Scammers are sophisticated and use minimal details they can find about you online, from your mail, or someone you know to make up stories and scenarios that seem real or possible to get you to fall for their scam. Defrauding older adults is lucrative business. Worldwide, people age 60+ lost a combined $3.4 billion to financial scammers in 2023 alone. Most commonly, criminals target older adults with tech support, grandparent, and government impersonation scams—all of which work by gaining trust. Knowledge is power. Learn how to identify and stop the top 5 financial scams and what to do if you or someone you know is a victim of fraud.

The five scams that top the list of complaints for seniors:

1. The grandparent scam. The grandparent scam is so effective because it exploits people’s emotions. First, a caller gains trust by tricking their target into volunteering information, like a grandchild’s name. They may say something like, “Hi Gram, do you know who this is?” Then, with that name at the ready, they impersonate the grandchild.

In this scam, fake grandchildren ask for help with car repairs, late rent, a medical emergency, or even to post bond. They pretend to be in distress. They may even beg the grandparent not to tell anyone.

In other versions of this scam, a caller claims to be an arresting police officer, doctor, or lawyer trying to help the grandchild. They prey upon emotions to pressure victims into sending money as quickly as possible. And who among us wouldn’t readily help a cherished relative in desperate financial need? These scams are even harder to identify and resist thanks to artificial intelligence (AI). Today, con artists can clone real voices of real relatives and use them to commit fraud.

People who run grandparent scams often ask to be paid through gift cards or wire transfers. These don’t always require identification to collect, which means victims have no way ever to recover their money. Some victims report that scammers showed up at their homes, posing as “couriers” to pick up the money.

2. Financial services scam. Scammers often pose as banks, mortgage companies, or debt collectors, sending calls, texts, or emails that look legit. They might claim your account’s been compromised, offer fake loan deals, or threaten arrest over bogus bills. Their goal? To scare you into giving personal info or sending money, often through peer-to-peer apps. Remember — if it feels rushed or threatening, it’s probably a scam.

3. Tech support scams. Tech support scams top the list of fraud targeting older adults. A pop-up claims your device has a problem and urges you to call for help. The scammer then asks for remote access and charges a fake repair fee. Don’t fall for it — real tech support won’t cold-message you.

4. Government impersonation scams. In government imposter scams, callers pretend to be from the IRS, Social Security, or Medicare. They threaten arrest, deportation, or loss of benefits unless you pay or share personal info. Scammers often spoof real government numbers to seem legit. Don’t fall for it — real agencies don’t demand payment by cash, wire, or prepaid cards.

5. Romance scams. With online dating on the rise, romance scammers are cashing in. They create fake profiles to gain trust, then ask for money for visas, medical bills, or travel. These scams can drag on, costing victims big. In 2023, over 64,000 people reported romance scams, losing $1.1 billion.

Other popular scams targeting older adults

• Sweepstakes and lottery scams. In sweepstakes scams, fraudsters call claiming you’ve won a prize — but to claim it, you must pay fees or taxes upfront with cash or gift cards. Scammers often pose as legit companies like Publishers Clearing House, but no prize ever comes. Victims can be targeted for months or even years after the first payment.

• Robocalls and phone scams. Scammers use robocalls to run various scams, like the “Can you hear me?” call — recording your “yes” to authorize charges. They also fake urgent calls about lawsuits, unpaid fines, or expiring warranties, often spoofing trusted numbers to trick people. While some robocalls are legit, many are tools for fraud.

• Business imposter scams. The FTC reports that business imposter scams hit adults 60+ hard. Scammers pose as trusted companies or charities, spoof caller IDs, and pressure victims to send money, gift cards, or personal info.

• Investment scams. Investment scams promise low risk and guaranteed returns — often using cryptocurrency. In 2023, adults 60+ lost $716 million to these cons.

• Medicare and health insurance scams. Medicare scams target adults 65+, with fraudsters posing as reps to steal personal info or bill for fake services. Scammers often follow medical trends like genetic testing to trick victims.

• Internet and email fraud. Older adults, often less familiar with technology, are prime targets for internet and email scams. These include fake pop-ups posing as anti-virus software or phishing emails pretending to be banks or stores. Scammers steal personal information or install viruses (ransomware), causing financial harm. Keeping devices secure with firewalls and virus protection, along with understanding phishing tactics, can help prevent these threats.

What to do if you think you've been scammed

Scams are specifically designed to catch us off guard, and they can happen to anyone. There’s nothing to be ashamed of if you think it’s happened to you. Keep important phone numbers handy, including the local police, and your bank.

Report scams online to the FTC. Sharing your experience can help prevent it from happening to someone else.