Home » News & Events » Online Scams Targeting Older Adults
Older people are especially vulnerable to online scams. According to the FBI Internet Crime Complaint Center (IC3), roughly $3.4 billion in total fraud losses were reported by Americans over age 60 in 2023, up 11% from 2022. The average loss per case was nearly $34,000.
Why are seniors at higher risk for scams? Although many are barely making ends meet, scammers may believe they have ample retirement savings sitting in their bank account. Some older adults can be more trusting by nature, and some also have cognitive issues that can make them prone to exploitation. Additionally, many live alone, with no one to help manage their money.
According to Soo-Lynn Getz, Director of Fraud Prevention at Zelle®, it’s important for older adults to stay diligent in understanding what scams are out there. “When older adults are intentionally seeking and sharing knowledge on how current scams are perpetrated, along with what red flags to look for, this builds the ability to reflect on the situation while it is occurring, as well as to pause and reflect.” Getz said. “The power of that pause could support an older adult in stopping the emotional response to act without thinking.”
The most frequent scams include:
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