June 2025 (El Paso, Texas)
Federal Bureau of Investigation Offers Advice on Avoiding Elder Abuse Fraud
In anticipation of World Elder Abuse Awareness Day on 6/15/25, the FBI El Paso Public Affairs Office issued a press release warning the public of scams and financial fraud schemes targeting senior citizens. Popular schemes include:
- Investment Scams
- Technical/Customer Support Schemes
- Money Mule
- Romance Scams
According to the FBI, in there were losses of nearly $5 billion from these schemes in 2024, an increase of 46% over 2023. In Texas alone these losses are estimated to be nearly $490,000,000 in 2024.
Per the release, “FBI El Paso Field Office is committed to educating the public on how to be aware of new tactics being used to scam and defraud our elderly population. We are committed to working with our public to ensure those who prey on the elderly will be identified and brought to justice. We can’t do this alone, we ask friends, family, loved ones, and caregivers have a conversation with your parents and grandparents about these types of scams so they don’t fall victim and lose their life savings.”
The following steps are offered by the FBI to avoid Elder Financial Abuse:
- 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. Verify the legitimacy of businesses on websites such as Better Business Bureau. Other people have likely posted information online about businesses and individuals attempting to run scams.
- 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.
The Texas State Securities Board
Mission of the TSSB, according to their website:
The State Securities Board is responsible for administering and enforcing the Texas Securities Act. The mission of the State Securities Board is to protect Texas investors. Consistent with that purpose, the Agency seeks to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas.
The Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Rex Securities Law
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Rex Securities Law provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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