Senior citizens are losing billions to scammers each year, with FBI data showing Americans over 60 are the most targeted age group. In 2023, elder scams cost victims $3.4 billion, with an average loss of $33,915 per person.
Several factors make seniors vulnerable targets: cognitive decline, loneliness, trust, and often limited technological experience. Scammers exploit these vulnerabilities through calls, texts, emails, and social media, frequently impersonating family members, bank officials, or government employees. Some even use artificial intelligence to alter their voices.
Protective measures include:
- Monitoring accounts for unauthorized transactions
- Using strong passwords and multi-factor authentication
- Shredding sensitive documents
Warning signs include demands for money or personal information, artificial urgency, and emotional appeals. Many seniors hesitate to report scams due to embarrassment or fear of losing independence, but reporting is crucial.
Scams can be reported to the FBI, FTC, the New Jersey Attorney General, or local police.
