Love Shouldn't Cost a Dime

Online Romance Scams Targeting Older Adults:
How to Stay Safe  

Love can lead us to do extraordinary things, but unfortunately, scammers are now exploiting this emotion to access our wallets. In 2023 alone, Americans lost a staggering $10 billion to scams, marking a $1 billion increase year over year. Even more alarming is that older adults bore the brunt of these scams.

Scammers frequently focus on older adults who might be particularly susceptible due to social isolation or loneliness and those possessing financial assets like homes or retirement funds.

In fact, reports show that those aged 65 to 74 are most likely to fall victim to these scams. The number of cases within this age group increased by nearly 75% year-on-year2. These losses are devastating seniors emotionally and financially.

So, how do scammers do this?

  • They establish a friendship or romance through social media, dating websites, or online chat rooms.
  • They will seem too good to be true.
  • They will want to quickly switch to a different online platform to isolate the victim further.
  • They will move the relationship forward quickly and express a special bond with the victim.
  • They will make up excuses for not being able to meet in person
  • After some time, they will tell a story about a hardship like a financial emergency or outstanding medical bills. They may pose a financial opportunity and ask the victim to send money to get in on the deal. 

How do you protect yourself and the older adults in your life?

Education and communication are essential. Talk with your loved ones and monitor any unusual new connections in their life.

Let your loved ones know that:

  • Anyone they have met online asking for money is likely a scam, so do not be fooled by social media appearances. Anyone can create a fake page with pictures and details that appear to be legitimate.
  • If your loved one has communicated with someone who appears suspicious, help them unfriend or remove that person from their social media account.
  • If they have been texting, block their phone number so your loved one will no longer get texts.
  • Remind them never to send anyone money online or click on suspicious links and pop-ups.

Where to go for Help

If financial abuse is suspected in a Mechanics Bank account, report the information to our Customer Care Center at 800.797.6324 or by visiting any Branch for assistance. If the loss involves credit products, such as a credit card or loan, contact the creditor immediately. Remember that you may not be responsible for credit card charges or payments out of your bank account if you did not authorize them. For more information go to http://consumerfinance.gov/askcfpb.

In most instances of suspected elder abuse, including financial exploitation, you should contact Adult Protective Services. Visit eldercare.acl.gov to find your local office.

If the older person is in danger or you believe a crime has been committed, call 911 for an immediate response from the police. For cases of identity theft, contact your local police and the Federal Trade Commission (FTC) at 877.438.4338 or identitytheft.gov.