As technology advances, so do the tactics of those looking to exploit it. Financial scams targeting seniors have become increasingly sophisticated, affecting not only older adults but also their families who often step in to help manage finances and protect against fraud.
Whether you’re a retiree managing your own accounts or an adult child helping aging parents navigate healthcare, investments, or bill payments, understanding how to recognize and prevent scams is more important than ever.
Fraudsters are using email, text, social media, and even artificial intelligence to impersonate trusted institutions — or loved ones — in convincing ways. According to the FBI, losses among older Americans continue to rise, with scams now targeting everything from Medicare and tech support to charitable giving and financial services.
At FAS Wealth Partners, we’re not cybersecurity experts — but we do believe that protecting your finances means protecting yourself, your family, and your legacy. This guide outlines what to watch for and practical steps to help you, or the older adults in your life, stay alert and confident when managing money in a digital world.
How Big Is the Problem?
In 2024, consumers lost more than a trillion dollars to scams worldwide, according to the Global Anti-Scam Alliance. Over half of all consumers reported encountering fraudsters at least once a week!1
A recent study found that two out of five seniors (over the age of 60) have fallen victim to some scam. While 37 percent of seniors were victims, 73 percent reported knowing someone who was. Of those scammed, 49 percent reported losing money. The average amount lost was $3,590.2
Identity theft involving sensitive, personally identifiable information such as Social Security numbers can have long-lasting effects. Thieves may wait months or even years to use the information, or they might sell it on the dark web, requiring you to stay vigilant indefinitely. Legal fees and other costs could add to the financial impact if the identity theft issue is complex. Some victims even need to seek government assistance during recovery, highlighting the potential magnitude of identity theft hardships.
While there may be considerable inconvenience and real financial ramifications to fraud, there is also a psychological impact, including feelings of shame, safety concerns, and worries about lost independence.
What Scams Are Working the Best?
Some of the scams senior citizens have fallen victim to include online shopping scams, tech support scams, phishing scams, internet fraud, and identity theft.1
Online shopping scams occur when cybercriminals portray themselves online as legitimate sellers of services or merchandise to steal personal information or money. They create fake websites that look genuine or impersonate legitimate retailers. Other cybercriminals will create fake accounts on well-established online marketplaces and sell items that are “too good to be true.”3
Consider the following information:3
- Avoid clicking on suspicious links from unsolicited messages or questionable social media ads. To be careful, type in the URL instead of clicking on search results or unsolicited messages.
- Use a credit card over a debit card because credit cards are more secure and may provide better fraud protection if a scam occurs.
- Only shop on reputable websites, avoiding sites with discrepancies, poor reviews, and unrealistic offers.
- Help manage financial accounts by using strong and unique passwords for each, enabling Multi-Factor Authentication (MFA), setting up financial alerts, and creating accounts with reputable retailers.
Tech support scams can begin with a pop-up message featuring a logo from a well-known tech company, claiming that your computer has a virus and instructing you to click a link or call a supposed support number. Criminals request remote access to your computer, where they can access all of your data and install malware. These scammers may also try to sell useless software, maintenance, or warranty programs.4
AARP notes that consumers aged 60 and older are five times more likely than their younger counterparts to lose money to tech support scams, which cost older Americans more than $175 million in 2023, the Federal Trade Commission (FTC) reported in October 2024.4
Remember that legitimate technology providers don’t call, email, or text about computer problems and won’t ask you to make a call or click a link. The FTC states that if a supposed tech support person calls unexpectedly, be skeptical. So, if this should happen, hang up the phone, avoid clicking on pop-ups, refuse remote access, and never share your password.4
Phishing scams are a broad term for cybercrimes in which targets are contacted by email, telephone, or text message by someone posing as a legitimate person or institution. Victims are then lured into providing sensitive data such as identity details, banking and credit card numbers, and passwords. The information is then used to access accounts and can result in identity theft and financial loss.
While phishing can be targeted at anyone, seniors should be on the lookout for some specific elderly scams, including the following:5
Medicare/Health Insurance Scams. Fraudsters pose as Medicare representatives to steal personal information or offer fake services. Don’t give out your Medicare numbers to anyone suspicious and never pay for services not received.
Grandparent Scams. A caller pretends to be a grandchild in trouble (e.g., in jail or injured) and asks you to send money urgently. The criminal will usually insist on secrecy and ask for wire transfers or gift cards.
Sweepstakes/Lottery Scams. Individuals are contacted and informed that they’ve won a prize but must pay fees upfront to claim it. Again, hang up the phone, discard the letter, and/or delete the email.
IRS or Government Impersonation Scams. Some scammers attempt to intimidate older individuals by pretending to be from the IRS or another government agency and demanding immediate payment, threatening jail time if payment is not made. Know that the government will never use high-pressure tactics and threats over the phone or by email.
Charity Scams. Fake charities can deceive people by soliciting donations. This can happen especially after highly publicized natural disasters. Caution your family to stick with charities they know and trust and avoid those that have vague missions, pressure them to donate immediately, or refuse to provide documentation.
Financial Services Scams. Financial services scammers use various methods, including calls, texts, and email messages, to impersonate legitimate banks, mortgage companies, or debt collectors. They may claim that a checking or savings account has been compromised and ask for personal information, such as passwords or Social Security numbers, to resolve the issue. They may even threaten arrest for unpaid bills.6
Technology and Artificial Intelligence Make Scamming Easier
Technology has made scams more commonplace, enabling fraudsters to create increasingly sophisticated digital scams. Bad actors don’t even need to be tech professionals to develop large-scale cyber-fraud operations. Innovative tools can be used to easily generate millions of highly convincing emails, text messages, and websites that can successfully trick even the most careful individuals.2 If they can fool the digital natives out there, think what they can pull on your family.
Artificial intelligence scams are on the rise, with AI-enabled tools capable of targeting consumers in highly sophisticated and personalized ways. Some of the latest AI scams include voice cloning, deepfake scams, and phishing email attacks.7
Unlike traditional scams, which employ more generic tactics, AI enables criminals to create websites, emails, and impersonations that appear, feel, and sound incredibly authentic and believable. Leveraging AI, scammers can quickly, easily, and cheaply launch large-scale fraud campaigns or target specific people using information gathered from social media or other platforms.
The FBI has warned that AI scams are on the rise, saying, “as technology continues to evolve, so do cybercriminals’ tactics.”7
Here are a few of the latest AI scams:7
- Voice cloning. AI can be used to clone a person’s voice using just a short audio sample. Voice cloning is often used in scams where the fraudster impersonates a family member in trouble or financial distress who urgently needs money sent to them. As you can imagine, this can be especially effective on older adults.
- Deepfake scams. Deepfake technology utilizes AI to create realistic videos, photos, and audio clips that appear to depict someone saying or doing something they didn’t. This technology is being used to impersonate public figures or celebrities to promote fraudulent products or persuade consumers to take specific actions. Deepfakes are becoming increasingly sophisticated, exacerbating this growing problem throughout society.
- Phishing email attacks. While phishing emails to steal personal information have been around for a while, AI has allowed crooks to ramp up the deception. An article from the May 2024 issue of the Harvard Business Review says, “With AI, scammers can generate very authentic phishing emails that bypass spam filters. These emails often appear to be genuine account notifications or urgent requests from reputable companies. What’s more, their content is often very personalized.”
Many Scams Go Unreported
Many scams go unreported, making them difficult to track or prosecute. Older adults, in particular, may feel embarrassed to admit they’ve been deceived or may not know where to turn for help. Unfortunately, fraudsters count on this silence — viewing seniors as “low-risk” targets who are less likely to report a crime.
Openly discussing the realities of financial scams can help remove the stigma, build awareness, and empower you or your loved ones to take quick action when something doesn’t feel right. A simple conversation can often be the first line of defense against fraud.1
Practical Steps to Protect Yourself and Your Family
Protecting against fraud doesn’t always require advanced technology—sometimes it starts with awareness, conversation, and a few habit changes. Here are some practical steps that can make a real difference:
- Verify before acting. Pause before responding to any unexpected call, text, or email requesting money or personal information. If something feels off—even slightly—contact a trusted friend, family member, or advisor before taking action.
- Strengthen your passwords. Use unique, complex passwords for each account and change them regularly. Avoid reusing the same password across multiple sites, as that makes it easier for scammers to gain access.
- Use protective technology. Install reputable antivirus software, enable two-factor authentication, and consider using tools like password managers, identity theft protection, or a virtual private network (VPN).
- Limit personal details online. The less information available publicly, the harder it is for scammers to personalize their attacks or impersonate you.
- Monitor your accounts. Review credit card and bank statements regularly for unusual charges, and set up automatic fraud alerts through your bank or financial institution.
- Freeze your credit. A credit freeze prevents new accounts or loans from being opened in your name—a powerful step in protecting against identity theft.
- Reduce phone scams. Register your phone number on the National Do Not Call Registry to cut down on unsolicited calls.
- Add a trusted contact. For investment and financial accounts, designate a trusted contact your advisor can reach if suspicious activity occurs. This adds an extra layer of protection, particularly for seniors or those who travel frequently.8
We Are Here for You
By implementing these preventive measures and staying vigilant, you can help your family manage the risk of becoming a victim of increasingly sophisticated and persistent criminals.
If you would like to discuss how these insights apply to your personal financial plan, please don’t hesitate to contact our team at FAS Wealth Partners.
Sources
1 Medicarefaq.com. May 20, 2024
https://www.medicarefaq.com/blog/senior-citizen-scam-statistics/#4
2 Forbes, March 18, 2025
https://www.forbes.com/sites/mastercard/2025/03/18/scams-in-the-digital-era-how-technology-is-changing-fraud/
3 Keeper, January 08, 2024
https://www.keepersecurity.com/blog/2024/01/08/what-to-do-if-you-get-scammed-while-shopping-online/
4 AARP, December 16, 2024
https://www.aarp.org/money/scams-fraud/biggest-scams-2025/?cmp=AEBOV2C44X&gclid=7514ebeda34614b2c6c083a2a06fc8e4&gclsrc=3p.ds&msclkid=7514ebeda34614b2c6c083a2a06fc8e4&utm_source=bing&utm_medium=cpc&utm_campaign=Fraud-TopScams-NonBrand-Exact&utm_term=tech%20support%20scams&utm_content=Tech%20Scams
5 Consumer Affairs, June 11, 2025
https://www.consumeraffairs.com/news/the-top-10-scams-that-target-seniors-061125.html
6 National Council on Aging, February 20, 2025
https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults/
7 National Council On Aging, October 31, 2024
https://www.ncoa.org/article/what-are-ai-scams-a-guide-for-older-adults/
8 NASAA, June 2025
https://www.nasaa.org/investor-education/investor-library/trusted-contact/
Investment Advisory Services offered through FAS Wealth Partners, a Registered Investment Adviser with the U.S. Securities & Exchange Commission. Registration does not imply a certain level of skill or training. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. FAS Wealth Partners’ articles and its associated links offer news, commentary, and generalized research, not personalized investment advice. Nothing in this article should be interpreted to state or imply that past performance is an indication of future performance. All investments involve risk and unless otherwise stated, are not guaranteed. Securities may be offered through FAS Corp, an SEC registered broker-dealer and member of FINRA. FAS Corp is an affiliate of FAS Wealth Partners.
A 2025 Guide to Protecting Seniors from Fraud
As technology advances, so do the tactics of those looking to exploit it. Financial scams targeting seniors have become increasingly sophisticated, affecting not only older adults but also their families who often step in to help manage finances and protect against fraud.
Whether you’re a retiree managing your own accounts or an adult child helping aging parents navigate healthcare, investments, or bill payments, understanding how to recognize and prevent scams is more important than ever.
Fraudsters are using email, text, social media, and even artificial intelligence to impersonate trusted institutions — or loved ones — in convincing ways. According to the FBI, losses among older Americans continue to rise, with scams now targeting everything from Medicare and tech support to charitable giving and financial services.
At FAS Wealth Partners, we’re not cybersecurity experts — but we do believe that protecting your finances means protecting yourself, your family, and your legacy. This guide outlines what to watch for and practical steps to help you, or the older adults in your life, stay alert and confident when managing money in a digital world.
How Big Is the Problem?
In 2024, consumers lost more than a trillion dollars to scams worldwide, according to the Global Anti-Scam Alliance. Over half of all consumers reported encountering fraudsters at least once a week!1
A recent study found that two out of five seniors (over the age of 60) have fallen victim to some scam. While 37 percent of seniors were victims, 73 percent reported knowing someone who was. Of those scammed, 49 percent reported losing money. The average amount lost was $3,590.2
Identity theft involving sensitive, personally identifiable information such as Social Security numbers can have long-lasting effects. Thieves may wait months or even years to use the information, or they might sell it on the dark web, requiring you to stay vigilant indefinitely. Legal fees and other costs could add to the financial impact if the identity theft issue is complex. Some victims even need to seek government assistance during recovery, highlighting the potential magnitude of identity theft hardships.
While there may be considerable inconvenience and real financial ramifications to fraud, there is also a psychological impact, including feelings of shame, safety concerns, and worries about lost independence.
What Scams Are Working the Best?
Some of the scams senior citizens have fallen victim to include online shopping scams, tech support scams, phishing scams, internet fraud, and identity theft.1
Online shopping scams occur when cybercriminals portray themselves online as legitimate sellers of services or merchandise to steal personal information or money. They create fake websites that look genuine or impersonate legitimate retailers. Other cybercriminals will create fake accounts on well-established online marketplaces and sell items that are “too good to be true.”3
Consider the following information:3
Tech support scams can begin with a pop-up message featuring a logo from a well-known tech company, claiming that your computer has a virus and instructing you to click a link or call a supposed support number. Criminals request remote access to your computer, where they can access all of your data and install malware. These scammers may also try to sell useless software, maintenance, or warranty programs.4
AARP notes that consumers aged 60 and older are five times more likely than their younger counterparts to lose money to tech support scams, which cost older Americans more than $175 million in 2023, the Federal Trade Commission (FTC) reported in October 2024.4
Remember that legitimate technology providers don’t call, email, or text about computer problems and won’t ask you to make a call or click a link. The FTC states that if a supposed tech support person calls unexpectedly, be skeptical. So, if this should happen, hang up the phone, avoid clicking on pop-ups, refuse remote access, and never share your password.4
Phishing scams are a broad term for cybercrimes in which targets are contacted by email, telephone, or text message by someone posing as a legitimate person or institution. Victims are then lured into providing sensitive data such as identity details, banking and credit card numbers, and passwords. The information is then used to access accounts and can result in identity theft and financial loss.
While phishing can be targeted at anyone, seniors should be on the lookout for some specific elderly scams, including the following:5
Medicare/Health Insurance Scams. Fraudsters pose as Medicare representatives to steal personal information or offer fake services. Don’t give out your Medicare numbers to anyone suspicious and never pay for services not received.
Grandparent Scams. A caller pretends to be a grandchild in trouble (e.g., in jail or injured) and asks you to send money urgently. The criminal will usually insist on secrecy and ask for wire transfers or gift cards.
Sweepstakes/Lottery Scams. Individuals are contacted and informed that they’ve won a prize but must pay fees upfront to claim it. Again, hang up the phone, discard the letter, and/or delete the email.
IRS or Government Impersonation Scams. Some scammers attempt to intimidate older individuals by pretending to be from the IRS or another government agency and demanding immediate payment, threatening jail time if payment is not made. Know that the government will never use high-pressure tactics and threats over the phone or by email.
Charity Scams. Fake charities can deceive people by soliciting donations. This can happen especially after highly publicized natural disasters. Caution your family to stick with charities they know and trust and avoid those that have vague missions, pressure them to donate immediately, or refuse to provide documentation.
Financial Services Scams. Financial services scammers use various methods, including calls, texts, and email messages, to impersonate legitimate banks, mortgage companies, or debt collectors. They may claim that a checking or savings account has been compromised and ask for personal information, such as passwords or Social Security numbers, to resolve the issue. They may even threaten arrest for unpaid bills.6
Technology and Artificial Intelligence Make Scamming Easier
Technology has made scams more commonplace, enabling fraudsters to create increasingly sophisticated digital scams. Bad actors don’t even need to be tech professionals to develop large-scale cyber-fraud operations. Innovative tools can be used to easily generate millions of highly convincing emails, text messages, and websites that can successfully trick even the most careful individuals.2 If they can fool the digital natives out there, think what they can pull on your family.
Artificial intelligence scams are on the rise, with AI-enabled tools capable of targeting consumers in highly sophisticated and personalized ways. Some of the latest AI scams include voice cloning, deepfake scams, and phishing email attacks.7
Unlike traditional scams, which employ more generic tactics, AI enables criminals to create websites, emails, and impersonations that appear, feel, and sound incredibly authentic and believable. Leveraging AI, scammers can quickly, easily, and cheaply launch large-scale fraud campaigns or target specific people using information gathered from social media or other platforms.
The FBI has warned that AI scams are on the rise, saying, “as technology continues to evolve, so do cybercriminals’ tactics.”7
Here are a few of the latest AI scams:7
Many Scams Go Unreported
Many scams go unreported, making them difficult to track or prosecute. Older adults, in particular, may feel embarrassed to admit they’ve been deceived or may not know where to turn for help. Unfortunately, fraudsters count on this silence — viewing seniors as “low-risk” targets who are less likely to report a crime.
Openly discussing the realities of financial scams can help remove the stigma, build awareness, and empower you or your loved ones to take quick action when something doesn’t feel right. A simple conversation can often be the first line of defense against fraud.1
Practical Steps to Protect Yourself and Your Family
Protecting against fraud doesn’t always require advanced technology—sometimes it starts with awareness, conversation, and a few habit changes. Here are some practical steps that can make a real difference:
We Are Here for You
By implementing these preventive measures and staying vigilant, you can help your family manage the risk of becoming a victim of increasingly sophisticated and persistent criminals.
If you would like to discuss how these insights apply to your personal financial plan, please don’t hesitate to contact our team at FAS Wealth Partners.
Sources
1 Medicarefaq.com. May 20, 2024
https://www.medicarefaq.com/blog/senior-citizen-scam-statistics/#4
2 Forbes, March 18, 2025
https://www.forbes.com/sites/mastercard/2025/03/18/scams-in-the-digital-era-how-technology-is-changing-fraud/
3 Keeper, January 08, 2024
https://www.keepersecurity.com/blog/2024/01/08/what-to-do-if-you-get-scammed-while-shopping-online/
4 AARP, December 16, 2024
https://www.aarp.org/money/scams-fraud/biggest-scams-2025/?cmp=AEBOV2C44X&gclid=7514ebeda34614b2c6c083a2a06fc8e4&gclsrc=3p.ds&msclkid=7514ebeda34614b2c6c083a2a06fc8e4&utm_source=bing&utm_medium=cpc&utm_campaign=Fraud-TopScams-NonBrand-Exact&utm_term=tech%20support%20scams&utm_content=Tech%20Scams
5 Consumer Affairs, June 11, 2025
https://www.consumeraffairs.com/news/the-top-10-scams-that-target-seniors-061125.html
6 National Council on Aging, February 20, 2025
https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults/
7 National Council On Aging, October 31, 2024
https://www.ncoa.org/article/what-are-ai-scams-a-guide-for-older-adults/
8 NASAA, June 2025
https://www.nasaa.org/investor-education/investor-library/trusted-contact/
Investment Advisory Services offered through FAS Wealth Partners, a Registered Investment Adviser with the U.S. Securities & Exchange Commission. Registration does not imply a certain level of skill or training. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities. FAS Wealth Partners’ articles and its associated links offer news, commentary, and generalized research, not personalized investment advice. Nothing in this article should be interpreted to state or imply that past performance is an indication of future performance. All investments involve risk and unless otherwise stated, are not guaranteed. Securities may be offered through FAS Corp, an SEC registered broker-dealer and member of FINRA. FAS Corp is an affiliate of FAS Wealth Partners.
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