The Top 5 Financial Scams Targeting Older Adults

By on October 20, 2025

credit cards on computer keyboard

by Jessica Johnston, NCOA Senior Director, Center for Economic Well-Being

Financial scams are everywhere these days and no one is immune. And sometimes it leaves older adults with no way to recoup their losses. Worldwide, people age 60 and over lost a combined $3.4 billion to fraud in 2023 alone. Behind that shocking figure? More than 100,000 very real people who have been robbed of their savings and financial security.

“We all need to work together to make sure our seniors, their caregivers, families, and friends know the signs to look for that a criminal is after your money,” said FBI Criminal Investigative Division Assistant Director Michael Nordwall in a Facebook post.

NCOA is here to help. When it comes to stopping online scammers, knowledge is power. Below, we cover the most common scams targeting older adults. We’ll also tell you what to do if you or someone you know encounters one.

Why do financial scammers target seniors?

Fraudsters and con artists tend to go after older adults because they believe this population has plenty of money in the bank. But it’s not just wealthy older Americans who are targeted. Older adults with low income are also at risk for fraud.

Plus, many people are embarrassed to report financial scams. And they can be tough to prosecute. Criminals therefore consider them “low-risk.” However, these scams can be especially devastating for older adults whose ability to recover their losses is limited.

How common are financial scams targeting older adults?

In 2023, 536 people filed complaints with the U.S. Senate Special Committee on Aging Fraud Hotline. That brings the total number of registered complaints to nearly 12,300 since 2013.

The five scams that top the list of complaints for seniors:

  1. Tech support scams. These scams prey upon the doubts and discomforts that many people have around computers.The grandparent scam. Fake grandchildren pretend to be in distress and ask for financial help
  2. Financial services scam. Messages appear to come from a legitimate source: a bank, a mortgage company, or a debt collection agency.
  3. Government impersonation scams. callers pretend to be from the Internal Revenue Service (IRS), Social Security Administration, or Medicare.
  4. Romance scams. Romance scammers create fake social media profiles and use them to gain trust and steal money.

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