Amid Retirement Surge, Ohio Division of Securities Urges Retirees to Protect Savings from Scammers

COLUMBUS, Ohio - The number of Ohioans approaching the age of retirement is as high as ever before. According to the U.S. Census Bureau, an estimated 18.8% of the state's population, or 2.21 million Ohioans, are aged 65 years or older. That is up significantly from 13.3% in 2000. Nationwide, the United States is currently in a "peak 65" period, with approximately 11,200 baby boomers set to turn 65 every day through 2027, which is up from 10,000 roughly a decade ago.

Given the wealth that many retirees have accumulated throughout their lives and an increased risk posed by bad actors, the Ohio Department of Commerce Division of Securities is using National Consumer Protection Week to call attention to the threat that retirees - and their nest egg - face from scammers who target older individuals.

According to the FBI's Internet Crime Complaint Center, Americans aged 60 and older reported more than 140,000 complaints and nearly $5 billion in losses to scams in 2024. In addition, Ohio ranked eighth in the nation for the total number of complaints filed by this age group.

Older adults are often singled out because they typically have more savings, might be less familiar with fast-changing technology, and can be hesitant to report fraud to authorities. Scammers attempt to exploit these vulnerabilities with convincing stories designed to create fear and urgency, making victims sometimes believe they're fixing a problem rather than sending money to criminals who will disappear overnight. Losses among older adults are staggering. According to the Federal Trade Commission, reports of scams costing $10,000 or more have quadrupled since 2020, while cases involving losses of $100,000 or more have increased nearly sevenfold.

"Every day, more Ohioans retire to enjoy the resources they spent their lives building," said Ohio Securities Commissioner Andrea Seidt. "Unfortunately, scammers see those resources as an opportunity. The good news is that there are simple steps you can take to protect your hard-earned savings and ensure your golden years aren't tarnished by fraud."

Common Scams Targeting Retirees

• Grandparent Scam: A caller pretends to be a grandchild in urgent need of money.
• Financial Services Scam: Fake banks or debt collectors claim your account has been compromised and they need your account information to resolve it.
• Tech Support Scam: Fraudsters pose as tech experts to trick you into giving personal information to gain access to your devices.
• Government Impersonation Scam: Scammers spoof agencies like Social Security or Medicare to trick you into giving sensitive information.
• Romance Scam: Criminals build fake relationships online, solicit money from the victim, then disappear without a trace.

How to Protect Yourself

• Pause and verify: If someone contacts you about an urgent problem, hang up and call the number found on their official letterhead or website.
• Never share personal information or passwords over the phone, email or via text.
• Avoid quick payments and pressure tactics: Scammers often demand gift cards, wire transfers, or peer-to-peer apps. Don't make payments via these methods because they can be extremely difficult to track.
• Talk to someone you trust: A second opinion can help identify and stop a scam in its tracks.

If you suspect that you or a loved one has been targeted by an investment fraud, contact the Division's Investor Protection Hotline at 1-877-683-7841 or email [email protected].

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About the Division of Securities
The Division of Securities is part of the Ohio Department of Commerce. The department is Ohio's chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at com.ohio.gov.