Top 5 Financial Scams Targeting Older Adults

By The Scam Exposed

“Your money is in danger, and you need to move it right now.”

That kind of urgent message is becoming a familiar opening in financial scams targeting older Americans. In 2025, people age 60 and older filed more than 201,000 complaints with the FBI’s Internet Crime Complaint Center, reporting losses of more than $7.7 billion. The FBI says reported losses increased by 59 percent from 2024, while complaints rose by 37 percent.

These numbers represent reported cases only. Many people never report a scam, especially when they feel embarrassed or believe there is little chance of getting their money back.

The good news is that many financial scams follow recognizable patterns. A stranger may pretend to be someone you know. They may claim your bank account has been hacked. They may say you have won money or that your Social Security number is connected to a crime.

The story changes, but the goal is usually the same. The scammer wants you to act before you have time to check what is really happening.

Why These Scams Work So Well

Scammers know how to sound convincing. They may know your name, address, the name of your bank, or other basic information that can make a call feel legitimate.

They also use caller ID spoofing, fake websites, realistic emails, text messages, and even artificial intelligence to make their stories more believable.

The pressure is another important part of the trick.

A scammer may tell you:

“Do not hang up. If you disconnect, you could lose everything.”

That sentence is designed to keep you from talking to your spouse, child, friend, bank, or another person who might recognize the scam.

The FTC has found that some of the most damaging scams against older adults begin with a false problem involving a bank account, a government investigation, or a computer security alert. The scammer then offers a fake solution that requires the victim to move money.

Here are five financial scams worth knowing before one reaches you.

1. Investment and Cryptocurrency Scams

Investment scams caused the largest reported financial losses among older adults in the FBI's 2025 data. Reported losses from investment schemes exceeded $3.5 billion.

These scams often begin with an attractive promise.

You may see an advertisement for an investment opportunity on social media. Someone may contact you online and claim to be a successful investor. You might even receive a message from someone who appears to have made a great deal of money through cryptocurrency.

The scammer slowly builds credibility.

They may show fake account statements showing that your investment is growing. They may introduce you to a supposed financial expert. They may encourage you to make a small deposit first.

Then the requests become larger.

You may be told to send money through cryptocurrency, wire transfers, or another payment method that is difficult to reverse.

A common line might be:

“Your account has already doubled. You just need to pay the release fee before you can withdraw your profits.”

There are no real profits waiting for you. The website or investment account may be completely fake.

Some investment scams also begin as personal relationships. The scammer develops trust over weeks or months before introducing an investment opportunity. The FBI has specifically warned about cryptocurrency investment fraud connected to online relationships.

The safest approach is simple. Never invest because a stranger online promises guaranteed or unusually high returns. Before sending money, independently check the company and the person offering the investment.

2. Fake Bank and Government Impersonation Scams

Imagine receiving a call that appears to come from your bank.

The caller says there has been suspicious activity on your account.

“You need to move your money to a protected account before the criminals take it.”

This is a powerful scam because the problem sounds serious, and the caller may know enough about you to sound genuine.

The same approach can involve the Social Security Administration, Medicare, the IRS, the FTC, or another government agency.

The scammer may say your Social Security number was used in a crime. They may claim there is an arrest warrant. They may tell you that your benefits are about to be canceled.

Then comes the demand for money.

The FTC reports that older adults are increasingly losing large amounts to business and government impersonation scams. Reports of losses of $100,000 or more to these impersonators increased nearly sevenfold from 2020 to 2024.

One FBI case involved a woman who was falsely told that her identity had been connected to drug trafficking and money laundering. The scammer convinced her to move money into a supposed government vault. She ultimately lost more than $500,000.

Real government agencies do not ask you to move your savings into a “safe” government account because of a phone call.

If someone claims to represent your bank or a government agency, end the call. Contact the organization using a phone number you already know is genuine.

3. Tech Support Scams

A warning suddenly appears on your computer.

“Your computer has been infected. Call this number immediately.”

The message may look official. It may use the name or logo of a familiar technology company.

When you call, a person claiming to be a technician answers.

They may tell you that hackers have entered your computer or that your bank accounts are in danger.

Then they ask you to give them remote access.

Once inside the computer, the scammer may pretend to find serious problems. They may ask for payment to fix them. In some cases, they can use remote access to view files, passwords, financial information, or other personal data.

The FTC says tech support scammers may sell useless services, steal credit card information, or gain access to computers and install malware.

These scams caused about $1 billion in reported losses for older adults in the FBI's 2025 data.

A real computer problem can be stressful, but an unexpected pop-up is not proof that your computer has been hacked.

Do not call the number displayed in the warning. Close the message and contact a trusted technician or the company's official support service through a website or phone number you already know.

4. Grandparent and Family Emergency Scams

Your phone rings.

“Grandma, it's me. Please don't tell Mom and Dad.”

The caller claims to be your grandchild. They may say they were arrested, involved in an accident, stuck in another city, or dealing with a medical emergency.

The story is designed to make you react emotionally before you start asking questions.

The scammer may say:

“I need you to send the money now. I am too embarrassed to tell anyone else.”

Modern technology can make these calls even more convincing. Criminals may use information found online to learn family names and relationships. In some cases, criminals use AI-generated voice cloning to make a caller sound like a real family member.

The scammer may ask for gift cards, a wire transfer, cryptocurrency, or cash delivered to a person.

They often add one important instruction: keep the situation secret.

That secrecy gives the scammer more control.

If someone claiming to be a family member suddenly asks for money, take a moment before doing anything. Call the person directly using a number already saved in your phone. You can also contact another family member who can confirm whether there is a real emergency.

A genuine family emergency does not require you to obey a stranger's instructions without checking the story.

5. Romance and Relationship Scams

Some financial scams begin with money. Romance scams often begin with conversation.

A person meets you through social media, a dating site, a messaging app, or another online platform. They appear interested in your life. They remember details you share. They may message every day.

Over time, the relationship feels real.

Then an emergency appears.

The person may claim they need money for medical treatment, travel, a visa, a business problem, or another urgent expense.

They might say:

“I wish I could be there with you, but I just need your help getting home.”

The requests may start small. Later, they can become much larger.

Some romance scams also turn into investment scams. The person may encourage you to invest in cryptocurrency or another opportunity they claim will help both of you build a future together.

The FBI says confidence and romance scams were among the major categories affecting older adults, while cryptocurrency-related fraud caused especially severe losses.

A person you have never met in person should not need access to your savings. Strong feelings do not make a financial request safe.

Take a step back whenever an online relationship suddenly becomes connected to money.

Other Tricks Can Empty a Bank Account

Investment, impersonation, tech support, family emergency, and romance scams are not the only threats.

Lottery and sweepstakes scams tell you that you have won a large prize but need to pay taxes or fees before receiving it.

Charity scams appear after disasters or during major holidays, when people naturally want to help. Criminals create fake charities or imitate legitimate organizations to collect donations.

Phishing scams use emails and text messages that appear to come from banks, retailers, delivery companies, or other familiar businesses. The message may contain a link designed to steal your login information or financial details.

Business impersonation scams can also look remarkably professional. The FTC says people reported $3.5 billion in losses to imposter scams overall in 2025, with bank impersonators among the costliest types.

The Best Protection Is Time

Most scammers want you to make a financial decision immediately.

That is why slowing down is so powerful.

You do not have to decide while a stranger is on the phone. You do not have to click a link because an email says it is urgent. You do not have to move money because someone claims your account is in danger.

Hang up.

Step away from the computer.

Talk to someone you trust.

Then contact the bank, company, family member, or government agency through information you find independently.

If you already sent money, do not wait because you feel embarrassed. Contact your bank or payment company as quickly as possible and explain exactly what happened. The FBI also recommends reporting suspected scams through IC3.

You can also report fraud to the FTC. A report may help investigators identify patterns and connect separate complaints involving the same criminals.

Most importantly, remember that being targeted by a convincing scam does not mean you were careless. Criminals deliberately use fear, trust, urgency, and technology to make their stories believable.

When an unexpected financial request arrives, give yourself permission to stop.

Take one simple step today: decide that you will never move money because of an unexpected call or message until you have independently verified who contacted you.

The Scam Exposed is dedicated to helping older adults and their families recognize, avoid, and report financial scams before they cause lasting financial harm.