Financial scams on the rise

To mark World Elder Abuse Awareness Day, the Ohio Department of Commerce announced a partnership between its Divisions of Security and Financial Institutions to protect older Ohioans from abuse and urged others to do their part. The FBI's recent Internet Crime Report for 2025 indicates that over 200,000 Americans aged 60 and older submitted complaints about scams, representing a 37% rise from the previous year, according to a news release from the Ohio Department of Commerce. Ohio ranked among the nation's top 10 states for elder scam complaints last year. Erie County-based Serving Our Seniors executive director Sue Daugherty said that elder abuse is often widely underreported and can take many forms, but the most common form of elder abuse is financial elder abuse, and the second most common form is self-neglect. "Approximately 25% of older Americans are aging alone, meaning they have no healthy family support system should they experience any type of elder abuse," Daugherty said. Scams target seniors Investment-related scams caused the largest financial losses nationwide, exceeding $3.5 billion. Cryptocurrency scams were particularly harmful, impacting over 42,000 seniors and causing about $4.3 billion in losses, the release states. In many cases, scammers direct victims to deposit money into Bitcoin ATMs, establish digital wallets or scan QR codes that transfer funds directly to the scammers. Once transferred, the money is often difficult or impossible to recover. "It's unfathomable that individuals would intentionally prey on seniors, especially those who are isolated or simply trying to be helpful, but it unfortunately happens every day," Ohio Securities Commissioner Andrea Seidt said. Seidt encouraged Ohioans to report suspicious activity as quickly as possible. "While we have the means, expertise and tools to investigate, pursue and hold these bad actors accountable, we rely on Ohioans to let us know this is happening in the first place," Seidt said. "The sooner we catch wind of this activity, the better the chances are that we can prevent further harm to them and others." What to do If you think you or a loved one might be experiencing financial exploitation, the Ohio Department of Commerce said it's crucial to act quickly by halting all transactions, seeking assistance, and contacting local law enforcement as well as the following organizations: • Ohio Division of Securities Investor Protection Hotline: 877‑683‑7841• Ohio Division of Securities: 614‑644‑7381• Ohio Adult Protective Services Referral Line: 855‑OHIO‑APS (855‑644‑6277)• Ohio Attorney General's Elder Justice Unit: 800‑282‑0515• Office of the State Long-Term Care Ombudsman: 800‑282‑1206• Area Agencies on Aging: 866‑243‑5678• Ohio Department of Aging (elder abuse resources): aging.ohio.gov