PALOS HILLS, IL — An elderly woman was swindled out of her life savings in an elaborate financial exploitation scheme targeting senior citizens, reports said.
Palos Hills officers responded to the 8800 block of 100th Street on Dec. 29, for a report of financial exploitation. The woman told police she was contacted by unknown callers. Through multiple phone calls, police said she was manipulated out of $788,000.
The scheme involved multiple scams utilizing BitCoin, cashiers checks and purchasing gold, police said.
According to the FBI’s Internet Crime Complaint Center data, in 2024, older Americans 60 and over lost $4.885 billion in losses from 147,127 complaints – including investment scams, technical/customer support schemes, money mule, romance scams and others.
This marks a 46 percent increase in complaints from 2023, as well as a 43 percent increase in losses. In Texas alone, total losses were approximately $490 million in 2024. The reported losses are most likely much higher because older Americans are less likely to report fraud because they either don’t know how to report it, are embarrassed, or don’t know they have been scammed.
“This type of fraud takes many forms as criminals seek to take advantage of this vulnerable and growing population,” the FBI said in a statement. “Not only are there devastating financial consequences, but these victims and their loved ones can suffer great emotional and mental effects because of these scams.”
Tips for elderly fraud prevention
- Search online for the contact information (name, phone number, email, addresses) of any unknown source which reaches out to you, as well as the proposed offer.
- Resist the pressure to act quickly. Scammers create a sense of urgency to lure victims into immediate action, typically by instilling trust and inducing empathy or fear, or the promise of monetary gains, companionship, or employment opportunities.
- Be cautious of unsolicited phone calls, mailings, and door-to-door service offers.
- Never give or send to unverified people or businesses any personally identifiable information, money, checks, gift cards, or wire information.
- Take precautionary measures to protect your identity should a criminal gain access to your device or account. Immediately contact your financial institutions to place protections on your accounts and monitor for suspicious activity.
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