The FBI’s Internet Crime Complaint Center (IC3) has released its latest report on elder fraud, and the numbers are alarming. Americans over 60 lost more than $5.1 billion to fraud in 2025, a 24% increase from the year before. Seniors are now the fastest-growing group of fraud victims in the country.
The average loss per victim was $35,800. But thousands of victims lost far more. Over 7,500 people age 60 and older reported losses of $100,000 or more.
Here is what the report found, which scams are hitting hardest, and what you can do to protect yourself and your family.
The Most Common Scams Targeting Seniors
1. Tech Support Scams (Losses: $1.3 Billion)
This is the number-one scam targeting older adults for the third year in a row. It works like this: you get a pop-up on your computer saying your device is infected. Or you get a phone call from someone claiming to be from Microsoft, Apple, or your internet provider. They tell you to give them remote access to your computer to “fix” the problem.
Once they have access, they install software that lets them see everything on your screen, including your bank accounts. In some cases, they transfer money directly. In others, they convince you to buy gift cards or send wire transfers to “secure” your accounts.
Red flag: No legitimate tech company will ever call you to say your computer is infected. If you see a pop-up, close your browser. Do not call the number on the screen.
2. Investment and Cryptocurrency Scams (Losses: $1.1 Billion)
Cryptocurrency scams have exploded among older adults. Scammers build relationships online (sometimes through social media or dating apps), then steer victims toward fake investment platforms. The platforms look real. They show your “investment” growing. But when you try to withdraw your money, it is gone.
A newer version of this scam involves someone you meet online who says they can teach you to invest in crypto. They walk you through setting up a real account at a real exchange, then direct you to transfer your coins to a wallet they control.
Red flag: Anyone who contacts you out of the blue with an investment opportunity is a scammer. Period. This includes people on Facebook, Instagram, WhatsApp, and dating sites.
3. Government Impersonation Scams (Losses: $580 Million)
Callers pretend to be from the IRS, Social Security Administration, Medicare, or law enforcement. They say you owe money, your benefits are being suspended, or there is a warrant for your arrest. They demand immediate payment, usually by gift card, wire transfer, or cryptocurrency.
The Social Security version is especially cruel. The caller says your Social Security number has been “compromised” and your benefits will be frozen unless you verify your identity and pay a fee. It sounds terrifying, and that is exactly the point.
Red flag: No government agency will ever call you demanding immediate payment. The IRS sends letters. Social Security does not freeze your benefits because of a phone call. If someone says “Do not hang up or you will be arrested,” hang up immediately.
4. Romance Scams (Losses: $420 Million)
Scammers create fake profiles on dating sites or social media. They build a relationship over weeks or months. They are charming, attentive, and patient. Then a crisis hits: a medical emergency, a legal problem, a business deal gone wrong. They ask for money.
The FBI reports that romance scam victims often lose the most per incident because the emotional manipulation runs so deep. Some victims send money for months or years before realizing the person they love does not exist.
Red flag: If someone you have never met in person asks you for money, it is a scam. No matter how real the relationship feels.
5. Grandparent Scams (Losses: $310 Million)
You get a frantic call: “Grandma, I am in trouble!” The caller claims to be your grandchild. They say they have been in a car accident, arrested, or are in the hospital. They need money right away. And they beg you not to tell their parents.
Some scammers now use AI-generated voice cloning to mimic your grandchild’s actual voice. They pull audio samples from social media videos and create a convincing fake.
Red flag: If you get a call like this, hang up and call your grandchild directly at their real number. If you cannot reach them, call their parents. Do not send money based on a phone call, no matter how convincing.
Why Seniors Are Targeted
Scammers target older adults for several reasons:
- Savings. Retirees often have larger savings accounts, home equity, and retirement funds.
- Politeness. Older adults were raised to be polite and trusting. They are less likely to hang up on a caller.
- Isolation. People who live alone are more vulnerable because they have no one to check with before sending money.
- Technology gap. Many seniors are less familiar with how digital scams work, making tech support and cryptocurrency scams especially effective.
- Shame. Victims often do not report fraud because they are embarrassed. The FBI estimates that only about 1 in 5 elder fraud cases is reported.
What You Can Do to Protect Yourself
Never send money to someone you have not met in person. This applies to online friends, romantic interests, and anyone who contacts you first.
Do not trust caller ID. Scammers can make any phone number appear on your screen, including numbers that look like they belong to government agencies or banks.
Set up a family code word. Choose a secret word that only your family knows. If someone calls claiming to be a family member in distress, ask for the code word.
Never give remote access to your computer. If someone asks to connect to your computer to fix a problem, say no and hang up.
Check with someone you trust. Before making any financial decision based on a phone call, email, or online message, talk to a family member, friend, or financial advisor.
Sign up for the Do Not Call Registry. Go to donotcall.gov or call 1-888-382-1222. It will not stop scammers, but it will reduce legitimate telemarketing calls so suspicious calls are easier to spot.
Freeze your credit. Contact all three credit bureaus (Equifax, Experian, TransUnion) to place a free credit freeze. This prevents anyone from opening new accounts in your name.
What to Do If You Have Been Scammed
- Do not be ashamed. These criminals are professionals. They scam smart, capable people every day.
- Report it to the FBI. File a complaint at ic3.gov. This helps law enforcement track and stop scammers.
- Call your bank. If you sent money by bank transfer, call your bank immediately. They may be able to reverse or freeze the transaction.
- Report gift card fraud. If you paid with gift cards, call the gift card company (Google, Apple, Amazon, etc.) with the card numbers. They can sometimes freeze the funds.
- Contact local law enforcement. File a police report.
- Call the Elder Fraud Hotline. The Department of Justice runs a hotline at 1-833-FRAUD-11 (1-833-372-8311). They connect victims with local resources and case managers.
Protecting Your Loved Ones
If you are a family member worried about an older parent or grandparent:
- Have regular, non-judgmental conversations about scams. Share real examples.
- Help them set up call-blocking on their phone.
- Offer to be their “second opinion” person. Tell them: “Call me before sending money to anyone. I will not judge you. I just want to help.”
- Watch for signs: large cash withdrawals, gift card purchases, secretive behavior about finances, or a new “friend” they have never met in person.
The $5.1 billion in reported losses is almost certainly an undercount. The real number could be two or three times higher. Elder fraud is not just a financial crime. It steals dignity, independence, and peace of mind.
If you see something, say something. And if it happens to you, speak up. You are not alone.
Reported by Robert A. Williams with additional research from the SeniorDaily editorial team. For corrections or updates, please contact us.
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