Top 5 Scams Targeting Older Adults
05/21/2025
Top 5 Scams Targeting Older Adults
Unfortunately, many scammers target older adults because of the perception that they have more money and resources than younger people. As a result, a sad fact is that older adults may lose their life savings and more if they become the victim of one of these scams. However, knowledge is power! Here is a list of the top five scams aimed at older adults.
- Grandparent Scams
Grandparent scams are some of the most nefarious scams out there. They play on a grandparent’s love and concern for their family members in order to extort money from them.
Usually, these scams start in one of two ways. The first is that the scammer will use AI and information gathered from spam calls, social media, or information found on the dark web to impersonate the victim’s loved one. The second is that the scammer will impersonate a medical professional, police officer, or other position of authority to claim the loved one is in some sort of danger and cannot make the call themselves.
From there, the scammer will create a sense of urgency to scare the victim into sending money. They ask for payment in mostly untraceable ways like transferring crypto, buying gift cards, sending wires, or even brazenly having the scammer themselves pick up cash from the victim personally. Avoid these scams by always reaching out to other loved ones who can verify the validity of claims.
- Financial Services Scams
These scams revolve around con artists convincing you they represent your bank, your loan company, or a debt collector. They will often try to create legitimacy through spoofing your actual bank’s phone number, website, or email communications. Contact with the victim is usually to gain sensitive information like social security numbers or login credentials. Some may also claim that your account has been compromised, and you must send all your money to a special bank account to “safeguard” it.
No matter what these types of scammers claim, it is always important to be skeptical of any communication claiming to be from a financial institution unless you have initiated the contact at a verified and trusted source. Best practice is to hang up or stop contact and either physically visit your financial institution, call the number on the back of your card, or reach out through another method you trust.
- Tech Support Scams
These scams rely on the perception that many older adults are uncomfortable with technology. Through pop-ups or direct messages on electronic devices, scammers will usually direct the victim to call a number. When the victim calls, the scammer will offer to “fix” the device for a fee, will ask for remote access and install malware, or ask for sensitive information. Your best practice is to never call the number or click on a link in a pop-up or direct message and to only use vetted tech support services to help fix devices.
- Government Impersonation scams
Just like with financial services scams, scammers can also impersonate government officials from places like the Social Security Administration, IRS, or Medicare. They will often claim there are unpaid expenses and threaten arrest, other legal action, or cessation of service. They demand payment by P2P transfer, gifts cards, or cash. The best practice is to stop all communication and reach out at a trusted number.
- Romance Scams
Romance scams are another scam that preys on people’s emotions. Many cons set up fake dating profiles and spend days, months, or even years developing relationships with victims. Once a certain level of trust is established, the scammer will then ask the victim for money for various reasons. The most common are travel expenses, medical emergencies, or family issues. The best way to avoid these scams is to never send money to someone you have not met in person. You should also be wary if the request for funds is unusual or nonsensical.
Sadly, many scammers target older adults because of various stereotypes. The best way to avoid becoming a victim of one of these scams is to stay educated!
Sources:
https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults/