The latest list of financial scams targeting seniors

Scams targeting adults over age 60 caused $4.8 billion in reported losses in 2024, with an average loss per incident of $83,000. And there are no signs of slowing.

Estimated true losses are expected to be far higher since a majority of fraud is not reported. The FTC estimates that adults over age 60 could lose as much as $62 billion each year to financial exploitation. Technology and the rise of financial fraud have made it risky to conduct business in many of the same ways as in the past, such as via phone calls or door-to-door sales.

Older Americans are disproportionately impacted by scams and frauds in part because criminals perceive them as more trusting or vulnerable, and also may assume they have more assets, such as retirement savings and real estate. 

The median loss per fraud incident reported to the Federal Trade Commission in 2024 was $691 for ages 60-69 and $1,000 for ages 70-79. For those ages 80 and up, that figure jumped to $1,650.

Current scams going around

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Of all scam types, tech support scams were the most widely reported to the FBI for older adults ages 60+ in 2024, but investment scams were the most costly, accounting for $1.83 billion in total reported losses. The next most impactful were romance scams and business impersonation scams.

Other common scams reported to the FTC included fake package delivery, bogus job opportunities, fake fraud alerts, and fake unpaid tolls with a link to pay them — all frequently by text message. Across each of these, scammers pretend to be someone else to steal money.

Here are 13 common types of scams along with ways to protect yourself, plus links to the FTC’s Pass it On campaign to spread awareness. All of these examples have one prevention strategy in common. Remain skeptical of incoming communications and always verify who you are dealing with, whether you call a number directly or type in the business URL yourself, and confirm that they are trusted and reputable.

• Business impersonator scams — Someone contacting you and claiming to be an employee of a company, like the billing, shipping, or tech support departments, may not be. Common in 2023 were impersonators of Best Buy’s Geek Squad, Amazon, and Paypal.  

• Charity fraud — To be sure your money actually goes to the charity and not to scammers pretending to be fundraisers, only donate directly through verified phone or online methods.

• Government impersonator scams — Be wary about calls or mail from a government agency, such as the IRS, Social Security Administration, or U.S. Postal Service, and use direct phone numbers or websites to ensure it’s legitimate.

• Grandkid and family scams — If you get a call or message about an emergency from someone purporting to be a family member, hang up and call your loved ones directly on their phone numbers to verify the situation before sending any funds. 

• Health insurance scams — Before buying a new “insurance” at a big discount, verify that the company is legitimate before making a payment. Don’t give sensitive information like your Medicare or Social Security number to anyone calling about your health insurance, even if the caller says you need a new card.

• Home repair scams — Only use verified and reputable service providers to avoid scammers who may take large amounts of money upfront and not complete repairs.

• Identity theft — Sensitive personal information, such as Social Security numbers or bank details, can be used to commit fraud by means of opening credit cards, loans, or leases. Don’t share any personal information in unsolicited text messages, phone calls, or online links.

• Investment scams — Before investing in financial or real estate markets, do your research to be sure it’s a legitimate opportunity. Fraudsters may promise high returns with low risk or no risk, but nobody can guarantee an investment’s success. Testimonials or reviews are likely fake. 

• Job and money-making scams — “Get rich quick” schemes or fake job offers may include requests for money upfront to pre-pay for services or non-existent goods. Never send money without verifying the legitimacy of the job opportunity, such as by calling their office phone number to confirm you’ve been talking to a real representative.

• Romance scams — A scammer could fake an emotional connection or romantic relationship to get personal information or to ask for money. Scammers often target older and vulnerable individuals with promises of companionship. Be extremely careful with any requests for money, especially from someone you’ve only met online.  

• Tech support scams —  If you’re contacted about a security issue or see a popup on your computer, it may not be real. The business most commonly used in tech support scams in 2023 was Microsoft.

• Unwanted calls and text messages — Scammers may use robocalls or unsolicited text messages to steal money with fraudulent charges or claiming money is owed.

• “You’ve won” scams  — If something is “free,” then don’t pay for it. The business most commonly used in prize/lottery/sweepstakes scams was Publishers Clearing House.

Scams on the rise

Many of the latest scams are updates or twists on the most common types of fraud, yet new trends are also emerging. 

Text message scams. Losses to text message scams reached $470 million in 2024, which is almost five times higher than 5 years prior. The FTC advises consumers to never click on links or respond to unexpected links. If you get an unwanted text message, you can copy the message and forward it to 7726 (SPAM), which can help block similar messages in the future.

Artificial intelligence-scams. Emerging scams using AI can be very convincing.

• Audio: Vocal cloning

• Video: Videos with fake public figures

• Images: Fake social media profiles

• Text: Content for fraudulent websites to ensure limited errors, such as in language translation

• Chatbots: Deceptive information claiming medical, legal, or financial advice

Call center scams. Call center scams are still prevalent, and people over age 60 lost more in these scams than all other age groups combined. Almost $948 million of losses originated by phone in 2024, requiring some seniors to reportedly remortgage or foreclose on their homes, empty retirement accounts, or borrow money from family and friends.

Other scams are local, such as people going door to door offering goods or services. To see specific scams being reported in your area, explore AARP's scam-tracking map.

Scam prevention checklist

• Be skeptical. Don’t answer unsolicited calls, emails, or messages. Block robocalls on phones to reduce the chances of becoming a victim, and use antivirus software on computers to prevent phishing attacks or malware from being installed.

• Guard personal information. Use strong passwords with two-factor authentication and don’t share personal information, such as login credentials (usernames, PINs, one-time codes) or details that could provide clues to your password or security questions. Avoid scammers by independently contacting any business, government office, or charity that asks for personal information or money.

• Review educational resources available. Many government agencies provide learning materials to help older adults. 

• FDIC & CFPB: Money Smart for Older Adults  

• FTC: Protecting Older Consumers

• AARP: Scams & Fraud

• NCUA: Fraud Prevention Center

• SEC: Older Investors

• Use technology to stay safe. With Greenlight Family Shield, you can invite a trusted family member to help keep watch over financial transactions. Protections include account monitoring for suspicious activity — and coverage up to $1 million for identity theft and up to $100k for deceptive fraud transfers.

• Keep with trends. Stay up to date on the latest reports and trends in fraud including current phone scams, current PayPal scams, and current scams on social media, such as Facebook.

• If fraud happens, act quickly to minimize losses and contact your financial institutions. Call the National Elder Fraud Hotline for help.