Older adults are among the most targeted victims of identity theft and financial fraud. According to the FTC's 2024-2025 report, seniors reported losing $2.4 billion to fraud in 2024 alone, with real losses estimated between $10 billion and $81.5 billion when accounting for unreported cases. If you have elderly family members, taking proactive steps to protect them is not just helpful -- it is essential.
The Scope of Elder Fraud
Total fraud losses reported by adults aged 60 and over increased roughly fourfold from 2020 to 2024, jumping from $600 million to $2.4 billion. Individual losses exceeding $100,000 now account for 68% of all aggregate reported losses from seniors. Investment scams alone cost older adults $744 million in 2024.
Common Scams Targeting Elderly Adults
Scammers deliberately target seniors because they often have accumulated savings, are more trusting, and may be less familiar with digital security practices. Here are the most common scams to watch for:
Medicare and Health Insurance Fraud
Criminals pose as Medicare representatives to extract personal information, including Social Security numbers and insurance IDs. They may offer fake services, request payment for nonexistent coverage, or use stolen Medicare numbers to file fraudulent claims.
The Grandparent Scam
A caller pretends to be a grandchild in distress -- claiming to be in jail, in an accident, or stranded overseas. They plead for money and beg the grandparent not to tell anyone. These calls often come late at night to increase confusion and urgency.
Tech Support Scams
Fake pop-ups or unsolicited calls claim that the senior's computer has been compromised. The scammer then requests remote access or payment for bogus repairs. The FTC reported that older adults lost $159 million to tech support scams in 2024.
Phishing Calls and Emails
Impersonation scams -- where criminals pose as government agencies like the IRS or Social Security Administration -- cost older adults $700 million in 2024. These scams use fear and urgency to pressure victims into sharing sensitive information or sending money.
Romance Scams
Scammers build emotional relationships with seniors online, then request money for emergencies, travel, or medical bills. Social media has become the top pipeline for these scams, with losses via social platforms increasing nearly ninefold since 2020.
Practical Protection Steps
You do not need to be a cybersecurity expert to help protect an elderly loved one. These concrete steps can make a significant difference:
1. Freeze Credit at All Three Bureaus
A credit freeze prevents anyone from opening new accounts in your family member's name. Contact each bureau directly:
- Equifax: 1-800-685-1111 or equifax.com
- Experian: 1-888-397-3742 or experian.com
- TransUnion: 1-888-909-8872 or transunion.com
Credit freezes are free and can be temporarily lifted when legitimate credit applications are needed.
2. Opt Out of Data Brokers
Data broker sites publish personal information -- names, addresses, phone numbers, and even relatives' names -- that scammers use to build convincing fraud attempts. Removing this information reduces the data available to criminals.
3. Set Up Trusted Contacts at Financial Institutions
Most banks and brokerages now allow customers to designate a trusted contact person. This individual can be reached if the institution suspects financial exploitation or cannot reach the account holder. It does not give the contact authority over the account, but it creates an important safety net.
4. Review Statements Regularly
Help your family member review bank statements, credit card bills, and insurance claims on a monthly basis. Look for:
- Unfamiliar charges, even small ones (scammers often test with small amounts first)
- Checks written to unknown parties
- Unexpected changes in account balances
- Medical bills or insurance claims for services not received
5. Use Identity and Dark Web Monitoring
Monitoring services continuously scan for your family member's personal information appearing in data breaches, on dark web marketplaces, or in unauthorized credit applications. Early detection is critical -- the sooner you catch identity theft, the easier it is to resolve.
Do Not Wait for Signs of Theft
Many seniors do not report fraud out of embarrassment or because they do not realize it has happened. The FTC notes that older adults report losing money at a lower rate than younger adults, but when they do lose money, their median individual losses are significantly higher. Prevention is always better than recovery.
Warning Signs of Identity Theft in the Elderly
Stay alert for these red flags that may indicate an elderly family member's identity has been compromised:
- Unexpected bills or collection notices for accounts they never opened
- Missing mail, which could indicate an address change fraud
- Calls from debt collectors about unknown debts
- Denial of credit for no apparent reason
- Unfamiliar accounts appearing on credit reports
- Sudden reluctance to discuss finances, which may indicate they are being coached by a scammer
- New "friends" who seem overly interested in their financial situation
Resources for Help
If you suspect an elderly family member has been targeted or victimized, these resources can help:
- FTC (Federal Trade Commission): File complaints at ReportFraud.ftc.gov or call 1-877-382-4357
- Local Adult Protective Services (APS): Every state has an APS agency that investigates elder abuse, including financial exploitation. Find yours through the Eldercare Locator at 1-800-677-1116
- AARP Fraud Watch Network: Offers a helpline at 1-877-908-3360 with trained fraud specialists
- FBI's Internet Crime Complaint Center (IC3): Report internet-related fraud at ic3.gov
A Comprehensive Approach to Elder Protection
Protecting elderly family members from identity theft requires a combination of preventive measures, ongoing monitoring, and open communication. Have regular conversations about new scam tactics, and make it clear that there is no shame in being targeted -- it can happen to anyone.
For families looking for a comprehensive solution, PrivacyOn offers 24/7 monitoring, dark web scanning, and removal from over 100 data broker sites. Their family plans cover up to 5 people starting at $8.33 per month, making it practical to protect elderly parents, grandparents, and other vulnerable family members under a single plan. Removing personal data from broker sites and monitoring for threats is one of the most effective ways to reduce the risk before scammers ever make contact.