In yet another troubling sign of growing financial threats to older adults, a recent FBI report reveals that Americans over the age of 60 lost a record $4.9 billion to fraud in 2024. That figure marks a whopping 43 percent spike in reported losses compared to the previous year, underscoring how rapidly scammers are evolving their tactics to target seniors.
The report, released by the FBI’s Internet Crime Complaint Center (IC3), highlights a sobering reality: while people of all ages are increasingly impacted by scams and fraud (with a record $16.6 billion last year alone), older adults are increasingly vulnerable to sophisticated and convincing scams — and the emotional and financial damage can be devastating. Per the FBI: “As a group, people over the age of 60 suffered the most losses at nearly $5 billion and submitted the greatest number of complaints.”
Scammers often zero in on older adults for several reasons. Many have built up substantial Retirement savings, own their homes, or have good credit. They may also be less familiar with emerging technologies or more trusting of authority figures, making them prime targets for manipulation.
Cognitive decline and social isolation can also make it harder to detect red flags — and easier for scammers to gain influence or control.
According to the FBI report, here are some of the most common and costly scams affecting adults 60 and older:
1. Investment scams
These scams promise high returns with little or no risk. Fraudsters may pose as financial advisors, cryptocurrency Experts, or representatives of legitimate-sounding companies. In 2024, investment fraud topped the list in terms of monetary losses among older victims, with many being lured into fake Crypto opportunities or Ponzi-like schemes.
2. Tech support scams
Scammers pretend to be from Microsoft, Apple, or another well-known company and claim your device is infected with a virus. They may ask for remote access to “fix” the issue — then either demand payment or use the access to steal sensitive information. These scams often begin with a pop-up message or unsolicited phone call.
3. Romance scams
Loneliness is something scammers exploit. They build emotional Relationships online and eventually ask for Money under the pretense of an emergency, Travel expense, or Health crisis. Victims sometimes lose thousands — even hundreds of thousands — of dollars before realizing it was all a con.
4. Government impersonation scams
These involve criminals pretending to be from the IRS, Social Security Administration, Medicare, or law enforcement. They may threaten arrest, claim benefits are in jeopardy, or demand payment in gift cards, wire transfers, or cryptocurrency.
5. Sweepstakes and lottery scams
Victims receive a call, email, or letter saying they’ve won a prize — but to claim it, they must first pay taxes or fees. No real prize ever arrives.
6. Grandparent scams
A scammer pretends to be a grandchild in trouble, urgently requesting money to get out of jail, cover medical costs, or escape a dangerous situation. The scam relies on panic and a desire to help loved ones.
Here are expert-backed tips to avoid falling victim to scams:
Never give remote access to your computer. Unless you initiated a call to a verified support number, do not allow anyone to remotely access your device.
Verify unexpected calls or messages. If someone claims to be a grandchild, government official, or tech support agent, hang up and call the real number of the agency or person they claim to represent.
Don’t send money or gift cards to strangers. No legitimate organization will ask for payment in gift cards, cryptocurrency, or wire transfers. If someone insists on these payment types, it’s a scam.
Watch for emotional manipulation. Scammers often try to create a sense of urgency or guilt. Take a step back and talk to a trusted friend or Family member before taking any action.
Stay informed. Keep up with the latest scams through trusted sources like the FBI’s IC3 site, the AARP Fraud Watch Network, or your local consumer protection agency.
Report it — even if you’re embarrassed. Scammers bank on silence. Report fraud to the FBI at www.ic3.gov, your local police, or the Federal Trade Commission (FTC). The more we report, the harder it becomes for criminals to operate. “Reporting is one of the first and most important steps in fighting crime so law enforcement can use this information to combat a variety of frauds and scams,” FBI Director, Kash Patel, said in a statement.
As scams targeting older adults continues to rise, its more important than ever to stay up to date on the latest tactics and schemes used by fraudsters to rob us not only of our bank accounts, but also our emotional well-being, Mental Health, and trust. The FBI report is yet another wake-up call, but it’s also a reminder that information really is power. By staying vigilant—and always asking questions— we can better protect ourselves, and help others do the same.
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