Standing Guard: How Our Community Can Prevent Elder Fraud

By John Murtagh, SCN Regional Security Advisor

 

Elder fraud is a growing and costly problem. According to the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3), Americans aged 60 and older reported nearly $4.9 billion in losses from fraud in 2024 through almost 150,000 complaints — a sharp increase from prior years. Investment, tech support, romance, business email compromise, and government impersonation scams are among the most common schemes targeting seniors. Many victims lose tens of thousands of dollars, and the real toll is likely higher because many incidents go unreported.  

 

To prevent elder fraud, awareness is the first line of defense. Best practices include verifying unknown solicitations before responding, refusing unusual payment methods (like gift cards or cryptocurrency), and discussing suspicious contacts with trusted friends, family, or financial advisors. Financial institutions and caregivers can establish trusted contacts to help monitor senior accounts and flag unusual activity.  

 

Good cyber hygiene protects everyone — especially older adults. Use strong, unique passwords and multi-factor authentication on important accounts; keep devices and software up to date; be wary of unsolicited emails or links; and never share personal or financial information in response to unverified requests. Learning to recognize phishing and social-engineering tactics and regularly reviewing bank statements for strange transactions can dramatically reduce your risk.  

 

Community members are encouraged to watch out for future Jewish Federation of Greater Naples eblasts announcing in-person elder fraud awareness events presented by SCN and our local law enforcement partners, which will provide timely updates, prevention strategies, and opportunities to ask questions directly to investigators.