FBI says older Americans lost $8B to scams last year; how to protect yourself

WASHINGTON, N.C. (WTVD) -- The Federal Bureau of Investigation (FBI) says Americans 60 and older lost nearly $8 billion to scams last year.

Investigators say scammers are targeting the large amounts of money that older Americans may have access to through investment accounts and home equity.

Since the pandemic, more seniors have turned to social media to stay connected to family and friends, making them more vulnerable to scammers who use personal information shared online to gain their trust.

"They can do a thousand per minute. They make things way more credible and convincing," said Rodnee Warr, executive director of Elder Client Initiatives for Wells Fargo. "They will call them and say, hey, we're with Wells Fargo. You know, there is some investigation going on or there's some concerns regarding your account. We really need you to take all your money and put it into gold. And they will send couriers to the client's home. To pick up the money."

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Experts say do not trust any unsolicited calls, texts or email messages.

"Almost anyone can be a victim," Special Agent Ron Miller said. "These guys are just that good."

If you receive these communications, go directly to the institution's website to verify information. Do not click on any provided links.

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