Scams targeting elders are on the rise: Here’s how to stay safe

Financial fraud targeting older adults in the U.S. has skyrocketed, with losses rising fourfold from $600 million in 2020 to $2.4 billion in 2024, according to the Federal Trade Commission. Investment scams, romance fraud, and impersonation schemes now dominate, accounting for the majority of reported cases, particularly in regions like California and the Bay Area where the population over 60 is growing fastest. Scammers increasingly use technology to make their schemes more convincing, including AI-generated voices mimicking family members in distress. For example, fraudsters may impersonate a grandchild claiming to need bail money urgently. A recent case in Morgan Hill involved scammers posing as government officials, tricking a senior into withdrawing thousands of dollars, while police later arrested a Monterey woman carrying $16,000 in cash linked to the scheme. Experts warn that older adults are prime targets due to isolation and lower digital literacy, making them vulnerable to sophisticated tactics like phishing emails or urgent payment demands. The Santa Clara County District Attorney’s Office reports tech-enabled scams—such as fake IRS calls or sweepstakes prizes—are among the most common, with red flags including unknown callers requesting personal information or immediate payments. Investment scams alone accounted for $5.4 billion in losses nationwide in 2024, surpassing other fraud types. Deputy District Attorney Jonathan Beardsley noted that scammers exploit technology to hide identities, often using phone scams that demand quick action. Advocates urge seniors to pause before sending money, verify the source, and consult trusted family members or authorities if suspicious. The Federal Trade Commission highlights that fraudsters increasingly combine emotional manipulation with technological sophistication, such as AI voice cloning, to bypass skepticism. AARP fraud expert Strat Maloma emphasized that scammers rely on urgency and fear, urging victims to take time to confirm legitimacy before acting. Prevention efforts focus on education about common tactics, including impersonation schemes and unsolicited requests for money.