Scams, financial exploitation and the stress they cause

Scams are not only about money. People who lose savings to a scam often feel ashamed, foolish, angry or afraid. Some stop answering the phone or trusting anyone. Others hide what happened from their family. That stress can last long after the money is gone.

This guide explains how scams target older adults, how fraud affects mental health, and what you and your family can do to prevent it, report it and heal. Anyone can be fooled. Scammers are skilled professionals, and being targeted says nothing about your intelligence.

How big the problem is

In 2025, the FBI's Internet Crime Complaint Center (IC3) received more than 201,000 complaints from people 60 and older, up 37% from the year before.¹ Reported losses reached about $7.7 billion. More than 12,000 people in this age group reported losing over $100,000.¹

The scams with the biggest losses for people 60 and older were:¹

Cryptocurrency was involved in about $4.3 billion of the losses reported by people 60 and older.¹ The Federal Trade Commission (FTC) has also seen reported losses among older adults rise sharply, from about $600 million in 2020 to about $2.4 billion in 2024. When people 80 and older lost money, their typical loss was more than $1,600.²

These numbers count only what people reported. The true total is likely higher.

Common scams aimed at older adults

Fake emergencies. A caller says a grandchild has been arrested or hurt and needs money now. Scammers now use AI voice cloning to make the voice sound like your relative.⁵

Impostors. Callers pretend to be from the government, your bank, a well-known company or a charity. Caller ID can be faked, so the number may look real.³

Tech support. A pop-up or caller says your computer has a virus and asks for remote access or payment.³

Investment and romance. Someone you meet online or on social media builds trust over weeks or months, then offers a "can't-lose" investment or needs help with a crisis.²

Prizes. You "won" something but must pay a fee first.³

Many scams share the same signs: a problem or prize, pressure to act fast, a demand for secrecy, and a specific way to pay.^3,4

How fraud affects mental health

Losing money to a scam can hurt in many ways.

Shame and silence. In a large European survey, older adults who were defrauded were more likely than younger people to feel anger, irritation and embarrassment, and to report harm to their physical health.¹⁰ Embarrassment can keep people from telling family or reporting the crime.

Anxiety and fear. After a scam, many people feel on guard all the time. They may fear the phone, the mail or the computer. See Anxiety in later life.

Depression and loss of trust. Losing savings can mean losing security and independence. Grief, guilt and hopelessness are common reactions to big losses. See Depression in later life.

A two-way link. Distress can also make people more likely to be targeted. In a U.S. study that followed older adults over four years, those with more depression and "psychological vulnerability" were more likely to report new fraud. The most vulnerable were more than twice as likely to be defrauded.⁹ Loneliness and grief can make a friendly stranger's attention hard to resist.

When scams may signal memory changes

Falling for scams is not proof of dementia. But in one study of 935 older adults, those who scored lower on a scam-awareness questionnaire were more likely to develop Alzheimer's dementia or mild cognitive impairment over about six years.⁸ The questionnaire is not accurate enough to predict this for any one person.⁸

If a parent who used to be careful with money starts making unusual payments, missing bills or trusting strangers, it is worth a medical check. See Normal aging or dementia? and Scams and financial abuse in dementia.

What helps prevent scams

If you have been scammed: steps to take

1. Stop paying. Do not send more money, even if the scammer promises to return what you lost or threatens you.
2. Call your bank or payment company right away. Ask them to stop or recall the payment.^1,4 In 2025, an FBI fast-response process helped freeze about half of the money in cases it handled for people 60 and older.¹
3. Report it. File a report with the FBI at ic3.gov, whatever the amount.¹ Also report to the FTC at ReportFraud.ftc.gov.³
4. Change passwords and remove any remote-access software a scammer asked you to install.
5. Tell someone you trust. You do not have to handle this alone.
6. Watch for "recovery" scams. People who promise to get your money back for a fee are often part of the same scam.
7. Take care of your mind. Shock, shame and sleeplessness are normal reactions. Use cyclic sighing for moments of panic, and see your doctor if distress lasts.

For family caregivers

Watch for warning signs such as:

• New "friends" your parent will not let you meet
• Secret phone calls, gift card purchases or trips to wire money
• Unpaid bills, bounced checks or sudden money worries
• New fear or secrecy about the phone, mail or computer

Our elder abuse warning signs checklist can help you sort out what you see.

How to talk about it:

• Lead with care, not blame. "These people are professionals. It could happen to anyone."
• Avoid taking over at once. Losing control of money can feel like losing independence. Offer to help set up safeguards together.
• Plan ahead. A financial power of attorney and a trusted contact on accounts help if memory changes later. See Power of attorney.
• Remember: exploitation can come from people close to the person, not just strangers. If a family member, caregiver or "friend" is taking money, contact Adult Protective Services.⁷

Special situations

Living alone. Scammers often target people who are lonely or recently widowed. Regular contact with family, neighbors or a senior center gives a person someone to check with before paying.

Living with dementia. People with memory problems may not remember a call or payment. Simple steps help: call blocking, lower limits on accounts, and alerts sent to a trusted family member. See Elder abuse.

Language barriers. Scammers sometimes pose as officials from a person's home country or contact people in their first language. Check any official-sounding call by contacting the agency directly.

Frequently asked questions

Why do scammers ask for gift cards or crypto?

Because these payments are hard to trace and almost impossible to reverse. A real business or government agency will not demand them.^3,4

I'm too embarrassed to tell my family. What should I do?

Feeling embarrassed is very common after fraud.¹⁰ But speed matters: calling your bank and reporting quickly gives the best chance of stopping the money.¹ If family feels too hard, start with your bank, the police or the Eldercare Locator.

Is it worth reporting if I only lost a little?

Yes. The FBI asks people to report no matter the amount.¹ Reports help track scammers and warn others.

Does falling for a scam mean my memory is failing?

No. Scammers fool people of all ages. But if a careful person starts making unusual money choices, a medical check is wise, because lower scam awareness has been linked with later memory problems.⁸

When to get help

Education only. This page is general information written from the sources listed. It is not medical, legal or financial advice and does not replace a doctor, therapist or lawyer who knows your situation. How we write and check pages.