The Stark Reality: Financial Scams Targeting Older Adults

A Scam That Stole More Than Money

Last winter, Dorothy, 74, received a message on Facebook from a charming widower who said he’d seen her in a “friends of the community” group. Over weeks, they exchanged long messages about family, travel dreams, and faith. When he claimed his business trip overseas had gone wrong and he needed a short-term loan, Dorothy didn’t think twice. She wired him $6,500.

He never messaged her again.

That’s not just a financial blow — it’s a heartbreak, a betrayal of trust. And sadly, Dorothy’s story is far from unique.

The Scope of the Problem

Fraud targeting older adults has reached staggering levels. According to the FBI’s 2023 Elder Fraud Report:

• Americans aged 60+ reported more than $3.4 billion in losses to scams — up 11% from 2022.
  

• Average loss per victim: $33,900
  

• Many scams go unreported due to shame or uncertainty, meaning the true totals are likely far higher.

These crimes don’t just drain bank accounts — they erode independence, security, and trust.

Top Scam Types Targeting Older Adults

Let’s look at which scams cause the most damage.

Blue bars = total financial losses (in millions)
Red line = number of victims

1. Romance Scams

• Losses: ~$735M

• Victims: ~70,000
  Fraudsters build emotional connections over weeks or months before requesting money for “emergencies.”

2. Investment Fraud

• Losses: ~$600M

• Victims: ~52,000
  Promises of high returns lure victims into sending large sums. Crypto scams are increasingly common in this category.

3. Tech Support Scams

• Losses: ~$448M

• Victims: ~47,000
  Pop-up alerts or fake “Microsoft” calls convince people to grant remote access to their devices, often leading to drained accounts.

4. Prize/Lottery Scams

• Losses: ~$255M

• Victims: ~45,000
  Victims are told they’ve won a prize — but must pay fees or taxes first.

5. Government Impersonation

• Losses: ~$200M

• Victims: ~38,000
  Scammers pose as IRS, Social Security, or law enforcement officials to demand payment or personal data.
  

Why Older Adults Are Prime Targets

Criminals deliberately target older individuals because they’re more likely to have accumulated savings, own homes, and — in some cases — be less familiar with new technology. Risk factors include:

• Less familiarity with digital warning signs — phishing emails and spoofed websites can seem authentic.
  

• Social isolation — increases susceptibility to emotional manipulation.
  

• Trust in authority — more likely to believe official-sounding calls or letters.
  

• Cognitive changes — aging can make quick decision-making more difficult, creating a window for scammers.

The Emotional Toll

Financial scams leave more than empty bank accounts:

• Shame often prevents victims from telling friends or family.
  

• Anxiety and depression can increase after losing savings.
  

• Loss of independence — family may take over finances, making the victim feel powerless.

In some cases, the psychological harm lasts longer than the financial loss.

Where Our Program Makes a Difference

Our intergenerational tech-training program directly addresses the vulnerabilities that scammers exploit.

1. Digital Literacy — Participants learn to use smartphones, computers, and the internet confidently.
   

2. Scam Awareness — We teach practical steps for identifying and avoiding common scams.
   

3. Trusted Support Network — Having a young digital mentor means there’s always someone to call when something feels suspicious.

In post-training surveys, 82% of our learners said they were more likely to verify a message or phone call before responding — a critical behavior shift in preventing fraud

A Real Story of Prevention

Eleanor, 81, was about to click a link in an email claiming she’d won a $500 gift card. Before doing so, she remembered her mentor’s advice: “If it sounds too good to be true, it probably is.” She called her mentor, who confirmed it was a phishing scam.

“That one phone call,” Eleanor says, “saved me who knows how much money and stress.”

How You Can Help Stop the Trend

We believe that every older adult deserves the tools to protect themselves online — and every young person deserves the chance to be part of that solution. Here’s how you can join us:

• Volunteer — Become a digital mentor and change someone’s life.
  

• Donate — Fund training sessions, printed guides, and community workshops.
  

• Partner — Schools, senior centers, and local businesses can host training events.
  

• Share — Talk to the older adults in your life about scams and online safety.

Final Word

Scams like the one Dorothy endured are not inevitable. With the right knowledge, support, and community connections, older adults can spot red flags, act with confidence, and keep their independence intact.

Together, we can replace fear with empowerment — one lesson, one mentor, and one conversation at a time.