People 60 and older filed 201,266 complaints with the FBI in 2025 and reported $7.748 billion in losses, up 59% from 2024, with investment fraud the largest category at $3.52 billion (FBI IC3, 2025 IC3 Annual Report, April 2026).
Who is being targeted, and how much is being lost
The FBI's Internet Crime Complaint Center (IC3) received 201,266 complaints from people 60 and older in 2025, with $7.748 billion in reported losses, up 59% from 2024 (FBI Internet Crime Complaint Center, 2025 IC3 Annual Report, published April 2026).
The average reported loss for that age group was $38,500, and 12,444 people 60 and older reported losing more than $100,000 (FBI IC3, 2025 IC3 Annual Report, April 2026).
The Federal Trade Commission (FTC) sees the same pattern in its own complaint data. Reports of losses over $100,000 were only 5% of older adults' loss reports in 2024, but they made up 68% of the dollars lost (FTC, Protecting Older Consumers 2024-2025, December 1, 2025). Criminals now go after people with real savings.
Most fraud is never reported, so the true number is higher. The FTC estimates the overall cost of fraud to older adults in 2024 at between $10.1 billion and $81.5 billion, depending on how much goes unreported (FTC, Protecting Older Consumers 2024-2025, December 1, 2025).
The main scams against people 60 and older
Government impersonation: Social Security, Medicare and the IRS
A caller claims to be from a federal agency, such as the Internal Revenue Service (IRS), and says your number has been suspended, your benefits are at risk, or you owe money. People 60 and older reported $413 million in losses to government impersonation in 2025, nearly double the 2024 figure (FBI IC3, 2025 IC3 Annual Report, April 2026). Read our guides to Social Security scam calls, Medicare scam calls and IRS scam calls.
Investment fraud, including crypto
This is the largest category by dollars. People 60 and older reported $3.52 billion in investment fraud losses in 2025 (FBI IC3, 2025 IC3 Annual Report, April 2026). The pitch is a high, steady return with little risk: a fake crypto trading platform, a "guaranteed" promissory note. See investment scams targeting seniors.
Tech support and bank impersonation
A pop-up or caller says your computer or bank account has been hacked. Then a second "bank" or "government" caller tells you to move your savings to a safe account. People 60 and older reported about $1.04 billion in tech and customer support losses in 2025 (FBI IC3, 2025 IC3 Annual Report, April 2026).
Romance and friendship scams
Someone you meet online builds trust over weeks or months, then needs money or offers to teach you to invest. Reported losses for people 60 and older were $584 million in 2025 (FBI IC3, 2025 IC3 Annual Report, April 2026).
Elder financial abuse by someone you know
Not every theft comes from a stranger. A relative, caregiver or agent under a power of attorney can drain accounts slowly. See elder financial abuse: signs and how to report it.
How almost every scam works, step by step
- Contact. A call, text, email, pop-up or social media message. Caller ID can be faked.
- A crisis or a prize. "Your Social Security number was used in a crime." "Your account has been hacked." "You qualify for 12% guaranteed."
- Isolation. "Do not tell your bank, they may be involved." "Keep this confidential, it is an active investigation."
- A payment you cannot reverse. Gift cards, a wire, cash handed to a courier, gold, or cash fed into a cryptocurrency automated teller machine (ATM).
- Repeat. Once you pay, the next call asks for more. Later, a fake recovery firm offers to get your money back for a fee.
The FTC found that many large losses start with a fake alarm. When people believe they are fixing a problem rather than sending money to a stranger, their losses "are often limited only by their available funds" (FTC, False alarm, real scam, August 7, 2025).
Recovery scams are real and costly. People 60 and older filed 2,529 recovery scam complaints with $540.5 million in losses in 2025, which the FBI notes may include the earlier loss (FBI IC3, 2025 IC3 Annual Report, April 2026).
Three rules that stop most scams
1. No government agency demands gift cards, crypto or a wire. The Social Security Administration (SSA) and its Office of the Inspector General (OIG) say they will never ask you to transfer money to protect it, meet you to exchange cash, or ask for gift cards, cryptocurrency or gold bars (SSA OIG, Scam Warning, checked October 14, 2026). The IRS says it does not call to demand immediate payment by gift card, prepaid debit card or wire transfer (IRS, How to know it is really the IRS, checked October 14, 2026).
2. Hang up and call back on a number you already know. Use the number on your card, statement or the agency's official website. Never use the number the caller gives you. Medicare says it will never call you to sell you anything or visit you at your home (Medicare.gov, Reporting Medicare fraud and abuse, checked October 14, 2026).
3. Never move money to "protect" it. No real bank, broker or agency asks you to move savings into a new account, a crypto machine or a courier's hands for safekeeping. That request is the scam.
If you already paid or shared information
- Stop all contact. Do not send more money, even if they promise a refund.
- Call your bank or brokerage using the number on your card or statement. Ask it to stop or recall the payment and flag the account.
- If you paid by card, call the card issuer and dispute the charge. If you used gift cards, call the card company and keep the cards and receipts.
- Report to the FBI at ic3.gov quickly. In 2025 the IC3 Recovery Asset Team worked 642 cases involving victims 60 and older with $65.4 million in reported losses and helped freeze $32.9 million of it (FBI IC3, 2025 IC3 Annual Report, April 2026).
- Report to the FTC at ReportFraud.ftc.gov.
- If you shared your Social Security number or account logins, place a free credit freeze with each of the three national credit reporting companies; the Consumer Financial Protection Bureau (CFPB) notes the freeze is free and is your right by law (CFPB, What is a credit freeze, last reviewed September 5, 2025). Change passwords.
- Watch for a second call from someone offering to recover the money. That is usually the same criminals.
Who to report to, and what is not a scam
- Online fraud of any kind: FBI IC3 at ic3.gov.
- Consumer fraud: FTC at ReportFraud.ftc.gov.
- Social Security impersonation: SSA OIG at oig.ssa.gov.
- Medicare fraud: 1-800-MEDICARE (1-800-633-4227), or the Department of Health and Human Services (HHS) OIG at oig.hhs.gov.
- IRS impersonation: Treasury Inspector General for Tax Administration (TIGTA) at tigta.gov or 1-800-366-4484.
- Help for an older person, including abuse by someone they know: Department of Justice (DOJ) National Elder Fraud Hotline, 1-833-FRAUD-11 (833-372-8311), or Adult Protective Services (APS) through the Eldercare Locator at 1-800-677-1116 (DOJ Elder Justice Initiative, Find help or report abuse, checked October 14, 2026).
- Free scam counseling: AARP Fraud Watch Network Helpline, 877-908-3360 (AARP Fraud Watch Network, checked October 14, 2026).
- If someone is in immediate danger, call 911.
One distinction matters. The pages in this section cover crimes. Legal products that are sometimes sold too hard, such as annuities or indexed life insurance, are not fraud. They are regulated contracts with real trade-offs, and we cover them separately in The Fine Print, including annuity sales red flags.
The scams, one by one
Social Security Scam Calls: What the Caller Says and What Social Security Never Asks
Adults 60 and over reported $413 million lost to government impersonators in 2025 (FBI). How Social Security scam calls work, and what to do next.
Medicare Scam Calls: How to Spot Them and What to Do If You Gave Your Number
Medicare never calls uninvited to ask for personal information (Medicare.gov, October 2026). Card, brace and DNA test scam scripts, and what to do next.
IRS Scam Calls: How to Know If It Is Really the IRS, and What to Do If You Paid
The IRS says it never calls to demand payment now, threaten arrest or tell you about a refund (IRS, July 2026). How IRS scam calls and fake letters work.
Elder Financial Abuse: Signs, Power of Attorney Misuse and How to Report It
Banks flagged $27 billion in suspected elder exploitation in one year (Treasury, 2024). Learn the signs, power of attorney misuse, and how to report it.
Investment Scams Targeting Seniors: Crypto, Promissory Notes and Gold IRAs
People 60 and older reported $3.52 billion in investment fraud losses to the FBI in 2025. How crypto, note and gold IRA scams work, and how to check first.
Reported losses by people 60 and older, by scam type
These are real complaint figures from people 60 and older, as reported to the FBI. Categories can overlap, so they do not add to the total.
| Scam type (age 60 and older) | Complaints 2025 | Losses 2025 | Losses 2024 |
|---|---|---|---|
| Investment fraud | 16,926 | $3,519,296,354 | $1,834,242,515 |
| Tech and customer support | 21,333 | about $1.04 billion | $982,440,006 |
| Romance and confidence | 10,188 | $584,032,745 | $389,312,356 |
| Government impersonation | 8,628 | $413,206,251 | $208,096,366 |
| Lottery, sweepstakes, inheritance | 2,785 | $136,328,519 | $75,897,926 |
| Phishing and spoofing | 48,064 | $77,020,936 | $20,202,521 |
| All crime types, age 60 and older | 201,266 | $7.748 billion | about $4.87 billion |
Source: (FBI Internet Crime Complaint Center, 2025 IC3 Annual Report, published April 2026), crime types reported by people 60 and older and three year comparison. The 2024 total is implied by the reported 59% increase ($7.748 billion divided by 1.59).
Investment fraud alone is $3.519 billion out of $7.748 billion, or about 45% of all losses reported by people 60 and older. Phishing produces the most complaints (48,064) but small losses per person. The average loss across all types is $7.748 billion divided by 201,266 complaints, about $38,500.
Red flags
- A caller says your Social Security number is suspended or tied to a crime.
- Anyone asks you to pay with gift cards, a wire, cryptocurrency, gold or cash handed to a courier.
- You are told to move money to a "safe" account to protect it.
- You are told to keep the call confidential or not to tell your bank or family.
- The caller ID shows a government agency or your bank, and the caller is asking for money or codes.
- A pop-up or caller says your computer is infected and gives you a number to call.
- An investment promises a high return with little or no risk, or uses the word guaranteed.
- Someone you met online, and have never met in person, brings up money or investing.
- You must act today or lose your benefits, your account or the opportunity.
- A company offers to recover money you lost to a scam, for an upfront fee.
- A relative or caregiver suddenly takes over your mail, bills or online banking.
Questions to ask before you pay or share anything
- Can I hang up and call back using the number on my card or the agency's official website?
- Why would a government agency want payment in gift cards, crypto or cash?
- Who else can I tell about this before I send anything?
- If my account is really at risk, why would my bank not just freeze it itself?
- Can you send me this request in writing by regular mail?
- What is your full name, and how can I verify you work there?
- Is this investment registered, and is the seller licensed? Can I check on BrokerCheck?
- Why do I have to decide today?
- What happens if I wait 24 hours and talk to my family or my bank first?
- If I lose money, will anyone charge me a fee to get it back, and why would that be legitimate?
Read This Before You Sign
A one-page checklist: the red flags in annuity and indexed universal life (IUL) sales, and the questions to ask before you sign anything. Spot the common senior scams, know the three rules that stop them, and know who to call if money is gone. We’ll email it to you.
The Retirement Literacy Foundation is a 501(c)(3) public charity (EIN 41-5062266). General education, not tax, legal or investment advice. Nothing is sold here. Unsubscribe any time.
Sources
- FBI Internet Crime Complaint Center: 2025 IC3 Annual Report, elder fraud section (published April 2026)
- Federal Trade Commission: Protecting Older Consumers 2024-2025, report to Congress (December 1, 2025)
- Federal Trade Commission: False alarm, real scam: how scammers are stealing older adults' life savings (August 7, 2025)
- Social Security Administration OIG: Scam Warning (checked October 14, 2026)
- IRS: How to know it's really the IRS calling or knocking on your door (checked October 14, 2026)
- Medicare.gov: Reporting Medicare fraud and abuse (checked October 14, 2026)
- U.S. Department of Justice, Elder Justice Initiative: Find help or report abuse (checked October 14, 2026)
- Consumer Financial Protection Bureau: What is a credit freeze or security freeze (last reviewed September 5, 2025)
- Treasury Inspector General for Tax Administration: Report crime and misconduct (checked October 14, 2026)
- AARP Fraud Watch Network Helpline (checked October 14, 2026)
The Retirement Literacy Foundation is a 501(c)(3) public charity. This page is general education, not tax, legal or investment advice. Nothing is sold here, no product is recommended, and RLF accepts no funding from financial companies. Rules and figures change; each one above shows its source and date. Check anything you plan to act on with your state insurance department or a qualified professional who is not paid on the product.