Scammers Strike Hard: Losses Are Soaring Among Older Americans

In recent years, scammers have escalated their tactics and targets. The Federal Trade Commission’s latest data spotlight delivers a chilling message: older adults are being relentlessly and ingeniously exploited.

Since 2020, reports of impersonation scams targeting seniors—particularly those involving losses of $10,000 or more—have surged more than fourfold, and staggering losses of $100,000 or more have skyrocketed eightfold, from $55 million in 2020 to $445 million in 2024 alone.

What These Scams Look Like

The scams typically follow a manipulative script:

1. “Your accounts are compromised.” Scammers pretend to be from your bank or a trusted company like Amazon, claiming unauthorized activity.

2. “Your identity is tied to criminal acts.” They pose as government officials warning your Social Security number is involved in money laundering or drug smuggling.

3. “Your computer is infected.” A fake security alert, supposedly from Microsoft or Apple, tricks victims into calling a number that leads them deeper into the ploy.

These scenarios often include convincing impersonation—including fake government employees—urging people to “protect” their money by transferring funds, depositing cash via cryptocurrency, ATMs, or even handing over gold or physical cash to couriers. Of course, none of these tactics are legitimate. 

Why Seniors Are Especially Vulnerable

While younger Americans also fall prey, seniors are disproportionately impacted for several reasons:

• Large financial assets—retirement savings, home equity, and other resources—make seniors premium targets.

• Trusting demeanor does not translate to gullibility; instead, scammers exploit the desire to protect what’s often a lifetime of hard-earned savings.

• New technologies and communication channels like spoofed phone calls, texts, and emails can be especially disorienting for those less tech-savvy.

Older Americans Are Losing More Money to Scammers Every Year

How to Protect Yourself and Loved Ones

Follow these simple rules to stay safe:

• Never transfer money in response to an unexpected request—no matter who they claim to be. In the age of AI, scammers can use technology to imitate a friend or loved one. Some families have a safe word they can share with each other in the event of a true emergency.

• Hang up and verify. When in doubt, call the person or financial institution back using a known phone number or website to confirm any claims.

• Block suspicious numbers. Call-blocking tools such as phone apps and the National Do Not Call Registry can be effective at reducing scam calls and texts.

Remember: government agencies will never call to demand money, threaten you, ask you to wire funds, or promise a prize.