Busey Bank | Scams Targeting Older Adults Continue to Grow

Recent studies have found a growing trend of elder financial exploitation, including one by the AARP that estimates victims over age 60 lose $28.3 billion annually. In addition, the Financial Crimes Enforcement Network (FinCEN) has reported that financial institutions filed 155,415 reports related to elder financial exploitation between June 15, 2022, and June 15, 2023, associated with more than $27 billion in reported suspicious activity, which may include both actual frauds and fraud attempts that were prevented.

The financial exploitation involves the illegal use of an older adult’s funds or other resources for the benefit of an unauthorized recipient. The act can deprive the victim of their life savings in whole or in part, devastate their financial security and cause other harm.

As cases continue to rise, three of the more commonly reported types of fraud appear to be celebrity impersonation, crypto and romance scams. Learn more about the red flags of these scams below, as well as how you can protect yourself or your loved ones.

What should I do if I receive a request for money from a celebrity?

Requests for money from celebrities—whether through social media, email or other platforms—are almost always scams. Legitimate celebrities will not directly ask fans for money, donations or financial assistance. If you receive such a request, take the following precautions:

• Be skeptical of personal messages: If something feels suspicious or too good to be true, trust your instincts and avoid engaging further. Scammers often impersonate celebrities using fake accounts. Legitimate celebrities typically have a blue checkmark or verified badge on social media platforms.
• Never send money or personal information: Do not send money, gift cards or your personal information to anyone claiming to be a celebrity.

What should I do if someone contacts me about a new crypto investment opportunity?

Be cautious if someone contacts you about a cryptocurrency investment opportunity, as this could be a scam. Scammers often use high-pressure tactics and promises of guaranteed returns to lure victims. Follow these steps to protect yourself:

• Avoid unsolicited offers: Be skeptical of unexpected messages, phone calls or emails promoting cryptocurrency investments. Scammers often impersonate reputable companies or individuals.
• Don’t conduct transactions through a QR code: QR codes that are sent to you likely direct funds to someone else’s account, not yours. If you send funds to someone else’s account, it will be extremely difficult to get those back.
• Beware of guaranteed returns: Legitimate investments do not guarantee profits, especially in the highly volatile cryptocurrency market. Promises of "risk-free" or "guaranteed" returns are red flags.
• Protect your wallet information: Never share your cryptocurrency wallet credentials or private keys with anyone. Scammers can use this information to steal your funds.

How does a romance scam work?

To gain a victim’s trust, the criminal generally adopts a fake online identity to create the illusion of a romantic relationship before manipulating or stealing from them. In most cases, the victim will be contacted through dating or social media platforms. They’ll work quickly to establish a relationship with the victim, often saying they are located outside of the U.S.—making it easier to avoid meeting their target in person. Be wary of this outreach and keep the following in mind:

• Be cautious when posting online: Scammers can use these details to learn more about you and possibly use them against you.
• Do your own investigating: Research the person’s photo and profile using online searches to see if the image, name or details have been used elsewhere.
• Be wary of perfection: Beware if the individual seems too perfect or asks to communicate with you directly. Scammers have also been known to isolate victims from friends and family, as well as request inappropriate photos or financial information that could later be used to extort you.
• Avoids in-person meetings: If the individual promises to meet in person but later has an excuse to cancel, be highly suspicious of their behavior.

Always approach any potential relationship slowly with someone you have met online and ask them questions. And, of course, never send money to anyone you have only communicated with online or by phone.

If you believe you’ve been the victim of fraud or a scam on a Busey account, contact our Customer Care team, reach out to your Relationship Manager or visit your local Banking Center to place a fraud alert on your account. You can also read our Fraud Prevention FAQs for more information or check out our Fraud Prevention Toolkit.