People 60 and older reported losing $7.7 billion to fraud in 2025, up 59% from the year before, according to the FBI’s Internet Crime Complaint Center (IC3). Complaints rose 37% to 201,266, and the average loss was about $38,500 (FBI IC3).
Those are only the cases people reported. Many victims never tell anyone. Here’s what’s costing seniors the most, the newest tricks, and what to do.
Medicare scams spike during Open Enrollment each fall. See the 8 Medicare Open Enrollment scam red flags for 2026 and who to call.
The scams costing seniors the most
From the FBI’s 2025 elder fraud data (IC3):
| Scam type | Reported losses, age 60+ |
|---|---|
| Investment fraud | $3.52 billion |
| Tech support | $1.04 billion |
| Romance and confidence | $584 million |
| Business email compromise | $568 million |
| Government impersonation | $413 million |
| Lottery and sweepstakes | $136 million |
Scams involving cryptocurrency in any way accounted for about $4.35 billion of losses. Scams the FBI tagged as using AI tools accounted for about $352 million. More than 12,400 older people lost over $100,000 each.
By number of complaints, the most common were phishing (48,064), tech support (21,333) and investment scams (16,926).
How the top scams work
Investment scams. Often start with a friendly text “sent to the wrong number” or a new online friend. The scammer shows fake profits on a slick website or app, then urges you to invest more. You can’t withdraw.
Tech support scams. A pop-up says your computer is infected and shows a phone number. The “technician” takes remote control, then claims your bank account was hacked.
Government impersonation. A caller says they’re from Social Security, Medicare, the IRS or the FBI. They say your number was used in a crime, or your benefits will stop, unless you pay or “protect” your money.
Romance scams. A new online partner, often “overseas” or “in the military,” asks for money for an emergency, travel or an investment.
Grandparent and family emergency scams. A caller pretends to be a grandchild in jail or hurt, sometimes using a cloned voice, and begs you to keep it secret.
The new tricks to watch for
- Gold and cash couriers. After a tech support or government scam, a “courier” comes to your door to collect cash, gold or silver for “safekeeping.”
- Crypto ATMs. You’re told to feed cash into a Bitcoin machine at a gas station or store, then scan a QR code. That money is almost impossible to get back.
- QR codes. Fake codes in texts, emails or even on parking meters send you to sites that steal your details.
- Cloned voices and fake videos. AI tools can copy a relative’s voice from a short online clip.
Gotcha: no real government agency, bank or tech company will ever ask you to pay with gift cards, crypto, a wire transfer or cash handed to a courier. That request alone means it’s a scam.
6 warning signs all scams share
- Pressure to act now.
- A demand for secrecy, even from family or your bank.
- An unusual payment method: gift cards, crypto, wire, cash, gold.
- Contact you didn’t start: a call, text, email or pop-up.
- A threat or a prize: arrest, a frozen account, a big win.
- A request for remote access to your computer or phone.
The Social Security Inspector General warns that real SSA employees won’t threaten you or demand immediate payment (SSA OIG).
Simple steps that protect you
- Hang up and call back using a number from your card, statement or the agency’s official website.
- Set a family code word for emergencies.
- Never let a stranger remotely access your computer.
- Turn on alerts with your bank for large withdrawals.
- Add a trusted contact to your bank and brokerage accounts. They can be called if the bank sees something odd.
- Lock down your Social Security account by creating your online account before someone else does. See our my Social Security account guide.
- Guard your Medicare number. Only give it to your doctors, pharmacy and plans you chose.
My take: the single best habit is a 24-hour rule. Never send money the same day someone asks, and always tell one person you trust first. Scams depend on speed and secrecy.
If it happened to you or a parent
Act fast. Shame helps scammers, not victims.
- Stop all contact and payments.
- Call your bank or card company right away. Ask about stopping or recalling the transfer.
- Call the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). Run by the Justice Department, it helps people 60 and older report fraud and find next steps.
- Report to the FBI at ic3.gov (IC3). Include dates, amounts, phone numbers and wallet addresses.
- Report Social Security scams to the SSA Inspector General (SSA OIG).
- Change passwords and check your credit reports.
Watch out for: “recovery” scams. After a loss, people may call promising to get your money back for a fee. Real law enforcement doesn’t charge you to recover funds.
Planning ahead helps too. A durable power of attorney lets a trusted person step in if you can’t manage money. See our estate planning guide. If you get an unexpected letter about benefits, check our guide to Social Security overpayments before you pay anyone.
Common questions
What is the most common scam targeting seniors?
By number of complaints to the FBI in 2025, phishing was most common for people 60 and older, followed by tech support and investment scams.
Which scam costs seniors the most money?
Investment fraud, with about $3.52 billion in reported losses by people 60 and older in 2025.
How much money did seniors lose to scams in 2025?
People 60 and older reported $7.7 billion in losses to the FBI in 2025, up 59% from 2024.
Who do I call if a senior has been scammed?
Call the bank first, then the National Elder Fraud Hotline at 1-833-372-8311, and file a report at ic3.gov.
Will Medicare or Social Security ever call me asking for money?
They won’t threaten you or demand immediate payment, and they never ask for gift cards, crypto or cash. Hang up and call the official number yourself.
Written by Khasim Basha Shaik. I research Medicare and senior benefits and compare plans for readers. I am not a lawyer, financial adviser or licensed insurance agent. This article summarizes FBI IC3 and SSA Inspector General information and is not legal or financial advice. Last reviewed October 23, 2026.
