Even grandma’s crossword puzzle skills won’t help with this one — scammers are getting really good.
In this publication, we're exposing a growing wave of scams targeting older adults — schemes that are robbing victims of more than just money. Let’s dive in and see how to stay one step ahead.
Scammers are zeroing in on older adults using tech tricks, romance ruses, and financial manipulation — costing seniors billions annually. But awareness, support, and a second set of eyes can make all the difference.
How It Works:
There isn’t just one scam to watch out for — there are several dangerous plays in scammers’ playbooks:
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Tech support/government scams:
The phone rings — it’s “Microsoft” or “the IRS.” The caller warns of viruses or unpaid taxes and demands urgent payment. These scams rely on fear and pressure. -
Investment fraud:
A scammer pitches a “guaranteed return” or exclusive investment. They may build trust over weeks or months — then disappear with your savings. -
Romance and confidence scams:
It starts as an innocent online friendship. Then come the requests for help — money for rent, emergencies, or even crypto transfers. In 2023, seniors lost nearly $357 million to romance fraud alone. -
Cryptocurrency traps:
Criminals persuade seniors to withdraw large amounts of cash and deposit it at crypto ATMs. Once converted to digital coins, it’s nearly impossible to recover.
Who’s Targeted:
- Americans over 60, especially those living alone or managing their finances independently
- People feeling isolated or lonely, who may be more vulnerable to manipulation
- Retirees with nest eggs, seen by scammers as prime targets for financial fraud
Real-Life Example:
In 2023 alone, victims over 60 reported more than $1.2 billion in investment fraud losses. Another $1.1 billion was lost through cryptocurrency-related scams. And while these numbers are staggering, experts say they’re likely underreported due to shame or confusion.
Why You Should Care:
Even the most careful individuals can fall for scams designed to evoke fear, trust, or emotional connection.
These crimes don’t just impact your wallet — they shake your confidence, break trust, and leave lasting emotional scars. The worst part? Many victims suffer in silence, ashamed they were “fooled.”
But these scams aren’t just clever — they’re criminal. And you're not alone.
How to Protect Yourself:
• Pause before acting on fear – If someone calls demanding money or access, hang up and verify.
• Don’t click unfamiliar links – Especially in emails or texts claiming urgency.
• Bring in a trusted helper – A caregiver, family member, or friend can help spot red flags.
• Monitor your accounts regularly – Look for unusual activity or withdrawals.
• Report it immediately – Contact your bank and the FBI’s Internet Crime Complaint Center (ic3.gov) if you suspect fraud.
Quick Tips & Updates:
Quick Tip #1: “Did you know? Most government agencies will never call you out of the blue to demand payment.”
Pro Tip: “Set up a ‘second set of eyes’ rule. Before sending money online or over the phone, run it by someone you trust.”
Stay safe, stay informed,
Keywords:
• Elder Fraud – Scams that specifically target older adults, often involving manipulation or deceit.
• Romance Scam – A scheme that builds emotional trust to steal money or personal information.
• Tech Support Scam – Fake alerts or calls claiming there’s an issue with your computer.
• Cryptocurrency ATM Scam – Fraud involving digital currency and anonymous ATM deposits.
• Caregiver Awareness – Involving a trusted person to help spot and prevent scams.
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