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Scams Target Older Americans at an Alarming Rate

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The number of elderly victims impacted by fraud has risen at an alarming rate, while the loss amounts are even more staggering. In 2021, over 92,000 victims over the age of 60 reported losses of $1.7 billion to the Internet Crime Complaint Center. This represents a 74% increase in losses over 2020. Many of these scams involve fraudulent wire transfers reaching hundreds of thousands of dollars.


May is Older Americans month and a great time to share these scams and talk about ways to detect and shut down scam attempts.


Tech Support Fraud is the most reported fraud among members 60 years and over with 13,900 complaints and $238 million in losses. These scammers can impersonate well known tech companies, offering to fix non-existent technology or renewing fraudulent software. Many victims report being asked to wire money to overseas accounts or purchase large amounts of prepaid cards. Scammers have also been know to tell victims their identity has been stolen resulting in unauthorized withdrawals from the victims account.


If you have questions about scams that target Older Americans, please call IRCO and we would be happy to help you detect the red flags and warning signs of financial exploitation.


For more warning signs and information please visit our website at www.ircocu.com and visit the resources tab!

Tips to avoid Fraud 

and Scams:



  • Never give control of your computer to someone who contacts you. If you receive calls about computer problems, hang up.


  • Don't trust phone numbers provided in an email, voicemail, or pop-up ad.


  • If you are asked to wire money, discuss the situation with a banker, trusted friend, or family member. Be truthful about the situation as scammers often direct you to lie about why you're sending money.