Older Americans are disproportionately targeted by frauds and scams. Tech support scams are the most widely reported, and investment scams are the costliest. According to a 2023 report on senior fraud by the FBI, there were more than 101,000 complaints from people over 60 years of age. Losses totaled more than $3.4 billion. Here are some common scams:
Social Security Administration Scams: Imposters ask victims to help them “reactivate” their Social Security number, convincing them to give up their number.
Tech Support Scams: Fraudsters claim to be computer experts warning victims of viruses or hacking attempts and convince them to give remote access. Scammers “fix” the problem and then persuade the victim to pay large sums of money for the unnecessary service.
Sweepstake Scams: Fraudulent telemarketers tell people they have won cars, vacations or large sums of money in a sweepstakes or lottery. “Winners” need only pay fees for shipping, insurance, customs duties, or taxes to claim their prize.
IRS Scams: Callers claiming to be IRS employees inform victims they owe the IRS money that must be paid promptly through a wire transfer, threatening them with arrest.
Investment Scams: Scammers lure seniors to buy annuities or unregistered securities that are unsuitable for seniors.
Romance Scams: Men and women build fake profiles to develop online relationships, convincing the victim to send money in the name of love, even making false wedding plans.
If you or someone you know is a victim of elder fraud, call the National Elder Fraud Hotline at 1-833-372-8311 or visit the Department of Justice Office for Victims of Crime website.
