Feb 23, 2026
Fraud targeting elderly individuals continues to be a major issue across the country, with the FTC reporting that in 2024, of the 2.6 million fraud reports they received, approximately 36% were from people age 60 and older (1).
Police in Texas are once again highlighting the risk to older adults as a shocking crime ring was exposed in January. Local NBC News reports that at least $55 million dollars had been stolen from victims across the state, with the crimes linked to two local jewelry stores (2).
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The suspects in the case are accused of operating a large-scale fraud and money laundering scheme, specifically targeting elderly victims for their gold, cash and cryptocurrency. The scammers impersonated federal agents or regulatory officials and frightened their victims into giving up these assets by threatening arrest.
“It was hours upon hours, upon hours of securing evidence, not just the gold, not just the items that have been converted into something else, but also equipment that's used to make that," said Deputy Chief Todd Cleveland, speaking to NBC 5 (2).
This case highlights how critical it is for older adults to be on the lookout for red flags. Phone- and internet-based scams have been increasing in number for the past several years, and there are several key signs to watch out for to protect yourself and your elderly relatives from becoming victims.
Why fraud is a hot button issue for seniors
In 2024, reported losses due to fraud targeting people 60 and older added up to nearly $2.4 billion, a significant jump from about $1.9 billion in 2023 (1). However, the FTC notes that the real figure is probably much higher — many victims don’t come forward due to shame. In spite of this, reported fraud losses of those aged 60 and over quadrupled between 2020 to 2024, and the FTC’s Consumer Sentinel Network finds that the individual sums lost are growing rapidly.
Cases like the alleged $55 million Texas jewelry store scheme show how those national figures translate into devastating real-world losses at the local level.
Elderly people are so often targeted by scammers because they tend to have larger assets, and scammers are counting on them to not be as tech-savvy or to understand the latest scam techniques (3).
Assets like gold and crypto are particularly attractive to scammers because they’re harder to trace and recover. Gold can be quickly melted or resold — a key reason prosecutors say it played such a central role in the alleged Texas jewelry store scheme. In the Texas case, authorities say scammers allegedly pushed victims toward both gold and cryptocurrency, exploiting how difficult those assets can be to recover (4).
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For example, you can dispute a purchase through your bank or credit card company, but cryptocurrency payments are not usually reversible unless the person you send it to sends it back — an unlikely move from a scammer. In both cases, the transactions are hard to track, unlike those that happen through a bank.
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How impersonation scams work, and how to protect yourself
Government impersonation scams like the one perpetrated in Texas are simple. Scammers pretend to be government officials, often from the IRS, Social Security Administration or Medicare. They use threats, fear and pressure tactics to extort money, often saying the target will be arrested or deported, or will have their benefits cut off if they don’t comply. Investigators in Texas say that same mix of urgency and authority was used to frighten older residents into handing over their savings.
In addition to convincing targets to send money, they may ask for personal details like Social Security numbers or account passwords, which can be used to commit identity theft (3).
There are a number of steps you can take to protect yourself from fraud and identity theft, and to protect your elderly loved ones also. The first step is education, becoming aware of the common scams and how they work. Being aware can help you to spot when you are being targeted (5). You can also:
- Install anti-virus and anti-malware security software on your computers and other devices
- Keep your computer software up-to-date to enhance security
- Be careful what you download and never open an email attachment from an account you don’t recognize
- Never give an unexpected caller any personally identifiable information over the phone. Real government agencies won’t ask for this information by phone or email.
- If you get a suspicious call, hang up and call back through a verified phone number
- Do your own research if you are offered an investment opportunity in an unsolicited manner
- Resist any pressure to act quickly. Legitimate businesses or government agencies won’t use fear tactics or threats.
If you believe you or someone you know may have been a victim of elder fraud, file a complaint at the FBI’s Internet Crime Complaint Center at ic3.gov. Record the following details to help the FBI and your local police department discover the scammers and prevent them from targeting others:
- The name of the scammer or the company they claim to represent, and how they contacted you
- The dates they contacted you, and any associated phone numbers, email addresses or websites
- How they asked you to send money, and what (if any) personal information they asked for
- Where you sent the funds, and the method of sending them
As the Texas case shows, coming forward may feel uncomfortable, but reporting fraud not only improves your chances of recovery, it helps prevent the next victim from losing their life savings.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
FTC (1, 4); NBC 5 News (2); National Council on Aging (3); FBI (5)
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Rebecca Holland is dedicated to creating clear, accessible advice for readers navigating the complexities of money management, investing and financial planning. Her work has been featured in respected publications including the Financial Post, The Globe & Mail, and the Edmonton Journal.
