From OHIO DEPARTMENT OF COMMERCE
In recognition of World Elder Abuse Awareness Day today, June 15, the Ohio Department of Commerce Divisions of Securities (SEC) and Financial Institutions (DFI) are partnering to urge Ohioans to do their part to help protect older loved ones from a fast-growing wave of financial scams, many of which now center on cryptocurrency.
According to statistic included in the FBI’s latest Internet Crime Report, investment and crypto-related schemes are playing a larger role in elder scams and financial exploitation than ever before. According to the report, in 2025:
- More than 200,000 Americans aged 60+ filed scam-related complaints, up 37% from the year before.
- Reported losses among seniors exceeded $7 billion, up 59% from the previous year.
- Ohio ranked among the top 10 states for elder scam-related complaints in 2025.
- Investment schemes were the largest source of losses, valued at over $3.5 billion.
- Scams involving cryptocurrency components targeted more than 42,000 seniors, causing $4.3 billion in losses.
“These numbers are both staggering and alarming, and what concerns us most are the real people and families who are being impacted,” said Ingrid White, interim superintendent of the Division of Financial Institutions. “Checking in regularly with older loved ones and asking questions about their well-being, financial decisions, and any unusual contacts can make a world of difference in keeping them safe. Even a brief conversation might be the key to preventing someone you love from being taken advantage of.”
As scams grow more sophisticated, in part due to the use of AI, bad actors are increasingly turning to digital channels and crypto-based tools to manipulate and steal from older Ohioans. The most common schemes are bad actors who:
- Build trust through wrong-number texts, impersonating government officials, or fake online relationships.
- Pressure victims to invest in fake opportunities, including crypto-based investment platforms.
- Instruct victims to deposit cash into Bitcoin ATMs, create digital wallets, or scan QR codes that, unbeknownst to the victim, transfer funds directly to a scammer. Due to the nature of this process, these funds can be extremely difficult to track and 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,” said Ohio Securities Commissioner Andrea Seidt. “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 by reporting suspicious activity. The sooner we catch wind of this activity, the better the chances are that we can prevent further harm to them and others.”
Both divisions encourage all Ohioans, regardless of age, to take the following proactive steps to reduce the risk of financial exploitation:
- Maintain open communication.
- Regular conversations with loved ones about finances can help spot unusual behavior early, before any significant harm is done.
- Use trusted contacts.
- Make sure financial accounts list a trusted individual who can be alerted if something appears wrong.
- Plan ahead.
- Ensure estate planning documents and powers-of-attorney are clear, updated, and shared with financial institutions.
- Stay informed.
- Review alerts from state and federal agencies and be cautious of unfamiliar investment opportunities, especially those involving cryptocurrency.
- Know caregivers and advisers.
- Be aware of who has access to loved ones, either financially or personally.
If a person suspects they or a loved one may be a victim of financial exploitation, they are urged to take immediate action by stopping all transactions, seeking help, and contacting local law enforcement. People should also consider contacting the following resources:
- 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
