Seniors Losing Billions to Online Scams: How to Fight Back

The Phone Call That Almost Cost Margaret Everything

Margaret Chen, 72, was sorting through old photo albums in her living room last October when her phone rang. The caller ID read “Apple Support.” The voice on the other end was polite, professional, and alarming: her iCloud account had been compromised, the man said, and hackers were draining her bank accounts at that very moment.

Over the next 45 minutes, Margaret was walked through a series of steps — downloading a remote-access app, reading verification codes aloud, and confirming her banking credentials. By the time her daughter called and interrupted the process, Margaret had handed over access to her checking account, her email, and her Apple ID. The scammers withdrew $8,200 before the bank froze the account.

Margaret is not careless. She’s a retired school principal with a master’s degree. She volunteers at her church and manages her own finances. But the voice on the phone triggered something primal — fear that she was under attack, urgency to act immediately, and trust in a brand she’d relied on for years.

I’ve been covering consumer technology for over 12 years, and Margaret’s story is one I hear with heartbreaking regularity. What’s changed in the last two years isn’t the vulnerability of older adults — it’s the sophistication of the criminals targeting them. And in my experience, the people most at risk aren’t the ones who avoid technology. They’re the ones who use it without knowing what the new threats look like.

The Scale of Elder Fraud Is Staggering — and Growing

Let me put some numbers to this, because the scale genuinely shocks people. According to the FBI’s Internet Crime Complaint Center (IC3), Americans over 60 filed more than 101,000 fraud complaints in 2023 and reported losses exceeding $3.4 billion. That’s an 11% jump from 2022. And the FBI estimates that only a fraction of victims ever report the crime — the real number could be several times higher.

The average individual loss for victims over 60 was approximately $33,915. Nearly 6,000 victims lost more than $100,000 each. These aren’t abstract statistics. They represent retirement savings, home equity, and financial independence — wiped out in a single phone call, email, or text message.

Why are older adults disproportionately targeted? It’s not about intelligence or capability. Scammers target this demographic for three concrete reasons: older Americans tend to have more accumulated savings, they’re statistically more trusting of authority figures and institutions, and they’re less likely to recognize the latest digital deception tactics. If you’re protecting your retirement funds from inflation, as many readers rightly are, you also need to protect them from fraud — which can be far more devastating than any market downturn. (For broader financial protection strategies, see 7 Ways to Inflation-Proof Your Retirement Savings in 2026.)

The Five Scams That Cost Older Adults the Most in 2025

Not all scams are created equal. In my years of reporting on consumer tech threats, I’ve watched certain fraud categories explode while others fade. Here are the five that are doing the most damage to Americans over 50 right now.

1. Tech Support Scams

This is what hit Margaret. A pop-up appears on your computer screen — or a phone call arrives — claiming your device is infected, your account is compromised, or your warranty is expiring. The scammer poses as an employee of Microsoft, Apple, Amazon, or your internet provider. They ask you to install remote-access software like AnyDesk or TeamViewer, then use that access to steal credentials, transfer funds, or install actual malware.

The FBI reported that tech support fraud accounted for over $900 million in losses to older adults in 2023 alone. What makes these scams so effective is that they exploit a real anxiety many people over 50 have: the fear that their technology is broken and they don’t know how to fix it.

The rule I give every reader: No legitimate company will ever call you unsolicited to tell you your device has a problem. Ever. If you see a scary pop-up, close the browser. If someone calls claiming to be from tech support, hang up.

2. Romance and Companionship Scams

These are the cruelest, and they’re surging. Scammers create fake profiles on dating sites, Facebook, and even Words With Friends. They build a relationship over weeks or months — sending good-morning texts, sharing fabricated life stories, professing love. Then come the requests: money for a plane ticket to visit, a sudden medical emergency, or an “investment opportunity” they want to share.

The FTC reports that romance scam losses across all age groups topped $1.14 billion in 2023. Older adults, particularly those who are widowed or recently divorced, are the primary targets. I’ve interviewed victims who sent $50,000, $100,000, even $300,000 to people they never met in person.

3. Investment and Cryptocurrency Fraud

This category has grown faster than any other. Scammers contact victims through social media, messaging apps, or even text messages that appear to be sent to the wrong number (“Hey, are we still on for dinner Tuesday?”). The conversation pivots to investing. Victims are directed to fraudulent trading platforms that appear legitimate, showing fake gains. When they try to withdraw funds, they’re told they must pay taxes or fees first — or their money simply vanishes.

In 2023, investment fraud was the costliest crime category reported to the IC3, with total losses exceeding $4.57 billion across all age groups. Older adults accounted for a massive share.

4. Government Impersonation Scams

A call from “the IRS” threatening arrest for unpaid taxes. An email from “Social Security” warning that your benefits will be suspended. A text from “Medicare” about your coverage. These impersonation scams rely on authority and fear. The scammer demands immediate payment — often via gift cards, wire transfers, or cryptocurrency, which are nearly impossible to trace or recover.

The FTC’s consumer advice portal makes this clear: no government agency will ever demand payment by gift card, threaten arrest over the phone, or ask for your Social Security number via email or text.

5. AI-Powered Voice Cloning and Deepfakes

This is the newest and most terrifying frontier. Using just a few seconds of audio — pulled from a social media video, a voicemail, or a phone call — scammers can now clone a person’s voice with startling accuracy. Victims receive calls that sound exactly like their grandchild, their adult child, or their spouse, begging for emergency money.

I covered a case in March 2025 where a 68-year-old man in Arizona wired $9,000 after receiving a call from what sounded precisely like his grandson, claiming to have been in a car accident and needing bail money. It was entirely fabricated by AI. For a deeper dive on how AI is supercharging elder fraud and what you can do, this guide covers seven essential protective steps.

Why “Just Avoid Technology” Is the Worst Advice Anyone Can Give

Here’s where I push back against a common instinct. When families learn about these threats, the first reaction is often to pull an older loved one away from technology. Take away the smartphone. Cancel the internet. Don’t let Mom use email.

In my 12 years of covering this beat, I can tell you this approach backfires spectacularly. It isolates older adults socially, strips away independence, and — counterintuitively — makes them more vulnerable, not less. A person who never practices using technology will be even less prepared when they inevitably encounter a scam attempt through a phone call, a piece of mail, or an in-person interaction.

Research backs this up. A 2024 study published in the Journal of the American Geriatrics Society found that consistent, confident technology use was associated with lower rates of cognitive decline and higher rates of social engagement in adults over 65. Separately, studies on smartphone use and brain health suggest that regular digital engagement may actually be protective. (You can explore how everyday tools contribute to health monitoring in Simple Tools That Predict Older Adults’ Health Outcomes.)

The goal isn’t to retreat from technology. The goal is to use it with the same street smarts you’d use walking through an unfamiliar city at night — aware, cautious, and informed.

Your 10-Step Action Plan to Protect Yourself from Online Scams

I’ve distilled everything I’ve learned from covering hundreds of scam cases into a practical action plan. These aren’t theoretical suggestions — they’re concrete steps that, taken together, block the vast majority of scam attempts. I encourage you to work through this list over a weekend, ideally with a trusted family member or friend.

1. Freeze your credit with all three bureaus. Contact Equifax, Experian, and TransUnion to place a credit freeze. This is free, takes about 10 minutes per bureau, and prevents anyone from opening new accounts in your name. You can temporarily lift the freeze whenever you need to apply for credit. This single step prevents most identity theft.
2. Enable two-factor authentication (2FA) on every account that offers it. Start with your email, then your bank, then social media. Two-factor authentication means that even if someone steals your password, they can’t access your account without a second verification code sent to your phone. Use an authenticator app (like Google Authenticator or Authy) rather than SMS text codes when possible, as text messages can be intercepted.
3. Create a family code word. Choose a word or phrase that only your immediate family knows — something unguessable, like “purple dinosaur camping.” If you ever receive a distress call from a family member asking for money, ask for the code word. An AI-cloned voice won’t know it. Discuss this at your next family gathering.
4. Never download remote-access software at someone else’s request. If anyone — whether they claim to be from Apple, Microsoft, Amazon, your bank, or the government — asks you to install AnyDesk, TeamViewer, or any screen-sharing tool, end the conversation immediately. This is the single most common gateway for tech support scams.
5. Set up bank and credit card transaction alerts. Most banks allow you to receive a text or email notification for every transaction over a certain amount — even $1. Turn these on. If a fraudulent charge appears, you’ll know within minutes rather than discovering it on your next statement.
6. Use a password manager. Tools like 1Password, Bitwarden, or the built-in managers in Apple and Google devices create and store unique, strong passwords for every account. You only need to remember one master password. Consumer Reports has excellent, unbiased reviews of password managers if you’re unsure which to choose.
7. Verify before you act — always. If you receive a suspicious call, email, or text, do not click any links or call any numbers provided in the message. Instead, go directly to the company’s official website (type the address into your browser yourself) or call the number on the back of your credit card or on your official statement. This 60-second habit stops most scams cold.
8. Limit what you share on social media. Scammers mine Facebook, Instagram, and LinkedIn for personal details — your pet’s name, your grandchildren’s names, your birthday, your hometown, your travel plans. Tighten your privacy settings. Avoid posting details that could be used to answer security questions or craft a convincing impersonation.
9. Keep your devices updated. When your phone, tablet, or computer prompts you to install a software update, do it promptly. These updates frequently patch security vulnerabilities that scammers actively exploit. Set your devices to update automatically if possible. The Cybersecurity & Infrastructure Security Agency (CISA) lists software updates as one of the top four things every American should do to stay safe online.
10. Talk about scams openly and without shame. The single biggest reason elder fraud goes unreported — and continues to grow — is shame. Victims feel embarrassed. Families avoid the topic. Scammers count on this silence. Make it a regular conversation. Share articles like this one. If you or someone you know is victimized, report it to the FBI’s IC3 at ic3.gov and to the FTC at reportfraud.ftc.gov. Reporting helps law enforcement identify patterns and shut down operations.

What to Do If You’ve Already Been Scammed

If you suspect you’ve been a victim, speed matters. Here’s what I tell every person who contacts me after an incident.

In the First Hour

Call your bank and credit card companies immediately. Tell them you believe you’ve been the victim of fraud. Ask them to freeze your accounts and reverse any unauthorized transactions. Banks have a much higher success rate of recovering funds within the first 24 hours.

If you gave someone remote access to your computer, disconnect it from the internet immediately — unplug the ethernet cable or turn off Wi-Fi. Then take it to a trusted local repair professional for a security audit.

In the First Day

Change your passwords for email, banking, and any account the scammer may have accessed. If you reuse the same password across multiple sites (please don’t, but many people do), change all of them. Enable two-factor authentication if you haven’t already.

File a report with the FBI’s Internet Crime Complaint Center at ic3.gov. Also file with your local police department. Even if recovery seems unlikely, these reports feed databases that help law enforcement track and dismantle scam networks.

In the First Week

Place a fraud alert or credit freeze with all three credit bureaus. Monitor your bank and credit card statements daily for at least 30 days. Consider signing up for a credit monitoring service — many banks offer this free after a fraud incident.

And perhaps most importantly: tell someone. Tell your spouse, your children, your best friend, your neighbor. Not because you should feel ashamed — you absolutely should not — but because scammers frequently come back for a second attempt, sometimes posing as a “recovery service” that claims to help you get your money back. Having people around you who know the situation makes you far harder to target again.

Technology as a Shield, Not Just a Risk

I want to close this piece where I started — with Margaret. After her bank recovered about $6,500 of the stolen $8,200, she did something I deeply respect. She didn’t retreat from technology. She enrolled in a free cybersecurity basics class at her local library. She set up two-factor authentication on every account. She bought a password manager and spent a Saturday afternoon with her daughter getting it configured.

“I refuse to let some criminal take away my independence,” she told me when I followed up in January. “I video-call my grandkids every week. I order my groceries online. I manage my own health records. I’m not giving that up.”

That’s exactly the right attitude. Technology is one of the most powerful tools older adults have for maintaining independence, managing health, and staying connected to the people they love. The answer to the scam epidemic isn’t less technology — it’s smarter, more confident technology use.

If you’re thinking about how technology and planning intersect with aging independently, it’s worth exploring what aging in place actually costs and how smart-home tools fit into the picture.

What I see most often in my reporting is that the people who stay safest online aren’t the most technically skilled — they’re the most skeptical. They pause before clicking. They verify before trusting. They ask questions before sending money. Those instincts don’t require a computer science degree. They require awareness. And now you have it.

Share this article with someone you care about. Print it out if that’s easier. The conversation you start today could save someone’s life savings tomorrow.