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Wednesday, July 8, 2026/Categories: News/Blog, Security, Scams, and Alerts
As technology continues to evolve, so do the tactics used by fraudsters. One of the fastest-growing forms of fraud today is elder financial exploitation, which targets older adults and can result in significant financial and emotional harm.
According to the FBI, Americans reported more than $20 billion in fraud losses in 2025. Of that amount, nearly $7.8 billion—or approximately 37%—was reported by individuals age 60 and older. In fact, older adults experienced more than twice the financial losses of any other age group.
Unfortunately, this trend is reflected right here in the communities we serve. That's why we believe education and awareness are some of the strongest tools for preventing fraud. At Community First Bank, we see and hear firsthand how sophisticated scams can impact people of all ages. It can happen to anyone, but criminals view older adults as attractive targets because they are more likely to have accumulated more financial resources or retirement savings.
The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) defines elder financial exploitation as the illegal or improper use of an older adult's funds, property, or assets. For reporting purposes, an older adult is generally considered someone age 60 or older.
The FBI estimates that approximately one in ten older adults experiences financial abuse each year.
Elder financial exploitation generally falls into two categories:
Elder theft – Misuse or theft of an older adult's money or assets by someone they know or trust.
Elder scams – Fraudulent schemes designed to deceive older adults into voluntarily sending money or sharing sensitive information.
Understanding how these scams work is one of the best ways to prevent them.
These scams often involve someone pretending to represent a trusted business, government agency, or financial institution.
Common examples include:
Phone calls, texts, or emails claiming there's a problem with an account at Microsoft, Amazon, Social Security, or even Community First Bank.
Pop-up messages on a computer warning of a virus and directing the user to call a phone number for assistance.
Individuals claiming to represent agencies such as the Department of Justice, Drug Enforcement Administration, or Federal Trade Commission.
Scammers often create a sense of urgency, fear, or secrecy. They may claim a victim's account has been compromised, that they owe money, or that they are helping with a confidential investigation that cannot be discussed with anyone else.
How to Protect Yourself
Slow down and take time to verify the situation.
Contact the organization directly using a phone number from its official website—not one provided in the message or pop-up.
Speak with a trusted family member, friend, or your Community First Bank banker before sending money or sharing sensitive information
If law enforcement is allegedly involved, contact your local police department to verify the claim.
Have a trusted technology professional inspect any device that may have been compromised.
Investment scams often promise high returns with little or no risk. Fraudsters may pose as financial professionals or build trust over time before introducing an investment opportunity.
Many recent scams involve cryptocurrency investments.
Common tactics include:
Offering to teach victims how to invest in cryptocurrency.
Claiming to manage investments on behalf of others.
Convincing victims to purchase legitimate cryptocurrency before tricking them into sharing account credentials.
Sending small profits back to victims initially to create the illusion that the investment is working before requesting larger contributions.
Remember: Any investment promising guaranteed returns should be viewed with extreme caution.
These scams rely on emotional manipulation rather than technical deception.
Confidence Scams
A scammer pretends to be a family member or close friend in trouble. Common examples include:
A grandchild claiming to have been arrested and needing bail money.
A relative requesting emergency funds due to an unexpected crisis.
The goal is to create panic and pressure victims into acting quickly.
Romance Scams
Romance scammers create fake online identities and build relationships over weeks or months before asking for money.
They may claim they need funds to:
Travel for an in-person visit.
Pay medical expenses.
Resolve an emergency situation.
Handle issues related to military service or overseas employment.
Scammers often avoid meeting in person or speaking on the phone and will have excuses for why plans continually change.
While every situation is different, some common red flags include:
Requests to send money urgently.
Instructions to keep transactions secret.
Pressure to act immediately.
Requests involving gift cards, cryptocurrency, wire transfers, or cash.
New online relationships that quickly turn to discussions about money.
Claims of guaranteed investment returns.
If something feels unusual, take a step back and seek a second opinion before proceeding.
One of the greatest challenges with investment and romance scams is that victims often believe they are dealing with someone they trust. It may take multiple conversations and ongoing education before a person recognizes the warning signs.
Today's criminals don't always steal your money- they convince you to give it to them. As financial institutions (including CFB) strengthen protections against unauthorized fraud, scammers are increasingly using manipulation, urgency, and impersonation tactics to trick people into authorizing payments themselves. Scams are the fastest growing way that American consumers lose money to fraud.
That's why open conversations are so important. Talking with parents, grandparents, friends, and other loved ones about common scams can help prevent financial loss before it occurs.
At Community First Bank, protecting our customers remains a top priority. If you ever have questions about a suspicious transaction, message, phone call, or investment opportunity, contact your local Community First Bank office before taking action.
Remember: scammers succeed by creating urgency and earning trust. Taking a moment to pause, ask questions, and talk with someone you trust can make all the difference.
If someone pressures you to act immediately, asks you to keep a transaction secret, or requests payment through gift cards, cryptocurrency, or wire transfers, pause and contact your local Community First Bank office before sending money. We're here to help you protect what matters most.