Elder Fraud: A Growing Threat to Seniors
Elder fraud is on the rise, and seniors are at increasing risk. With more older adults online than ever before, scammers are becoming sophisticated, posing as tech support, government officials, banks, charities — even romantic partners.
Seniors are often targeted because they typically own homes, have retirement savings, good credit, and are generally trusting. This makes them attractive victims for fraudsters.
Alarming Statistics
According to the FBI’s 2023 Elder Fraud Report, adults over 60 lost more than $3.4 billion to scams in 2023 — an increase of 11% from 2022.
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Average loss per victim: $33,915
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Over 5,000 seniors lost more than $100,000 each
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Tech support scams were the most reported crime, accounting for over 17,800 complaints
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Investment fraud resulted in the highest total losses — over $1.2 billion
The FTC also reports that while younger people report fraud more often, seniors lose far more money per scam.
Why Elder Fraud Often Goes Unreported
Many victims never report the crime due to embarrassment, shame, or simply not knowing how. The FBI Internet Crime Complaint Center (IC3) and the FTC’s Consumer Sentinel Network are the main reporting channels for online scams, but awareness remains low among seniors.
Common Scams Targeting Older Adults
1. Tech Support Scams
Fraudsters pose as tech support and convince seniors their computer is infected. They request remote access and payment for fake repairs.
2. Romance Scams
Romance scams cause the highest financial losses. Scammers build trust over weeks or months before asking for money, often via wire transfer, gift cards, or cryptocurrency.
3. Impersonation Scams
Callers pretend to be from the IRS, Social Security, or Medicare, threatening arrest or loss of benefits unless immediate payment is made.
4. Investment & Cryptocurrency Scams
Fraudsters promise unrealistically high returns and push seniors to move retirement savings into fake investments.
5. Sweepstakes & Lottery Scams
Victims are told they have “won” a prize but must first pay fees or taxes to collect it.
6. Phishing & Fake Online Stores
Fraudulent websites or emails trick victims into giving personal data or buying nonexistent products.
Protecting Seniors from Fraud
You can reduce risk by staying proactive:
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Educate your loved ones about common scams and warning signs.
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Monitor accounts for unusual transactions.
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Set up fraud alerts with banks and credit bureaus.
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Use powers of attorney or guardianships when appropriate, so a trusted person can manage finances if necessary.
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Encourage reporting of suspicious activity immediately to the FBI IC3 (ic3.gov) or FTC (reportfraud.ftc.gov).
Our Role in Protecting Seniors
An elder law attorney can help you create a plan to monitor and protect your finances, establish a financial power of attorney, or put safeguards in place before a scam occurs.
📞 Call us at (207) 848-5600 or visit our CONTACT page to discuss legal tools and recovery strategies if you or a loved one has been a victim of fraud.
