How to Protect Yourself From Financial Scams Targeting Older Adults
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Scammers will, of course, try to scam anyone, regardless of age. But older adults are prime targets because they often have accumulated wealth and live alone, and are assumed to be vulnerable. More than 147,000 people 60 and older reported scams in 2024, with losses of $4.9 billion—both up more than 40% from the year earlier, according to the FBI. The majority of frauds aren’t reported because of shame and fear, making the actual numbers far higher.
“There is not a family out there who has not, or will not, encounter some form of financial abuse,” says Julie Schoen, past director of the National Center on Elder Abuse. Sitting on a plane, a fellow traveler told her about his father, a nuclear physicist, who was scammed out of more than $100,000 in an investment fraud that promised high returns and low risk. The father kept meticulous records, which helped the FBI track down the scammer. The father still lost most of his money.
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Scammers will pose as grandchildren, police officers, bank staff and Medicare employees. In some cases, they use artificial intelligence to clone voices. Scammers promise to fix your computer, make you rich and safeguard your hard-earned money. Here are some ways to safeguard yourself or an older relative.
People should set limits on financial transfers with their banks, brokerages and other firms. They should also direct all unknown callers to voicemail and make sure antivirus and security software are up-to-date. Automatic protections—temporary holds on suspicious withdrawals or those over an agreed-upon amount—and fraud alerts should be widely available. Designating a trusted contact on financial accounts to reach in case of suspected exploitation adds another layer of security.
The FBI, Federal Trade Commission, AARP and National Council on Aging urge people to independently verify phone numbers and emails, rather than use those in unsolicited communications, and don’t click on links. To check a website, type the web address directly into the browser window yourself. If you see a pop-up message or locked screen, disconnect from the internet and shut down your device.
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