Losses From Impersonation Scams Targeting Older Adults Skyrocket

Why did the scammer cross the road? To get to Grandma’s retirement savings. (And sadly, it’s working far too often.)

In this publication, we’re uncovering a fast-growing impersonation scam that’s draining the life savings of older Americans at record rates. Let’s dive right in.

Older adults are being tricked into handing over tens—or even hundreds—of thousands of dollars to criminals posing as government officials or trusted businesses. Federal data shows losses of $100,000 or more by seniors skyrocketed from $55 million in 2020 to $445 million in 2024—an eight-fold jump.

How It Works:

1. A scammer calls, texts, or emails pretending to be from the FTC, IRS, Social Security, or even a bank.
2. They claim there’s a serious problem—your accounts were hacked, your identity was stolen, or your computer is compromised.
3. You’re told to urgently transfer money “to keep it safe” in a government-controlled or “secure” account.
4. In reality, once the transfer is made, the money is gone—straight into the hands of fraudsters.

Who’s Targeted:

• Adults aged 60 and older, especially those less tech-savvy
• Seniors living alone or recovering from illness
• People with strong financial discipline who panic when told their money is “at risk”

Real-Life Example:

One victim reported being persuaded to move their entire savings—over $100,000—into what they thought was a secure government account. The “agent” on the phone convinced them secrecy was necessary, leaving them isolated and financially devastated.

Why You Should Care:

• Entire nest eggs are vanishing. Victims aren’t just losing pocket change—they’re losing life savings.
• Family impact. Children and grandchildren often bear the emotional and financial burden.
• It could happen to anyone. Scammers use fear and authority, and even the most cautious people can slip when panic sets in.

How to Protect Yourself:

1. Never transfer or send money in response to an unexpected call, text, or email.
2. Hang up and verify. Call your bank or the agency using a number from their official website.
3. Remember this rule: The FTC, IRS, and Social Security will never demand immediate payments or secrecy.
4. Set up family alerts. Share scam red flags with older relatives so they know when to pause and check in.
5. Use call-blocking tools to reduce robocalls and spoofed numbers.

Quick Tips & Updates:

• Quick Tip #1: Did you know? By law, your liability for unauthorized charges is usually capped at $50—not $50,000.
• Quick Tip #2: Pro Tip: Encourage your parents or grandparents to adopt a “two-call rule”—if asked for money, they must call a trusted family member before acting.

Stay safe, stay informed,

And maybe remind Grandma the real FTC never needs her bank account.

Keyword Definitions:

• Impersonation Scam: A fraud where criminals pose as trusted officials or companies to trick victims into sending money.
• FTC (Federal Trade Commission): A U.S. government agency that protects consumers from unfair or deceptive practices.
• Life Savings: The accumulated money someone has saved over their lifetime, often meant for retirement.
• Spoofing: When scammers disguise their phone number or email to look like it’s coming from a trusted source.
• Secure Account Scam: A con where victims are told to move money to a “safe” account that actually belongs to the scammer.

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