Recent scams targeting senior citizens throughout New York City have left residents shaken, with some people out hundreds of thousands of dollars. According to police reports, several phone scammers have posed as bank-fraud investigators, tricking older New Yorkers into transferring large sums to “protect” their accounts.
Recent cases have revealed the devastating impact of these scams. And while scammers seem to prey on senior citizens, it is not confined to the older set. A 25-year-old woman on West 94th Street lost $200,000 after a caller who posed as a Chinese police officer threatened her with extradition to China. In another case, a 74-year-old Riverside Drive resident was coerced into liquidating her assets, which included cash and gold bars. She ultimately lost over $720,000 before realizing scammers had duped her.
More recently, a 68-year-old man living on Riverside Drive fell victim to a scam when a supposed caller from the “Citibank Fraud Department” requested his banking information and his Citibank card. The caller later attempted to use his card in an unknown location and subsequently used the victim’s bank information to withdraw $44,000 from his account. Citibank later returned $30,000, but the defendant still suffered a loss of $14,000.
Senior citizens lost some $3.4 billion to scams in 2023, according to data from the FBI. The Federal Trade Commission, in a report to Congress in 2023, said the real number may be many times that since most victims of senior scams do not report them. It said the real number is approaching $50 billion a year.
“We do all we can to protect older adults and shut down the scams targeting them,” said Samuel Levine, who stepped down as director of the FTC’s Bureau of Consumer Protection in January 2025. “But we still need Congress to restore our authority to get money back from the scammers and into consumers’ pockets.”
The FTC report, Protecting Older Consumers, 2022-2023, A Report of the Federal Trade Commission, finds that older adults reported losing more than $1.6 billion to fraud in 2022, and the losses are accelerating.
An average older adult targeted by scammers lost $33,915, with almost 6,000 seniors losing upward of $100,000, to financial scams, according to the FBI statistics. These statistics marked a 14 percent increase in complaints filed by seniors and an 11 percent increase in financial loss when compared with the previous year.
As scams appear to be on the rise, family members are being urged to protect their older relatives. Experts advise seniors to be cautious of unsolicited calls or texts, never to give out personal or financial information over the phone, and avoid clicking on suspicious links.
A popular country code to avoid is one starting with “63,” the country code for the Philippines.
Additionally, it is essential to learn how to recognize common phone scams, including tech-support scams, investment scams, grandparent scams, lottery scams, and charity scams, among others.
One of the growing scams to watch in 2025, according to the AARP, is the employment scam, in which a recipient is told they have the job and just need to fill out an online form—which is a way to gain information. In another, they require a “training fee.” The AARP warns if you’re promised a job that requires you to pay a fee, it is a scam.
Cyberscams are also on the rise. The FBI’s Internet Crime Complaint Center (IC3.gov) received nearly 9,000 cryptocurrency complaints in 2023. Their total losses: more than $900 million from people in the 50-to-59 age bracket. People age 60 and older registered nearly 17,000 complaints and reported losses of $1.6 billion. The AARP says it is best to consult a financial adviser and watch for imposter sites that resemble the websites of actual companies. One victim in California transferred over $127,000 to two crypto exchanges, one of which was Celestia.bet, when the real site is Celestia.org.
Tech-support scams are also on the rise, with a pop-up ad saying it is from a respected company such as Apple or Microsoft warning that your device has been compromised. Tech-support scams cost older Americans more $175 million in 2023, according to the FTC.
“Legitimate tech companies won’t call, email, or text about problems with your computer, and their pop-ups will never ask you to make a call or click a link,” according to the AARP. Calls to your phone out of the blue are also scams. The AARP warns, never click on a pop-up, and never give remote access to someone who calls you out of the blue.
Credit-card scams are also on the rise. The American Automobile Association warned members recently about a scam telling customers they can get a free AAA safety kit simply by taking a survey, but then it asks for credit-card info to cover “shipping.”
The AARP recommends using a credit card rather than a debit card, in general, because credit cards offer stronger fraud protections. It also urges consumers to research a company before making a purchase online and make sure the company is genuine.
Seniors are encouraged to use the AARP Fraud Watch Network Helpline if they are unsure about a potential scam situation. The hotline can be reached at 877-908-3360.
Senior citizens lost some $3.4 billion to scams in 2023, according to data from the FBI.