As financial advisors in Woodstock, GA, we've seen how devastating financial scams can be for older adults and their families. Seniors lost over $3 billion to scams in 2022, according to the FBI, with tech support scams, imposters, and online fraud among the most common. Elderly individuals are especially vulnerable due to isolation, declining cognition, and financial dependence on Social Security.
In this article, we will walk you through the top 7 scams targeting seniors, how they work, and how families can protect loved ones through proactive financial planning and discernment.
Key Insights on Elder Financial Fraud:
Seniors (60+) lost over $3 billion in 2022, with an average loss of $35,101 per victim
Phone scams result in greater losses than email scams
Top scams include tech support, family imposters, government imposters, and romance scams
Crypto and romance scams often lead to losses over $9,000
Social media scams rose more than 12x from 2019–2023 as seniors became more active online
Seniors over 80 experience the highest median losses
Family involvement and faith-based elder care planning can reduce risk
How Scammers Reach Seniors
Criminals use a variety of methods to target seniors — most often email, phone calls, and increasingly, social media.
At Strategic Stewardship, we’ve worked with families who have experienced firsthand how convincing these scams can be. Robocalls, in particular, often impersonate trusted organizations like the IRS or Social Security Administration, creating fear and urgency to trick victims into acting quickly.
While email scams are the most common, phone scams tend to cause greater financial loss. Many use spoofed numbers or fake caller IDs to appear legitimate — even pretending to be government agencies or local businesses.
Social media has become another fast-growing threat, especially as more seniors connect with friends and family online. In fact, reported social media scams grew more than 1,000% between 2019 and 2023.
Below are the top 7 fraud schemes targeting older adults. Each of these preys on trust, urgency, or confusion — and each has cost seniors and their families dearly.
Tech Support Scams
Family Imposters
Government Imposters
Online Shopping Scams
Romance Scams
Fake Sweepstakes and Lotteries
Cryptocurrency Scams
1. Tech Support
In 2022, tech support scammers stole more than $587.8 million from victims over 60, according to the FBI.
Tech support scammers tell victims their computers, tablets or phones have problems that they can help resolve. Sometimes pop-up screens or alerts randomly appear. Victims are lured to pay for services or products they don’t need. Messaging often sounds urgent and look official.
Scammers may claim to represent a well-known company (like Microsoft or Apple) however major tech companies often say they do not contact customers about these issues. If pop-ups appear, simply close them and ignore the warning.
Some scammers might ask for remote access to your computer. While legitimate computer care companies may do this to resolve technical issues, you shouldn’t grant remote access without having first vetting whoever is contacting you for access.
2. Family Imposters
Fraud by imposters posing as family or friends drove cases causing losses among all age groups with a median loss of $828 in early 2023. Seniors seemed especially vulnerable with victims (ages 80 and over) reporting a median loss of $5,500.
Fraudsters often pose as loved ones through an online profile that seems genuine by hacking personal emails or social media accounts. They’ll often claim an emergency has left desperately needing money and asking for an immediate funds transfer. It’s crucial to vet the person you’re talking to and ask them questions only your loved one would know. Avoid sending money immediately; take time to slow things down and verify what’s real.
3. Government Imposters
Among people reporting government imposter scams in 2023, about 15% say they lost money. People over 80 commonly suffered a median loss of $6,500 in these scams. Prime government imposters seem to choose the Social Security Administration (SSA) and the IRS.
Social Security imposters may tell victims that their Social Security number (SSN) has been linked to criminal activity and/or suspended, and will claim they can reactivate it once you confirm your SSN. Other SSN scams lead victims to believe they’re eligible for an increase or other benefit. They’ll ask you to confirm your personal information as a ploy to raid financial accounts.
Legitimate representatives from the SSA won’t request your personal information over the phone nor contact if you unless you’ve reached out to them. Scammers will alarm you with threats of arrest, suspension, or loss of benefits.
IRS impersonation often involves calling victims and telling them they owe back or face legal action. Often the goal is to intimidate victims into immediate action. When approached you should immediately hang up. You’ll be notified by mail first regarding issues with your taxes and they’ll never ask for bank accounts, PINs, passwords, or credit card numbers.
States with the most lost to IRS scams through 2016 were California (over $10 million),New York (over $4 million), Texas (over $4 million), Illinois (over $3 million), and Florida (over $2 million).
4. Online Shopping
The internet has become a primary means of shopping, and fraudulent websites can appear legitimate by slightly modifying a well-known brand. Consumers are lured by low prices and products that are often different when / if received. Scammers often ask you to pay in unconventional ways (e.g., by money order or wire transfer), so first vet phony retailers by searching for reviews.
5. Romance
If you're a retiree you should know that romance scams have exploded with the growing popularity of online dating. Seniors are particularly vulnerable with nearly 67% of romance scams reported and resulting in monetary loss. This group experienced a median loss of $9,500 in 2023. Fraudsters often begin with a fake social profiles used to reach vulnerable, lonely seniors to develop relationship by chatting or texting before eventually asking for money. Some may send money to victims first and then ask for it back. You should avoid sending money to anyone you’ve never met personally. An image search of a suspicious profile can alert you to whether stock photos or spoofed identities are used.
6. Fake Sweepstakes and Lotteries
Sweepstakes and lottery fraudsters often make contact through mail, phone calls, email or social media. Seniors between 70 – 79 reported a median loss of $2,000.
Typically, the victim is congratulated on winning a large amount of money and must pay a fee or tax before processing and awarding the winnings. If a victim pays it, scammers will often ask for more to deliver the prize.
7. Cryptocurrency scams
Cryptocurrency as a new payment method or investment strategy has given rise to familiar frauds. Cryptocurrency payment fraud grew by about 34% in 2022 and fraudulent investment schemes began following. The “pig butchering” scam lures victims to invest money in a fake cryptocurrency over time before the scammer steals everything at once. These often accompany romance scams.
Adults over 60 are most likely to fall prey to investment scams. This group accounts for 66% of money lost through cryptocurrency related fraud. In 2022 this group lost more than $1B.
Bottom Line Summary
The best defense against elder fraud is family engagement, knowledge and partnerships with trusted advisors. If you're concerned about a loved one, start with a conversation. Plan ahead and seek guidance from a trusted Christian financial advisor who understands the financial dimensions of protecting seniors.
Need help? Call the National Elder Fraud Hotline:
📞 833–372–8311 (Mon–Fri, 10am–6pm ET)