Why Affluent Older Adults Are Prime Targets for Financial Fraud

You’ve worked your whole life to build your nest egg. But that very success makes you a magnet for fraudsters. Scammers regularly target older adults (those 60 and older), especially those whose net worth tops $500,000. The reason is simple: They see you as a prime money-making opportunity.

Awareness of why you’re at risk is the first step toward safeguarding your wealth — and your peace of mind. Next is taking measures to prevent targeting.

You’re More Likely to Be Targeted — and to Lose More

Thieves systematically focus on adults 60 and older because you’re perceived to have substantial savings and are less likely to challenge them. That shows in 2024 theft data. Older Americans reported losses of $4.9 billion to the FBI last year, a staggering 43% increase from 2023.1

You’re also more likely to report large losses. The average per person loss to fraud by all Americans was about $19,000, but older Americans report an average of $83,000 in losses.1

The number of people reporting more than $100K in losses have tripled since 2020.2 Adults 60 and older also submitted 147,000 complaints in 2024, the most complaints of any age group.1

Your risk of fraud changes every decade, too.

Know the Risk Factors

There are a few risk factors you should consider that make older adults more likely to be defrauded. They include cognitive issues, as well as social and emotional dynamics.

Declining memory, social isolation, depression and lower financial self-confidence make you more vulnerable. Those living alone or coping with health issues face heightened risk as they may rely on strangers online or who pose as saviors.

When it comes to large thefts, fraudsters often come from within your circle. You’re more likely to experience higher losses if the culprit is someone you know than from strangers. Be aware of who’s around you and get help from others you trust if you suspect someone close to you may be stealing from you.

You Face a Mix of Sophisticated and Familiar Scams

Below are the most common scams you’re likely to face, but there are many more.3 This means you'll need to be especially vigilant whenever money — or any sensitive personal information — is involved. Think before you act and ask questions, especially if someone tries to attempt one of the scams below.

Financial Schemes

In 2024, people older than 60 lost $1.8 billion dollars to investment scams.1 You’re often enticed by bogus "can't-miss" investment opportunities, of all types. Thieves will pretend to call from your bank with loan scams, or fraudsters will open sleeper accounts in your name to take out loans for themselves. 

Someone pretending to be an investment advisor from your wealth management firm or private bank may call offering new investment opportunities your regular advisor isn’t offering. You may get targeted for anything from Ponzi schemes to real estate scams. 

More recent, however, it’s been crypto scams that have been among the most successful for thieves. They cost older adults $5.8 billion in 2024, with more than 41,000 complaints about this theft getting filed with the FBI last year.1

Tech Support Fraud

Older adults are five times more likely to lose money to tech support scams than younger adults.2 These frauds prey on trust and fear.

For example, you may see popups on your computer screen for antiviral or antimalware software with frightening messages that look like they’re from reputable software companies. So, you may try clicking to close the bogus ad, which often won’t go away before you pay for the “software.” Instead of paying, reboot your computer to get rid of the "ad." If that doesn't work, try using another browser where the ad doesn't appear.

You may even get calls from official sounding businesses offering tech support services – and of course, asking for credit card information. 

Only buy antiviral or antimalware software or tech support services directly from vendors whose websites you go to directly or businesses you call. Keep your computer and browsers updated to prevent popups you can’t remove by refreshing your browser.

Government Agency Imposters

Thieves pretending to be government agencies will send you emails that appear to be from Medicare,3 the IRS, or the Social Security Administration.1 They may leave you a message asking you to call them back about “important information” about your account.