Elder Fraud

Protecting Seniors from Online Fraud

Sarah Mitchell

Dec 28, 2023

6 min read

Older adults are disproportionately targeted by scammers. Learn how to help your elderly family members recognize and avoid the most common threats.

1Why Seniors Are Disproportionately Targeted

Adults over 60 lose more money to fraud than any other age group, with the FBI reporting over $3.4 billion in elder fraud losses in 2023. Scammers target seniors because they are more likely to have significant retirement savings, may be more trusting and polite, and are often home during the day.

2The Most Common Scams Targeting Seniors

The top scams affecting older adults include: Medicare and Social Security impersonation scams, grandparent scams where someone pretends to be a grandchild in trouble, tech support fraud, romance scams, and lottery and sweepstakes fraud.

3The Grandparent Scam Explained

In this particularly cruel scheme, a scammer calls an elderly person pretending to be their grandchild in an emergency — arrested, in a car accident, or stranded abroad. They beg the grandparent not to tell their parents and urgently need money sent via wire transfer or gift cards.

4How to Have the Conversation

Talking to elderly family members about fraud can be delicate — no one wants to feel patronized or have their independence questioned. Approach the conversation with empathy, framing it as something that affects everyone, not just seniors.

5Practical Protection Strategies

Help seniors set up call-blocking apps or services on their phones. Enable spam filters on their email accounts. Create a list of trusted contacts they can call before making any financial decisions. Most importantly, make sure they know they can always call you before sending money to anyone.

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