Ohio Department of Commerce Highlights Financial Fraud Risks to Seniors

ZANESVILLE, OH – May is Older Americans Month as well as Older Ohioans Month.

In recognition of this, the Ohio Department of Commerce Division of Financial Institutions and the Department of Aging are raising awareness to the growing number of scams targeting seniors and how Ohioans can protect their loved ones.

Scammers often target older adults due to their perceived vulnerability, increased financial stability, and greater wealth potential.

The victims of these scams also often feel shame, fear, and lack of familiarity with reporting resources which allows scammers to get away and find their next target.

Robert Rutkowski, the Deputy Superintendent of the Division of Financial Institutions, says it’s very important to communicate with the seniors in your life about some of the red flags that come along with scams.

“As sad as it sounds, the first concept is that most people that are trying to contact them are probably trying to steal from them.” Rutkowski said. “So if you can convince elderly people in your life not to respond to calls or texts or emails from people they don’t know, that’s the first step in helping them to be safe financially.”

Many of these scams have grown increasingly complex due to the advancements in AI technology.

Scammers are using this to clone the voices of loved ones which makes fraudulent calls much more convincing and harder for the victim to be able to tell if it’s the real deal.

Rutkowski also warns of romance scams and how you can protect yourself.

“Once a person experiences that romantic feeling, all bets are off, critical thinking stops,” Rutkowski explained. “The thieves use that gateway to steal 10’s of thousands of dollars from them, it happens everyday.”

Some more tips to keep you safe from potential scammers are; verifying the identity of unfamiliar contacts before sharing information, resist high-pressure tactics that urge immediate action, be cautious of unsolicited phone calls, texts, emails, and door-to-door solicitations, and never provide personal or financial information to unverified sources.

The Department of Aging also has resources available to further help prevent Ohioans from being the target of a scam on their website.