Financial scams targeting older Americans drain billions from retirement savings each year — and the harm doesn't stop at the bank account. Victims and their families often suffer lasting emotional consequences as well. Criminals frequently target seniors because they may have accumulated savings, own a home, and carry solid credit histories that make them attractive marks. These schemes arrive by phone, email, social media, mail, and in person, often using sophisticated tactics designed to exploit trust and create a sense of urgency.

Common Types of Scams

Scammers frequently impersonate government agencies — Social Security, Medicare, or the IRS — to convince older adults that their accounts are at risk and that they must pay fees or provide personal information immediately. Other prevalent schemes include:

Tech support scams, where a fake alert claims your device has been compromised and a "technician" offers to fix it — for access to your computer and your information.

Romance and confidence scams, where fraudsters build a relationship over time before introducing a financial crisis that requires your help.

Grandparent scams, where someone poses as a grandchild or family member in urgent distress — arrested, injured, or stranded — and begs for money and secrecy.

Sweepstakes and lottery scams, where victims are told they've won a prize but must pay fees or taxes upfront to collect their winnings.

Red Flags to Watch For

Be wary of any unexpected call, email, or message that demands personal details or payment — especially if the caller insists on secrecy or pressures you to act immediately. Legitimate government agencies will never demand payment by gift card or prepaid debit card, and they will not threaten arrest for failing to comply.

Avoid clicking links from unknown senders. Never grant remote access to your computer to someone who called you unsolicited. And before providing any information to someone claiming to represent an organization, take the time to verify their identity through an official source.

How to Protect Yourself

Monitor your bank and credit card statements regularly for unauthorized charges. Keep sensitive financial information secure, use strong and unique passwords, and shred documents containing personal data before throwing them away. Guard your Social Security number and PINs carefully, and make a habit of discussing any suspicious contact with a trusted family member, friend, or advisor. A second opinion is often the fastest way to spot a scam.

If You've Been Targeted

If you believe you've been targeted or defrauded, report it to the FBI's Internet Crime Complaint Center at ic3.gov, or contact your local law enforcement. Reporting matters — it helps authorities track patterns and protect others from the same schemes.

Awareness and vigilance remain the strongest defenses against fraud. Stay informed, exercise caution with your personal and financial details, and trust your instincts. If something feels wrong, it's worth pausing before you act.