Seniors are getting scammed out of billions of dollars. These simple techniques can stop fraudsters in their tracks

Although there were five known victims of Patrick’s scheme, authorities are still investigating this case to see if Patrick had access to other victims’ personal ID information.

The Los Angeles County District Attorney’s Office is now holding Patrick on a $1 million bond on suspicion of grand theft involving money or property.

Unfortunately, statistics from both the FBI and Federal Trade Commission (FTC) suggest this type of scam is on the rise in the U.S.

The scary stats on scams targeting seniors

Financial scams targeting older Americans exploded in recent years, with nearly $4.9 billion in losses and 147,127 complaints in 2024, according to the FBI’s Internet Crime Complaint Center (IC3) (2). That’s a 46% jump in complaints and a 43% rise in total losses from just one year before.

The FTC reports (3) a similar exponential increase in the number of seniors caught in fraudulent schemes. Total reported losses jumped 4x from $800 million to $2.4 billion between 2020 and 2024.

Keep in mind these are just the official reported numbers. In other FTC reports, agents suggest the actual rate could be as high as $61.5 billion due to underreporting (4).

The FTC also found more seniors than ever before are draining their savings and retirement accounts in fraudulent scams. Between 2020 and 2024, seniors who lost over $10,000 in one of these schemes increased by four times, and reports of those who lost $100,000 grew sevenfold (5).

A major reason scammers target older adults is simple: Seniors are more likely to have more money. The potential payoff for criminals can be much larger than targeting younger victims who are still building their wealth. Older adults also often manage decades of financial history, including multiple bank accounts and insurance policies. That creates more opportunities for identity theft and financial manipulation.

Beyond these factors, Census data suggests one in three older adults now live alone and experience social isolation (6). Research from the University of Michigan shows seniors who live alone are far more likely to be in a vulnerable position, with higher percentages reporting a disability and lower mental or physical health (7).

The FTC says scammers try to exploit trust by pretending to be from a bank or a government agency, including the FTC. The goal is to create a sense of panic or urgency by claiming someone else is using the victim’s accounts and pressuring them to reveal sensitive information.

As scam activity reaches record highs, it’s more important than ever for seniors and their family members to be vigilant of any suspicious activity.

Simple steps to stay safe from senior scams

To prevent falling for senior fraud, first recognize a scammer’s typical playbook.

Many of these schemes start with an unsolicited phone call, email, or text asking for personal information or financial details. The FTC says scammers will often create pressure by claiming a situation is urgent, such as a compromised bank account or a link to illegal activity. The goal is to push victims into acting quickly before they have time to verify the request, so always be extra suspicious about these types of messages.

One clear red flag is any demand for an unusual payment method, especially gift cards and cryptocurrency. The FTC says fraudsters prefer these transaction methods because they’re more difficult to trace and reverse.

But besides recognizing the signs of a scam, be sure to protect personal and financial information from ever leaking out unintentionally. For example, shred documents with sensitive data and use two-factor authentication (2FA) on all online financial accounts to create an extra buffer between you and criminals.

But prevention isn’t all on a senior’s shoulders. Family members and trusted friends play an important role in protecting older loved ones from fraud.

Regularly checking in on recent calls and emails can help identify potential scams before they escalate. Better yet, set up account alerts for large withdrawals or purchases to make monitoring suspicious activity quicker and easier.