Scamming is big business. From talent-scouting scams targeting children to student-loan-forgiveness scams targeting college graduates, scammers see age as nothing more than a number. They're willing to go after anyone.
According to the FBI, financial scams targeting seniors totaled nearly $4.9 billion in losses in 2024 -- and that's just from the scams that were reported. Losses were likely much higher because older Americans are less likely to report fraud. That might be because they're not sure how, are embarrassed, or don't even realize they've been scammed.
There are all kinds of scams aimed at seniors, including technical support schemes, romance scams, and investment scams.
Here are the most common types of scams seniors face.
Image source: Getty Images.
Common scams targeting seniors
Tech-support scams
A pop-up message appears on your computer screen, claiming your computer is infected and offering to help protect your privacy. These scammers have two primary goals. They want to charge you for unnecessary services, and gain access to your device. Once they have access, it's just a matter of getting into your accounts to steal your money, identity, or both.
Phishing scams
Scammers send fraudulent emails or direct messages pretending to be from legitimate companies or organizations. The goal is to get you to turn over personal information, such as passwords or credit card numbers. Once they have enough information, they'll use it to access anything they can, from your email to your 401(k).
Online shopping scams
Scammers set up fake e-commerce sites that offer great products at unrealistically low prices. The goal is to collect payment for the products on their site without delivering any goods.
Romance scams
Scammers create fake profiles on dating sites, click on your profile to show they're interested, and slowly draw you into their web by building emotional connections. Eventually, they'll offer a sob story about why they need money. If they've hit you at a vulnerable time, you may decide to help out by sending the requested funds.
Investment scams
A very slick salesperson promises you a low-risk but high-return investment opportunity. Often, these scams involve foreign exchange or cryptocurrency. The scammer hopes that ultimately you'll invest money. They may even talk you into sharing your brokerage account number so they can "deposit your earnings." Once you give them what they want, they disappear.
Lottery or prize scams
You receive a message saying you've won a prize or lottery you didn't enter. If you take the bait, the scammer then tells you they need personal information (like your full name, address, and bank routing number) to send you the prize or winnings. Once they have enough personal information to take your money or steal your identity, you never hear from them again.
Steps to protect yourself from a scammer
The FBI says that fraud can happen to anyone, but that you can take these steps to protect yourself:
- If an unknown source reaches out to you, search online for contact information, including their name, phone number, or email address. Chances are, if they're a busy scammer, someone else has posted about them online.
- Resist pressure. One trick scammers use is pressuring you to act quickly. For example, if you're the target of a romance scam, the person you've been communicating with may tell you they've been in a car accident, their car was totaled, and they need money for a car rental and an overnight hotel stay. They'll tell you they're desperate and ask you to pull money from your checking or savings account to send "right away." Don't give in to pressure.
- Never share personal information with, or send money to, someone you don't know -- even if they've been reaching out to you for weeks or months. Unless you can verify their identity, they're still a stranger. Don't provide them with information, money, checks, or gift cards. Don't wire money because you feel bad for someone.
- Be naturally cautious of unsolicited calls, mailings, or door-to-door service people. That guy offering to resurface your driveway at a great price is likely to disappear once you've given him a down payment or paid in advance.
- If anyone gains access to your device or bank account, immediately contact your financial institution(s) to place protections on your accounts and to monitor for suspicious activity.
If you, or someone you know, is the victim of a scam, contact your local FBI office or report it to the FBI's Internet Crime Complaint Center. Include any information you've gathered, including the name of the scammer or company that contacted you and the dates and methods of contact. If you sent money, include where the funds were sent. Any additional details you can provide will be helpful.
Being scammed in your senior years was never part of your retirement plan. The best way you can prevent it from happening is by knowing what to look out for.
