Protect Seniors from Scams: A Family Fraud-Defense Plan
Elder fraud is surging — and the human cost is devastating. In 2024 alone, Americans aged 60+ reported almost $4.9 billion in losses to online scams, a 43% jump from 2023 and roughly five times higher than in 2020, according to the FBI’s Internet Crime Complaint Center (IC3). The average loss for older adults was $83,000, compared with $19,000 across all age groups. Behind the numbers are lives upended, savings erased, and families shaken.
You can fight back. The most effective defense blends open communication, practical tech safeguards, and a clear, rapid response plan if something goes wrong. With October marking Cybersecurity Awareness Month, now is the perfect time to put family-wide protections in place.
Why scammers target older adults
- Access to funds: Many seniors have stable savings, retirement accounts, or home equity.
- Trust in authority: Calls or emails that sound official can be highly persuasive.
- Loneliness: Social isolation makes relationship-based scams more effective.
- Cognitive overload: Juggling many accounts can make urgent requests seem legitimate.
- Technology gaps: Older devices, reused passwords, and outdated software widen the attack surface.
- Better scam tools: Criminals increasingly use leaked credentials, AI voice cloning, and deepfakes to appear credible.
The scammer playbook: schemes to watch
- Phishing and impostor scams: Criminals pose as the IRS, Medicare, or a bank to steal logins or push fraudulent payments.
- Tech support fraud: A fake alert or call claims a device is infected. The scammer pressures for remote access, then steals data or plants malware.
- Romance scams: Trust is built over weeks or months, followed by urgent requests for large transfers.
- Grandparent scams: A caller claims a loved one is in trouble and needs money immediately via wire, gift cards, or payment apps.
- Investment scams: Fraudsters pitch crypto or high-yield opportunities, sometimes with fabricated celebrity endorsements.
Start the conversation early
- Set a family pause-and-verify rule: No money leaves the account without a second set of eyes. Designate a verification buddy for any financial request, especially urgent ones.
- Lead with empathy: Anyone can be tricked — even tech-savvy adults. Shame keeps people silent; openness keeps people safe.
- Ask the bank for extra safeguards: Use verification calls for new payees, holds on large wires, and alerts to both the senior and a trusted contact.
A simple cyber-hygiene checklist
- Use a password manager to create unique, strong passwords for banking, email, and social media.
- Turn on two-factor authentication, ideally with an authenticator app or hardware key (avoid SMS when possible).
- Block pop-ups and robocalls using built-in tools or carrier features.
- Enable automatic updates on phones, tablets, and computers.
- Treat links and attachments with caution; when in doubt, use a trusted link checker.
- Install reputable security software on all devices and keep it updated.
- Write down clear instructions for common tasks and emergency steps.
If the worst happens: act fast
- Freeze transfers immediately: Contact the bank to stop outgoing payments and flag the account.
- Document everything: Save numbers, emails, messages, and screenshots.
- Report it: File with the FBI’s IC3 and the FTC at IdentityTheft.gov.
- Lock down credit: Place a credit freeze to block new accounts in the victim’s name.
- Offer emotional support: Remind your loved one they are a victim of a crime. Replace blame with reassurance and next steps.
Build long-term protection
- Turn on identity monitoring that alerts you if a Social Security number or credentials appear on the dark web.
- Review bank balances and transactions together regularly.
- Revisit account settings, payee lists, and alerts each quarter.
- Refresh education during Cybersecurity Awareness Month — prevention is a habit.
Bottom line
Scams targeting seniors are rising in cost, frequency, and sophistication. Families that combine open communication with smart behavioral and technical safeguards can dramatically cut risk — and protect a lifetime of savings.