SACRAMENTO – As the state marks Older Californians Month this May, the CBA is urging state leaders to strengthen protections for older adults by addressing the growing fraud ecosystem. According to a 2025 report by the FBI's Internet Crime Complaint Center (IC3), individuals 60 and older filed nearly $8 billion in complaints, an increase of 59% from 2024. In California, older adults file more fraud complaints than any other age group.

"Financial fraud starts long before money leaves a bank account," said CBA President and CEO Kevin Gould. "Scammers are targeting older adults at an alarming rate through their phones, their social media feeds, and their email inboxes. Protecting them from exploitation is a shared responsibility. Targeting financial institutions as the primary source of liability addresses only the final step in the fraud chain."

The CBA is calling for state leaders to consider a broader anti-fraud framework that recognizes both the external origins of modern scams and the frontline role financial institutions play in detecting suspicious payment behavior.

Today's financial scams targeting older adults are sophisticated, patient, and technologically enabled. They commonly begin through social media advertisements, online marketplaces, messaging platforms, and telecommunications networks. In many cases, fraud begins with a deceptive advertisement or impersonation message that convinces a consumer to initiate a payment. By the time the bank or credit union processes the transaction, fraud has already occurred.

The CBA wants to remind older adults and their families to be cautious of any unsolicited contact asking you to act quickly; never pay using gift cards, wire transfers, or cryptocurrency in response to an urgent request; and call your bank directly using the number on the back of your card if you suspect fraud. Your bank wants to hear from you.

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