Colorado Seniors Face Growing Threat From Sophisticated Scams

By Toby Nelson | SmartAsset

Millions of older Americans are targeted by financial scams each year. One analysis published by the U.S. Department of the Treasury found $27 billion in suspected elder financial exploitation in just a 12-month period. As digital banking, payments and communication become more common, scammers have more ways to reach victims and impersonate trusted institutions. Phishing scams, including business imposter and government imposter fraud, are among the most common methods used to target older Americans. 

SmartAsset analyzed fraud reports filed with the Federal Trade Commission by state and age group to determine which areas show the highest rate of reported scams involving residents age 60 and older. The analysis also identified the most common scam type targeting older Americans in each state. 

Key Findings 

• This popular retirement state recorded the highest rate of reported scams involving older Americans. Arizona led the analysis with seven reports involving residents age 60 and older per 1,000 people in that age group. Delaware and Colorado followed in the rankings.
• North Dakota recorded the lowest rate of reported scams involving older Americans. With just three reports involving residents age 60 and older for every 1,000 people in that age group, North Dakota had the fewest reported incidents in the analysis.
• Business imposter scams were the most commonly reported scam type involving older Americans in most states. Among the 10 most common scam types, older Americans most often reported business imposter scams in every state except Alaska, Iowa, Maryland, South Dakota, Vermont and West Virginia. In those states, residents most often reported government imposter scams. 
• Older Americans report job fraud and online shopping fraud less often than younger groups. Nationwide, reports involving older Americans were less likely than those involving younger age groups to cite either scam type.

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