Protect Our Seniors
Preventing senior scams starts with awareness, communication, and support. Whether you’re an older adult, a caregiver, or simply a concerned family member, staying informed is one of the best ways to stop fraud in its tracks.
If you or a loved one has questions about a suspicious call or transaction, please don’t hesitate to contact us. We’re here to help you feel secure and supported—every step of the way.
Let’s continue working together to keep our community informed, protected, and thriving.
