Protect Yourself from Scams That Target Older Adults

Lessons from a growing global problem

In today’s digital world, one of the greatest threats facing older adults is not physical crime, but financial scams.

A recent article in The Wall Street Journal by Clare Ansberry highlights a troubling reality: older adults are increasingly being targeted by sophisticated fraud schemes designed to steal retirement savings and life savings. In 2024 alone, more than 147,000 Americans aged 60 and older reported scams totaling nearly $5 billion in losses, a number that continues to rise each year. 

These numbers likely underestimate the real problem, because many victims feel embarrassed and never report the crime.

For those of us who are older and for families who care about older loved ones—awareness may be our best defense.

Why Older Adults Are Targeted

Scammers often focus on older adults for several reasons.

First, many seniors have accumulated retirement savings or home equity over decades of work. Second, some live alone and may welcome unexpected phone calls or messages. Finally, criminals assume that older adults may be less familiar with rapidly changing technology.

In short, scammers see opportunity where they believe there is vulnerability. 

But the truth is that anyone can be scammed, regardless of age.

The Most Common Scams

Financial fraud comes in many forms, and the tactics are becoming increasingly sophisticated.

Some of the most common scams include:

Impersonation scams
A caller pretends to be from the IRS, Social Security, Medicare, or even your bank.

Tech-support scams
You receive a message saying your computer has been hacked and you must call a number immediately.

Phishing emails or text messages
These messages try to trick you into clicking a link or entering personal information.

Romance scams
Fraudsters build online relationships and eventually ask for money.

Emergency or family scams
Someone pretends to be a grandchild or relative in trouble and urgently asks for financial help.

In many cases, scammers create a sense of urgency so the victim feels pressured to act quickly without thinking things through. 

A New Generation of Scams

Technology is making scams more convincing.

Criminals can now use voice cloning and artificial intelligence to imitate a family member’s voice, creating fake emergencies that sound frighteningly real. 

Imagine receiving a call that sounds exactly like your grandson saying he has been arrested and needs bail money. These scams are designed to trigger panic.

That is why experts emphasize one simple rule:

Pause before acting.

Practical Ways to Protect Yourself

Fortunately, there are steps that can dramatically reduce the risk of becoming a victim.

1. Slow down.
Scammers rely on urgency. If someone pressures you to act immediately, stop and think.

2. Verify independently.
Never trust a phone number or link provided in a suspicious message. Contact the company or person directly using a known number.

3. Never move money to “protect” it.
Government agencies and banks will never ask you to transfer money to another account for safety. 

4. Set up account alerts.
Banks and investment firms can notify you of unusual transactions.

5. Designate a trusted contact.
Many financial institutions allow you to list someone they can contact if suspicious activity occurs. 

6. Talk openly with family.
The more we discuss scams, the harder it becomes for criminals to succeed.

A Final Thought

One of the hardest parts of financial scams is the emotional toll they take. Victims often feel shame or embarrassment, even though the criminals behind these schemes are professionals who deceive people every day.

Being cautious is not paranoia, it is wisdom.

As we grow older, protecting our financial independence becomes just as important as protecting our physical health.

Knowledge, vigilance, and open communication may be the best defenses we have.

Meanwhile, here's the AI Overview:

Protecting yourself from scams requires 

staying skeptical and taking control of your communications. Scammers often use pressure, fear, or excitement to make you act before you can think clearly. 

Immediate Ways to Protect Yourself

• Slow Down: If someone pressures you to act immediately, it is likely a scam. Stop and think before making any financial decisions.
• Verify Directly: If you receive an unexpected call or message from a "bank," "government agency," or "relative," hang up. Call them back using a trusted, official phone number you find yourself—never use the number provided in the message.
• Protect Personal Information: Never share your Social Security number, Medicare number, bank account details, or passwords with anyone who contacts you uninitiated.
• Use Secure Payment Methods: Be extremely wary if someone asks for payment via gift cards, wire transfers, cryptocurrency, or by mailing cash. Legitimate businesses and government agencies do not ask for payment this way.
• Avoid Suspicious Links: Do not click on links or open attachments in unsolicited emails or text messages ("smishing"), as these can install malware or steal your data. 

Common Scams Targeting Older Adults

Scam Type	How it Works
Grandparent Scam	A caller poses as a grandchild in trouble (arrested, injured) and begs for immediate money.
Government Impersonation	Scammers pretend to be from the IRS, Social Security, or Medicare to "fix" an issue or demand "unpaid taxes".
Tech Support Scam	A fake pop-up or caller claims your computer has a virus and asks for remote access or payment to "fix" it.
Lottery/Prize Scam	You're told you won a large prize but must pay "taxes" or "fees" upfront to claim it.
Romance Scam	Someone you meet online builds a relationship over time, then asks for money for an "emergency" or "travel".

Technology and Tools for Safety

• Set Up a "Safe Word": Create a secret word or phrase known only to your family. If a "relative" calls in distress, ask for the safe word to verify it is really them.
• Use Call Blocking: Sign up for the National Do Not Call Registry and use call-blocking features on your phone to reduce spam calls.
• Enable Security Features: Use multi-factor authentication (MFA) for your online accounts and keep all software updated to the latest security versions.
• Consider Identity Protection: Services like Aura or LifeLock can monitor your credit and alert you to suspicious activity. 

Where to Report and Get Help

If you suspect you have been targeted or have lost money, report it immediately. There is no reason to be ashamed; reporting helps stop these criminals. 

• National Elder Fraud Hotline: Call 1-833-FRAUD-11 (1-833-372-8311) for free assistance from the Department of Justice.
• Federal Trade Commission (FTC): Report the scam at ReportFraud.ftc.gov.
• Identity Theft: If your personal information was stolen, visit IdentityTheft.govfor a recovery plan. 

Personal Note: A couple of years ago, I almost become a victim of

the grandparent, lottery prize and tech support scams. 

Have you or someone you know encountered a scam attempt? Sharing experiences can help others stay safe.

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