Older Americans lost billions of dollars to scams last year, with imposter schemes, investment fraud and tech-support scams among the most costly.
Criminals increasingly use artificial intelligence, spoofed phone numbers and social media to make scams appear legitimate.
Experts say the best defense is slowing down, independently verifying requests and never sending money or personal information under pressure.
Anyone can become a scam victim, but older Americans remain one of the most frequent targets of financial fraud, often because scammers believe they have substantial savings, strong credit histories, and a tendency to trust authority figures.
While fraud affects people of all ages, consumers over 60 consistently report some of the highest financial losses when they become victims.
Here are the five scams that most commonly target older adults, according to several consumer advocacy organizations, and the warning signs consumers should watch for.
1. Government and Business Imposter Scams
In these schemes, criminals pretend to represent trusted organizations such as the Social Security Administration, Medicare, the IRS, law enforcement agencies or major companies.
Victims may receive a phone call, email or text claiming there is a problem with their Social Security benefits, Medicare account or taxes. The scammer often creates a sense of urgency, threatening arrest, fines or benefit suspension unless immediate action is taken.
Red flags:
Demands for immediate payment.
Requests for gift cards, cryptocurrency or wire transfers.
Threats of arrest or loss of benefits.
Caller IDs that appear to show a government agency.
How to protect yourself:
Hang up and contact the agency directly using a phone number from its official website. Government agencies generally do not demand payment over the phone or threaten arrest for immediate payment.
2. Investment and Cryptocurrency Fraud
Investment scams have become one of the most expensive forms of fraud for older consumers. Scammers promise unusually high returns through cryptocurrency, foreign exchange trading or exclusive investment opportunities.
Many victims are introduced to these schemes through social media, dating sites or online advertisements. Early "profits" may be fabricated to encourage larger investments.
Red flags:
Guaranteed returns.
Claims of little or no risk.
Pressure to act quickly.
Requests to move money into cryptocurrency.
How to protect yourself:
Research any investment independently and consult a licensed financial adviser before investing. If an opportunity sounds too good to be true, it probably is.
3. Tech-Support Scams
Tech-support scams typically begin with a pop-up warning, unsolicited phone call or email claiming a computer has been infected with malware.
The scammer poses as a representative from a well-known technology company and offers to "fix" the problem. Once granted access to the device, the criminal may install malicious software, steal personal information or demand payment for unnecessary services.
Red flags:
Unsolicited calls about computer problems.
Pop-up messages claiming your device is infected.
Requests for remote access to your computer.
Demands for payment to remove malware.
How to protect yourself:
Never grant remote access to someone who contacts you unexpectedly. If you suspect a computer issue, contact the company's official support department directly.
4. Romance Scams
Romance scams often begin on dating platforms, social media sites or messaging apps. Criminals spend weeks or months building trust before asking for money.
Scammers frequently claim they are working overseas, serving in the military or dealing with an emergency that prevents them from meeting in person. Once victims send money, additional requests often follow.
Red flags:
Refusal to meet in person or video chat.
Sudden declarations of love.
Stories involving medical emergencies or travel problems.
Requests for money, gift cards or cryptocurrency.
How to protect yourself:
Be cautious about sharing personal information online. Never send money to someone you have not met in person, regardless of how convincing their story may seem.
5. Grandparent and Family Emergency Scams
These scams exploit family relationships and emotions. Criminals call older adults pretending to be a grandchild, child or other relative in distress.
Advances in artificial intelligence have made these schemes more convincing by allowing scammers to mimic a loved one's voice. The caller may claim to have been arrested, injured or stranded and in urgent need of money.
Red flags:
Requests for secrecy.
Demands for immediate payment.
Calls made late at night or during stressful situations.
Claims that a loved one cannot be reached directly.
How to protect yourself:
Pause before acting. Contact the relative directly using a known phone number or verify the story through another family member before sending money.
Although scammers continually change their tactics, most fraud schemes rely on the same basic strategy: creating fear, urgency or emotional pressure. Consumer advocates recommend taking a moment to verify unexpected requests, refusing to send money immediately and discussing major financial decisions with a trusted friend, family member or adviser.
The most effective anti-scam tool remains simple skepticism. When someone pressures you to act immediately, it's often a sign that they're hoping you won't have time to discover the truth.