Established by the U.S. Congress in 2018, National Senior Fraud Awareness Day is observed on May 15 every year. Its objective is to raise awareness of fraudulent schemes older adults often fall prey to. Elder financial abuse has evolved into one of the most damaging and complex financial crime threats in the United States. Federal agencies, advocacy organizations, and law enforcement leaders now recognize that fraud targeting older adults is largely driven by transnational organized crime, operating at scale and exploiting jurisdictional and data‑sharing gaps.
According to coordinated reporting by AARP, the FTC, and federal partners, older Americans may have lost as much as $61.5 billion to fraud in 2023 alone, underscoring both the scale of the crime and the limits of traditional enforcement approaches. As we’ve shared in previous posts, common crimes against seniors include government impersonation and other impersonation scams, sweetheart scams, and cryptocurrency or other investment scams.
Fraudsters are increasingly sophisticated, using technology, emotion, and urgency to manipulate victims. The most common scams we have witnessed in the last 12-18 months include:
Impersonation Scams (Phone, Text & Bank Fraud)
Scammers pose as trusted entities—such as banks, government agencies, or even family members. Using spoofed phone numbers or convincing messages, they claim there is suspicious activity or an urgent issue. Victims are then asked to verify information, provide login credentials, or share one-time passcodes, allowing criminals to take control of their accounts or initiate fraudulent transfers.
Investment and Cryptocurrency Scams (“Pig Butchering”)
Victims are contacted online or via text and encouraged to invest in what appears to be a legitimate opportunity. Fraudsters build trust over time and often show fake “profits” to encourage larger investments—before disappearing with the funds.
Romance Scams
Criminals form emotional relationships—often through dating sites or social media—to gain trust. Once a connection is established, they fabricate emergencies or financial needs and request money, exploiting victims both financially and emotionally.
Tech Support / “Phantom Hacker” Scams
Victims receive a call or pop-up warning that their computer has been compromised. The fraudster, posing as a technician, may request payment for a “fix,” offer a fake refund to obtain financial information, or install malware that locks the device and demands payment.
Business Email and Account Compromise
Fraudsters gain access to email or financial accounts and use them to redirect payments, request funds, or initiate unauthorized transactions—often without the victim realizing it until after the loss occurs.
Emergency / “Grandparent” Scams
Scammers impersonate a loved one in distress—often claiming an accident, arrest, or urgent situation—creating panic and a need to act quickly. Victims are pressured to send money immediately and discouraged from verifying the story.
Across all of these scams, the tactics are consistent:
While these scams vary in approach, they all rely on deception and pressure. Awareness is the first line of defense—knowing what to watch for can help prevent devastating financial loss.
Banks like American Riviera Bank are at the forefront of the fight against elder financial fraud. Our Chief Risk Officer, Laurel Sykes, recently shared valuable insights at the NAPSA Monthly Scam Forum, highlighting the innovative programs and strategies banks are implementing to help protect seniors from these devastating crimes. The group also collaborated on a resource guide for victims of financial crimes.
Education is imperative. By partnering with organizations such as the ABA Foundation, banks are able to provide ongoing training for staff and clients alike. These initiatives empower seniors and their families to recognize the common tactics used by scammers—such as fake emergencies, romance scams, or urgent requests for secrecy. Informational seminars, printed materials, and online resources help build confidence so that older adults can spot threats before money is lost.
While our outreach efforts at American Riviera Bank are year-round, throughout the month of May our team members will be visiting local community centers and retirement communities to educate residents on what to watch for. We also publish blog posts and tools at arb.bank that provide tips for identifying red flags, and provide resources for taking action if you have been a victim of a financial crime.
At American Riviera Bank, we offer a wide range of resources to support victims of financial fraud and scams. Our dedicated team is always available to guide clients through the reporting process, answer questions, and provide reassurance during stressful situations.
In addition to our staff, we connect victims with trusted agencies and organizations, such as the FBI Internet Crime Complaint Center, the Federal Trade Commission, and the National Elder Fraud Hotline (1-833-372-8311). For specialized needs, we can refer individuals to the National Association of Consumer Advocates and the National Academy of Elder Law Attorneys.
National Elder Fraud Hotline - National federal hotline for adults 60 and over to report fraud and providing support and resources/safety tips. Help with filing IC3 and FTC reports.
| FBI Internet Crime Complaint Center | www.ic3.gov |
| Federal Trade Commission | www.reportfraud.ftc.gov |
| Report Identity Theft to the FTC | www.identitytheft.gov |
| U.S Postal Inspection Service (USPIS) Phone: 1-877-876-2455 | https://www.uspis.gov/report |
| If Crypto Investment Confidence Fraud/Crypto-Relationship Investment | contact local U.S. Secret Service office, in addition filing a complaint with [email protected] and www.ic3.gov. |
| FBI Guidance for Crypto-Currency Fraud Victims in Completing an IC3 report | https://www.ic3.gov/PSA/2023/psa230824 |
| National Association of Consumer Advocates (NACA) | To find a consumer law attorney who specializes in various consumer rights/fraud victimization |
| National Academy of Elder Law Attorneys | https://www.naela.org/ |
