Fraud Education and Prevention Articles

Elder Financial Abuse Is on the Rise

Jun 04, 2024 (updated May 15, 2026)

June 15 marks World Elder Abuse Awareness Day (WEAAD), which recognizes any act that causes harm to an older person and is carried out by someone they know and trust, such as a family member or friend. One of the worst forms of abuse can be financial, where elders fall victim to scams or fraud. Read on to learn more. 

The cost of financial crimes against older Americans is on the rise. Between 2024 and 2025, surged from roughly $4.8 billion in 2024 to more than $7.7 billion the following year.1

Are criminals targeting seniors more? Or are there just more seniors to target? As fraudsters' methods become increasingly advanced and more Americans turned 65 in 2024 than at any point in history, it seems likely that both are contributing factors.2

Fortunately, governmental efforts and resources available to individuals and families to prevent elder financial fraud are also on the rise. Here's a close look at what's driving this particularly heinous type of fraud, what's being done to curb it and how older Americans can protect themselves.


Behind the Elder Financial Fraud Data

The National Cybersecurity Alliance (NCA) made headlines recently with a study that indicated Baby Boomers were less likely to fall for certain cybercrimes than Gen Z or Millennial respondents.3 But according to the Department of Justice (DOJ), underreporting of financial fraud is higher among older adults.4 The U.S. Department of Justice (DOJ) 2025 Annual Report to Congress on "Activities to Combat Elder Fraud and Abuse," released on November 17, 2025, asserted that criminal and civil enforcement actions targeted perpetrators who attempted to steal or successfully stole more than $2 billion from more than one million older Americans.5

The more technologically advanced a fraud is, the more vulnerable older people may be as well, though data can lag on emerging crimes. Many news reports have shared anecdotes about AI-voice scams targeting grandparents, for example.6,7 However, a U.S. Senate request to the Federal Trade Commission (FTC) to assess the prevalence of AI-related scams targeting seniors only occurred in late 2023.8 The Senate continues to operate a fraud hotline (1-855-303-9470) for reporting scams and providing educational resources. 


Types of Rising Elder Financial Fraud

Additionally, the NCA study measured only reporting of online dating, phishing and identity theft. According to the FBI, the types of elder crime having the most impact include:


Investment Scams

Investment/Crypto Focus: Investment and cryptocurrency fraud were the primary drivers, with seniors losing more than $740 million to investment scams in 2024 and more than $4.35 billion to crypto scams in 2025.1 Overall, this represents a 37% increase in losses for older adults from 2024. This fraud is often presented to victims as a low-risk investment with surefire returns, including advanced fee frauds, Ponzi and pyramid schemes, real estate investing scams and more.9


Tech Support Scams

Tech support scams, in which a criminal poses as a customer service agent in order to collect payments or gain remote access to a victim's computer or financial accounts, saw older Americans losing approximately $982 million to this type of fraud between July 2024 and June 2025.1 In 2025, more than 201,000 victims aged 60 and older reported financial losses to the FBI's Internet Crime Complaint Center (IC3), marking a significant increase in elder fraud. A little more than 58% of all tech support scam losses impacted the elder demographic.


Cryptocurrency/Cryptocurrency Wallet

See "Investment Scams" above.1 According to the FBI, in 2024 seniors filed 33,369 cryptocurrency-related complaints, resulting in reported losses of approximately $2.84 billion. Both numbers went up in 2025, with those 60 and older filing 44,555 cryptocurrency-related complaints, with reported losses rising to $4.432 billion.


Confidence/Romance

Specifically for 2024, the FBI's IC3 report recorded 7,626 victims over 60 years old in confidence/romance scams, with approximately $389 million in losses.1 Confidence/romance scams were a major category, with seniors losing $584 million, up 33.4% from 2024.


Government Impersonation

In 2025, the number of government impersonation scams reported to the FBI’s IC3 nearly doubled from 2024, surging to 32,424, according to the 2025 IC3 Annual Report. Total losses from these specific government impersonation scams reached $798 million in 2025, up from $406 million in 2024.


Protective Actions Underway

The 2023 congressional report from the U.S. Attorney General had a clear message: The DOJ is taking elder fraud and abuse seriously and is taking action.5 Between 2024 and 2025, the DOJ Fraud Section significantly increased its enforcement actions, charging 265 individuals and initiating 15 corporate enforcement actions in 2025 (up from 13 in 2024), involving more than $16 billion in intended losses and $1 billion-plus in corporate resolutions. 

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Between 2021 and 2022, total losses among financial fraud victims 60 and older reported to the FBI increased by 84%.

These enforcement actions were part of the DOJ's Elder Justice Initiative, which also includes support for older victims, enhanced state and local justice efforts and raising public awareness about elder abuse and financial fraud.10


Elder Fraud Resources

Whether or not Americans 60 and older consider themselves elders, there's plenty individuals can do to protect themselves, as well as actions their family members can take to prevent financial fraud and abuse against their loved ones.

Elder Fraud Prevention Education:

  • Educational resources: Both the DOJ and the FTC have publicly accessible educational resources on elder abuse for individual use or to use in community presentations.11,12
  • Consumer Financial Protection Bureau's (CFPB's) Preventing Elder Financial Abuse Guide: This guide is designed for the family and friends of seniors living in nursing homes and assisted living communities.14

Elder Fraud Reporting Resources:

  • DOJ's Financial Exploitation Guide: Through stories and a series of questions, users can identify if they have experienced financial exploitation and how to report it.15
  • DOJ's National Elder Fraud Hotline: Call 1-833-FRAUD-11 for non-life-threatening emergencies related to elder fraud and abuse.16

Supportive Services for Victims of Elder Fraud:

Just as they've changed every other aspect of society and culture, aging Baby Boomers are sharply increasing the number of seniors in the U.S., placing new focus on the long-running issue of elder financial fraud. As cybercrime and other types of financial fraud continue to evolve and more seniors become increasingly reliant on technology, the risk will only continue to increase. But with the right resources and awareness older consumers and their loved ones can help prevent elder financial fraud and lessen the impact when it occurs.


Consider Signing Up for Credit Monitoring

Does remembering to regularly scan your credit report sound exhausting? Another option: Choose a service that will do the credit monitoring for you.

For example, as a Synovus Plus, Synovus Inspire, or Synovus Private Wealth customer, you can enroll in complimentary Financial Protection Services services through Carefull. Depending on the level of protection you have, Carefull will monitor your credit reports and notify you any time any changes are made. Carefull will also scan the web to make sure your personal information hasn't been compromised by checking websites, blogs, peer-to-peer networks. Carefull also offers full-service identity restoration if you become a victim of identity theft.

Learn more about how you can achieve peace of mind as a Synovus customer with Carefull.


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Important disclosure information

Asset allocation and diversifications do not ensure against loss. This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Internet Crime Complaint Center, Elder Fraud Report 2025," Federal Bureau of Investigation. Accessed May 15, 2026. Back
  2. Clare Ansberry, "America Has Never Had So Many 65-Year-Olds. They’re Redefining the Milestone." The Wall Street Journal, published February 6, 2024. Accessed April 26, 2024. Back
  3. National Cybersecurity Alliance, "Oh, Behave! The Annual Cybersecurity Attitudes and Behaviors Report 2023," published October 2, 2023. Accessed April 26, 2024. Back
  4. Rachel E. Morgan and Susannah N. Tapp, "Examining Financial Fraud Against Older Adults," U.S. Department of Justice, National Institute of Justice, published March 20, 2024. Accessed April 26, 2024. Back
  5. Office of the Attorney General, "Annual Report to Congress on Department of Justice Activities to Combat Elder Fraud and Abuse," U.S. Department of Justice, published November 17, 2025. Accessed May 15, 2026. Back
  6. Melissa Mecija, "AI voice scheme nearly tricks San Diego woman in high-tech “grandparent scam," ABC 10 News San Diego, published November 07, 2023. Accessed April 26, 2024. Back
  7. Federal Communications Commission, "'Grandparent' Scams Get More Sophisticated," updated April 26, 2026. Accessed May 15, 2026. Back
  8. United States Senators Robert P. Casey, Jr., Richard Blumenthal, Kirsten Gillibrand, John Fetterman, Letter to The Honorable Lina M. Khan Chair Federal Trade Commission, published December 5, 2023. Accessed April 26, 2024. Back
  9. Office of the Comptroller of the Currency, "Types of Consumer Fraud," accessed May 6, 2024. Back
  10. U.S. Department of Justice, "Elder Justice Initiative (EJI)," accessed April 26, 2024. Back
  11. U.S. Department of Justice, "Get Involved, Get Safe Community Presentations," accessed April 26, 2024. Back
  12. Consumer Advice, "Grandkid and Family Scams," Federal Trade Commission. Accessed April 26, 2024. Back
  13. Consumer Financial Protection Bureau, "Preventing elder financial abuse: Guide for family and friends of people living in nursing homes and assisted living communities," published November 2021. Accessed April 26, 2024. Back
  14. U.S. Department of Justice, "Financial Exploitation," accessed April 26, 2024. Back
  15. U.S. Department of Justice, "Find Help or Report Abuse," accessed April 26, 2024. Back
  16. U.S. Department of Justice, "Elder Justice Neighborhood Resources," accessed April 26, 2024. Back
  17. Office for Victims of Crime, "Directory of Crime Victim Services," U.S. Department of Justice. Accessed May 15, 2026. Back
  18. The National Academy of Elder Law Attorneys, "Find a Lawyer," accessed May 15, 2026. Back