How to Protect the People You Love from Fraud
The phone rings. A panicked voice says, “Grandma, it’s me. I’m in trouble, and please don’t tell Mom.” Or a pop-up freezes the computer screen with a warning to call “Microsoft” right away. Or a friendly new acquaintance online mentions an investment that has been doing incredibly well.
Each of these moments is the opening move in a scam, and older adults are being targeted as never before.
A problem bigger than most people realize
According to the FBI’s 2024 Elder Fraud Report, Americans age 60 and older reported $4.9 billion stolen in a single year. The average victim lost $83,000, often savings meant for retirement or long-term care. Older adults filed more than 147,000 complaints, more than any other age group, and reported losses jumped 43 percent in one year.
Even those numbers understate the problem. The Federal Trade Commission estimates that the true losses to older adults in 2024 were somewhere between $10.1 billion and $81.5 billion, because most fraud is never reported. AARP has found that 41 percent of adults 50 and older say they have had money or sensitive information stolen through fraud.
These are not lone con artists. Today’s scams are run by organized, well-funded operations with scripts, call centers and training, and they reach people by phone, mail, email, text and social media.
Know the playbook
Most scams against older adults fall into a handful of familiar patterns:
- Investment scams promise “guaranteed” returns, often in cryptocurrency. They are the single largest source of losses.
- Tech-support scams claim your computer is infected and ask for remote access or payment.
- Romance scams build trust over weeks or months, then present a sudden emergency that requires money.
- Government impersonators pose as the IRS, Social Security or Medicare and threaten penalties or arrest.
- Grandparent scams use a fake family emergency and an urgent plea for secrecy.
- Prize and sweepstakes scams announce a big win, then demand fees or taxes before you can collect.
The details change, but the warning signs rarely do: urgency, secrecy and an unusual way to pay. If someone pressures you to act right now, asks you not to tell anyone, or wants payment by gift card, wire transfer, cryptocurrency or cash, stop. No legitimate agency or business does business that way.
Being scammed is not a sign of weakness
In our practice, we have seen fraud strike doctors, engineers, business owners and retired executives. Scammers are trained professionals, and their methods are designed to fool anyone. Being targeted is not a sign of decline or poor judgment.
What makes fraud so damaging is the silence that follows. Embarrassment keeps victims from telling their families or their banks, and that silence is exactly what scammers count on. A victim who hides the first loss is often targeted again, sometimes by the same group posing as someone who can “recover” the money.
If someone you love confides that they have been scammed, how you respond matters. Start with simple words: “I’m glad you told me. You are not in trouble. This happens to many people. Let’s fix this together.”
Simple habits that stop most scams
A good rule to keep by the phone is to PAUSE:
- Pause. Real institutions never rush you.
- Ask someone you trust before you act.
- Use official contact information. Hang up and call back using a number you look up yourself.
- Stop any unusual payment request, especially gift cards, wires or crypto.
- Evaluate the emotion. Fear, excitement and urgency are the scammer’s tools.
It also helps to use strong, unique passwords with two-factor authentication, to avoid clicking unexpected links, and to reduce how much of your personal information is available online. Data brokers collect and sell names, addresses, phone numbers and even relatives’ names, and scammers use that information to sound convincing.
If it happens, act fast. Speed matters.
If you or a loved one has been scammed:
- Call your bank or card company immediately and ask them to stop or reverse the payment.
- Report the fraud to the FTC at ReportFraud.ftc.gov and to the FBI at ic3.gov.
- Freeze your credit with Equifax, Experian and TransUnion. It is free.
- If personal information was shared, visit IdentityTheft.gov for a recovery plan.
- Save everything: texts, emails, receipts and phone numbers.
Good planning helps here, too. A well-drafted financial power of attorney lets a trusted person step in quickly when someone is shaken, ill or simply overwhelmed.
Join us, and join the conversation
October is Cybersecurity Awareness Month! Stay tuned to our social media pages for the announcement of our upcoming free webinar, “Scams Don’t Discriminate: Protecting Seniors from Fraud,”. This program will offer valuable information for older adults and the adult children who look out for them. We encourage you to join us and share the announcement with a parent, spouse, or friend!
All month long, we are also sharing plain-language tips, real stories and trusted resources on social media. Follow us on Facebook and LinkedIn. When you see a post that might help someone you love, share it. A single conversation can stop a scam before it starts.
And if it has already happened to you or someone close to you, please tell someone. You are not alone, and you are not to blame. If you would like help putting safeguards in place for yourself or a loved one, call us at 770-229-5729.
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