Adults 60 and older reported $2.4 billion in fraud losses to the FTC in 2024 — but that’s only the reported figure. Because most fraud goes unreported, the FTC’s December 2025 report on older adults estimates the true annual cost to Americans 60+ is somewhere between $10.1 billion and $81.5 billion. Separately, FBI IC3 data shows reported losses from victims 60+ topping $7.7 billion in 2025. Understanding the scams and building defenses before becoming a target is far more effective than responding after the fact.
The Most Common Scams Targeting Seniors (2026)
1. Grandparent Scam
| Detail | Information |
|---|---|
| How it works | Caller claims to be grandchild (or friend/lawyer of grandchild) in emergency — jail, hospital, car accident. Needs cash immediately. Begs grandparent not to tell parents. |
| Common variations | Uses AI voice cloning to sound like actual grandchild; emails from hacked family accounts |
| Red flags | Urgency; secrecy; request for cash, gift cards, or wire transfer; story involves legal trouble |
| Defense | Establish a family code word for real emergencies; always hang up and call the grandchild directly on a known number |
2. Government Imposter Scams
| Detail | Information |
|---|---|
| How it works | Caller claims to be IRS, Social Security Administration, or Medicare saying you owe money or your benefits will be suspended unless you pay immediately |
| Red flags | Government agencies never call demanding immediate payment; never demand gift cards or wire transfers; never threaten arrest for non-payment |
| Defense | Hang up. Call the agency directly at their official number (ssa.gov, irs.gov). Real agencies send letters first. |
| Annual losses | Government/business imposter scams are consistently one of the largest fraud categories reported to the FTC; exact dollar figures for the government-imposter subcategory specifically should be confirmed at ftc.gov’s current Consumer Sentinel data, as the split changes year to year. |
3. Romance Scams
| Detail | Information |
|---|---|
| How it works | Scammer creates fake online profile (often using attractive stolen photos); builds relationship over weeks or months; eventually asks for money for emergency, travel, or business opportunity |
| Platforms | Facebook, Match.com, Zoosk, Instagram, WhatsApp |
| Red flags | Never wants to video chat (or only grainy/brief); always has emergency or crisis needing money; “too good to be true” profile; moves quickly to deep emotional attachment |
| Defense | Never send money to someone you haven’t met in person; reverse image search their photos (Google Images); tell a trusted person about any new online relationship |
| Notes | Romance scams commonly produce some of the largest per-victim losses of any fraud category — FBI IC3 data attributes hundreds of millions of dollars annually to this category among older victims specifically. |
4. Investment and Ponzi Schemes
| Detail | Information |
|---|---|
| How it works | Promises unusually high returns with “no risk”; often affinity fraud targeting community groups (church, ethnic communities, veterans); classic Ponzi pays early investors from new investor money |
| Red flags | Guaranteed high returns (legitimate investments cannot guarantee returns); no registered regulator; pressure to invest quickly; complex or secretive investment strategy |
| Defense | Check any investment adviser at investor.gov; check broker registration at BrokerCheck (finra.org); never invest based on social recommendation alone |
| Notes | Investment fraud is consistently the single largest dollar-value fraud category affecting older adults in FBI IC3 data — commonly billions of dollars annually nationwide. |
5. Tech Support Scams
| Detail | Information |
|---|---|
| How it works | Pop-up or phone call claims your computer has a virus; directs you to call a number or give remote access; installs malware or requests payment for fake “fix” |
| Red flags | Microsoft, Apple, and antivirus companies do NOT call you; real security alerts don’t include phone numbers |
| Defense | Never give remote computer access to unsolicited callers; close the pop-up (force-quit if needed); call your computer manufacturer’s real support number if concerned |
6. Lottery and Prize Scams
| Detail | Information |
|---|---|
| How it works | “You’ve won a lottery/sweepstakes. Pay taxes/fees upfront to claim your prize.” |
| Red flags | You can’t win a lottery you didn’t enter; legitimate winnings never require upfront payment |
| Defense | Hang up. Real lottery winnings have taxes deducted automatically. |
Warning Signs of Financial Exploitation by Family
Studies commonly find that roughly 55–60% of elder financial abuse is committed by family members or trusted caregivers:
| Warning Sign | Possible Explanation |
|---|---|
| Large unexplained withdrawals | Coercion or exploitation by caregiver |
| New “best friend” who manages finances | Financial exploitation/undue influence |
| Utilities in danger of being shut off | Money being diverted by someone else |
| Unpaid bills despite adequate income | Funds removed without knowledge |
| Sudden changes to will, POA, or beneficiaries | Undue influence while cognitively vulnerable |
| Fearfulness around a family member | Emotional abuse or control |
Prevention: Building Your Defense
| Action | Impact |
|---|---|
| Credit freeze at all 3 bureaus | Prevents new accounts in your name; free |
| Trusted contact at bank/brokerage | Bank can contact family if suspicious; legal protection |
| Transaction alerts for all accounts | Immediate notification of every charge |
| Two-factor authentication | Prevents account takeover with just password |
| Family code word for emergencies | Defeats grandparent scam immediately |
| AARP Fraud Watch Network alerts | Stay informed on current scam patterns |
| Regular financial statement review | Catch fraud within days, not months |
| Social media privacy settings | Limit information available to scammers |
| Unlisted phone number | Reduces telemarketing and scam calls |
| Do Not Call Registry | Reduces legitimate telemarketing at donotcall.gov |
What to Do If You’ve Been Scammed
| Step | Action | Contact |
|---|---|---|
| 1 | Stop payment if possible | Bank fraud line (call number on back of card/on statement) |
| 2 | Report to FTC | ReportFraud.ftc.gov or 1-877-382-4357 |
| 3 | Report to your state AG | attorney-general.org/find-my-ag |
| 4 | Report to FBI Internet Crime (IC3) | IC3.gov |
| 5 | Report Medicare/SS fraud | OIG.hhs.gov or 1-800-HHS-TIPS |
| 6 | Report investment fraud | SEC.gov/tcr or CFTC.gov/complaint |
| 7 | File police report | Non-emergency local police line |
| 8 | Notify financial institutions | All banks, brokerages, insurance companies |
| 9 | AARP Fraud Watch Helpline | 1-877-908-3360 (free) |
| 10 | Elder Fraud hotline | 1-833-FRAUD-11 (DOJ) |
Important: Not reporting fraud is very common among seniors due to embarrassment or a belief that nothing can be done. Reports are crucial for law enforcement to track patterns and prosecute criminals.
Related Guides
- Financial Elder Abuse: Signs and What to Do
- Helping Aging Parents with Their Finances
- Senior Banking Options
- AARP Benefits Guide
- Power of Attorney for Aging Parents
Sources
- Federal Trade Commission. “Protecting Older Consumers, 2025 Report to Congress.” ftc.gov/news-events/topics/fraud/elder-fraud
- Social Security Administration. “Benefits and Eligibility Information.” ssa.gov/benefits
- Centers for Medicare & Medicaid Services. “Medicare Program Information.” medicare.gov
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy