Helping older people avoid costly scams in a digital world
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JPMorgan Chase is recognizing this Elder Abuse Awareness Month by trying to help seniors avoid devastating and increasingly common phone and online scams.
Why it matters: Older adults are losing billions of dollars a year to scammers.
- Technology like AI, cryptocurrency and smart devices make their schemes harder to spot and track down.
The big picture: The FBI's 2025 Internet Crime Report highlights skyrocketing rates of complaints filed by people 60 and older.
- Of more than 200,000 complaints last year alone, nearly 50,000 reports related to phishing or spoofing.
- More than 40,000 cases involved cryptocurrency.
By the numbers: According to the report, the FBI tracked $7.7 billion in losses last year, up 59% from 2024.
- The average loss from a scam was $38,500.
- Over 12,000 complainants lost more than $100,000.
Zoom in: The issue is so widespread that banks owe it to their customers to help, says Marlon Platt, Chase's community manager for the Columbus area.
- "We have a responsibility to our customers to help them protect themselves," Platt tells Axios.
State of scams: The same notable schemes — where criminals use AI photo and audio technology to act like a victim's grandchild or romantic partner — are getting tougher to detect.
What they're doing: To help older people understand those schemes and how to combat them, Chase is holding an informational session and workshop at noon Wednesday at its 5455 W. New Albany Road location.
- It's open to the public and Platt hopes seniors, community leaders and people who work with older adults will attend.
Plus: Chase's "Plan for the Unexpected" guide helps older people protect their accounts and establish helpful safeguards like a "trusted contact person."
Behind the scenes: In addition to public sessions, Chase has been working with organizations like the Columbus Metropolitan Housing Authority to connect bankers from local branches with seniors to share information and tips.
What they're saying: "We're being proactive because this is something that is really impacting our community at a greater capacity, especially our elder audience," Platt says.
- "Things like AI and … individuals who are trying to defraud and scam are becoming more voluminous in how many attempts they're making."
- "With the evolution of technology and everything being somewhat electronic now, it can get really overwhelming."
More quick tips from Platt:
- Legitimate organizations will not ask you to pay in bitcoin or gift cards.
- Banks will never call and ask for your information.
- Keep a regular eye on your and your loved ones' accounts for odd activity.
- When in doubt, hang up and call a branch.