A growing number of older Ohioans are filing complaints about being targeted by scams.
In 2024, Ohio seniors reported 302 scam- and fraud-related complaints to the Division of Securities. That's up 22% from the previous year’s 247 complaints.
Also, according to the FBI’s Elder Fraud Report, Ohio had the sixth largest volume of complaints in the country in 2023, with losses exceeding $64 million.
Timothy Jones, an investigator with Ohio’s Department of Commerce, said there’s a growing number of international criminals who use online dating apps perpetrating the Romance Scam.
Eventually, they persuade a senior to invest in cryptocurrency with the promise of high earnings.
"Victims are directed to take out some money from a 401k pension plan, sometimes even remortgage their home. And then they take those funds and they deposit them into a cryptocurrency exchange," Jones said. "They're given a wallet address for them to send those funds off to and then they are directed on how to buy and sell cryptocurrency on another third-party platform, which typically is fictitious. So the investment returns they're seeing on this platform is just smoke and mirrors."
According to Jones, a red flag is if the perpetrator directs a senior to keep their relationship and interactions a secret.
He urged seniors to always tell someone who they trust about any proposition, online or in person.
"They have a script pretty much for anybody out there. So they will take their time and direct these individuals on how to purchase cryptocurrency, how to send a cryptocurrency," Jones said. "They'll even go so far as to send them screenshot by screenshot with every step along the process. They even know what exchanges they want these individuals to open accounts at in order to then send the funds on. It's a very well-organized scam."
He also warned, "when there are any type of pop-ups on your computer, whenever you get a text or email or a call saying that anything of one of your financial accounts is being compromised, do a little bit of due diligence first," said Jones. "Do not immediately give them any personal information."
Jones recommended looking up a corporate phone number for the financial institution to confirm whether or not there’s an actual problem with their account.
If you believe you’ve been scammed, report the incident to local police and immediately contact the Ohio Division of Securities at 614-644-7381. Here are additional resources for reporting fraud and securing assistance.
Additional Resources to Protect and Address Elder Financial Exploitation
- To report securities fraud, call the Division of Securities’ Investor Protection Hotline at 877-683-7841.
- Ohio’s Adult Protective Services Referral Line is available at 855-OHIO-APS (855-644-6277).
- The Ohio Attorney General’s Elder Justice Unit can be reached at 800-282-0515.
- For concerns about abuse in nursing homes, contact the Long-Term Care Ombudsman at 800-282-1206.
The Department of Aging’s website also has a wide range of resources available to help prevent scams that target older Ohioans, including underlining common tactics scammers use.
