Americans 60 years and older are the group most targeted by scams, according to the most recent data from the FBI.
That report said elder scams cost Americans $3.4 billion a year. In 2023, the average victim lost $33,915.
There are a few reasons older Americans are often targeted. Cognitive decline, loneliness and willingness to trust can make older Americans easy targets, according to Senior Director of Risk Management at Credit Union of Colorado Chelsey Bogacz.
"Scammers exploit their kindness," Bogacz said.
She also said inexperience with technology can make anyone a target. Scammers often use calls, texts, emails and social media to get a hold of their victim. They'll impersonate someone like a family member, bank official or government employee. Scammers might even use artificial intelligence to change their voice. The Denver Police Department just put out a warning about artificial intelligence-driven scams.
"Families should have open, ongoing conversations about finances," Bogacz said. "Encouraging seniors to set up financial safeguards early can prevent issues later on."
Bogacz suggests several simple steps anyone can take to protect financial and personal information:
- Keep track of your accounts and make sure there aren't any transactions or withdrawals you didn't personally make.
- Use strong passwords.
- Use multi-factor authentication for your accounts. Never share one-time authentication codes with anyone.
- Shred all sensitive documents.
There are a few common red flags you should be aware of. If someone contacts you demanding money or personal information, that's an indicator they could be scamming you. They'll often create a sense of urgency or try to make an emotional appeal. Sometimes scammers will try to build up a relationship first to appear more convincing. In any case, many experts suggest you should reach out to the person you think is contacting you to verify if they really need money or information before you consider sending anything.
If you think you were the victim of fraud or a scam, or even think you're being targeted, Bogacz said it's important to report it.
"Many seniors hesitate to report fraud due to embarrassment or fear of losing financial independence," Bogacz said.
There are several places you can report scams online. The FBI, the FTCand the Colorado Attorney General's website. You can also contact your local police department.
Denver7 is committed to making a difference in our community by standing up for what's right, listening, lending a helping hand and following through on promises. See that work in action, in the videos above.