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In 2024, older adults in the U.S. lost an alarming $4.8 billion to scams, according to the FBI. That’s up from $3.4 billion in 2023 and is a stark reminder that financial exploitation of seniors is not only widespread but growing rapidly. These scams don’t just steal money; they rob older adults of their independence, peace of mind, and in many cases, their trust in others. That’s why families and caregivers must remain vigilant to protect older adults.

The Emotional and Financial Toll of Scams

Scams targeting older adults range from bogus investment opportunities to impersonations of government agencies. These schemes often succeed by taking advantage of cognitive vulnerabilities, social isolation, or simply the innate trust and kindness many older adults show.

Beyond the monetary damage — which can wipe out life savings — scams leave behind emotional scars. Victims often feel embarrassed or ashamed, which can prevent them from reporting fraud. In some cases, fear of losing independence may even stop older adults from confiding in loved ones.

Common Scams Targeting Seniors

Awareness is the first step in prevention. Here are some of the most common scams currently affecting older adults:

• Investments: These schemes promise large returns or winnings, requiring upfront fees or personal financial information.
• Government Impersonations: Scammers pretend to be from the IRS, Social Security Administration, or Medicare, demanding personal information or payments.
• Tech Support: Fraudsters pose as representatives from legitimate tech companies, claiming the victim’s device is infected and charging for unnecessary services.
• Emergencies: Criminals request money for supposed emergencies.

Minimize the Risk of Economic Exploitation

Preventing scams is a team effort. Here are key ways families can work together with their loved ones to safeguard assets, savings or anything else:

• Establish Open Communication: Have regular conversations with your loved one about phone calls, emails, and financial decisions.
• Monitor Unusual Behavior: Pay close attention to an increase in calls, secrecy about finances, or sudden large purchases — all potential warning signs.
• Limit Access: Consider setting up alerts on financial accounts or using prepaid cards to control spending.
• Educate Regularly: Discuss the latest scams and how to respond. Emphasize that it’s OK to hang up on suspicious calls or refuse to give out information.
• Report Suspected Scams: If exploitation is suspected, contact local authorities or the FBI’s Internet Crime Complaint Center. Early intervention can minimize losses.

Family & Nursing Care: A Trusted Ally in Scam Prevention

Caregivers have access to educational resources that can help them spot potential signs of fraud when caring for their clients. Whether it’s noticing unusual visitors, overhearing suspicious conversations, or observing a client’s sudden stress about money, caregivers often serve as an extra layer of protection. They can report concerns promptly to families and supervisors, helping to address issues before they escalate.

Helpful Resources for Scam Prevention

Families can take advantage of the following trusted resources:

• FBI’s Elder Fraud Initiative
• Federal Trade Commission’s Scam Alerts
• National Adult Protective Services Association
• AARP Fraud Watch Network

Families don’t have to face this challenge alone. With the support of dedicated caregivers and care professionals, older adults can enjoy a safer, more secure future.

If you’re concerned about a loved one’s risk of exploitation or want to learn more about how caregivers can help, call Family & Nursing Care.