In one year, Americans age 60 and older reported losing $4.885 billion to fraud across 147,127 complaints to the FBI. That figure almost certainly understates the real harm, because most older adults never report the loss at all.
If you're worried about a parent's money, you're not being paranoid. You're paying attention. This guide walks through the scams that target seniors, the warning signs worth watching for, and exactly how to protect your parent and report it if something has already happened.
How Big the Problem Is
It helps to know the scale of this, because it tells you something important: if your parent gets targeted, it isn't a sign they've slipped or done anything foolish. It's a sign they're in the crosshairs of an industry built to find them.
In calendar year 2024, people age 60 and older reported $4.885 billion in losses across 147,127 complaints to the FBI's Internet Crime Complaint Center, known as the IC3. Over the same stretch, the Federal Trade Commission watched fraud losses among adults 60 and older climb from roughly $600 million in 2020 to $2.4 billion in 2024.
Both numbers undercount. Elder fraud is one of the most underreported crimes there is, because the people it hits are often embarrassed, afraid of looking like they can't manage their own affairs, or simply unaware the money is gone. So treat these figures as a floor, not a ceiling. The real total is higher.
Why seniors specifically? Many own their homes, carry retirement savings, and have predictable income from Social Security or a pension. Some live alone and welcome a friendly voice on the phone. And a lifetime of trusting institutions, an era when a call from a bank or a government office was usually real, is exactly the instinct scammers turn against them.
The Scams That Target Seniors
The pitches change with the seasons, but the playbook is steady. Almost every con leans on the same two levers: urgency and isolation. The scammer manufactures an emergency so your parent acts before thinking, then keeps them from hanging up to call you or the bank. Knowing the shapes these take is the single best defense.
| The scam | The pitch | The red flag |
|---|---|---|
| Government imposter | A caller claims to be from Social Security, the IRS, or Medicare, says there's a problem with your benefits or a warrant for your arrest, and demands immediate payment | A real federal agency will not call to threaten arrest or demand payment by gift card, wire, or crypto |
| Tech support | A pop-up or call warns your computer is infected; the "technician" needs remote access and a fee to fix it | Unsolicited contact about a virus, plus a request for remote access or payment to repair it |
| Romance | An online companion builds a relationship over weeks or months, then needs money for a crisis, a flight, or a customs fee | A love interest you've never met in person who eventually asks for money |
| Sweepstakes or lottery | You've won a prize, but you must pay taxes or fees up front to release the winnings | You can't win a lottery you didn't enter, and a real prize never requires an up-front payment |
| Grandparent or family emergency | A caller posing as a grandchild (or their lawyer) says they're in jail or the hospital and begs you to wire money quietly | A panicked relative who swears you to secrecy and rushes you to send cash fast |
| "Safe account" | A supposed bank or fraud investigator says your account is compromised and you must move your money to a new "safe" account | No legitimate bank ever asks you to move your money to protect it |
There's one more category that doesn't come from a stranger, and it's often the hardest to face.
When it comes from inside the family
Not all financial exploitation arrives by phone. A painful share of it comes from the people closest to an older adult: a relative, a caregiver, sometimes someone holding a power of attorney. It can look like forged checks or a forged signature, a power of attorney used to drain accounts, or care funds quietly spent on the helper instead of the person they're meant to serve.
This is hard to talk about, and harder to act on, because reporting it can mean confronting a sibling or a trusted aide. But the protections below, naming a trusted contact, monitoring accounts, building in a second set of eyes, guard against insider exploitation just as much as against the stranger on the phone.
Warning Signs
You won't always catch a scam while it's happening. More often you notice the aftermath, or a pattern that feels off. According to the Department of Justice, the signs of financial exploitation worth watching for include:
- Forged signatures on checks or financial documents
- Pressure to wire money or move funds into a "safe account"
- A caregiver or relative spending the older person's money on themselves
- Unexplained account activity, missing funds, or sudden changes to accounts
Beyond the paperwork, watch for changes in the person. New secrecy about money. A sudden new "friend" or romantic interest met online. Unopened bills piling up while money goes out elsewhere. A reluctance to discuss finances that wasn't there before. None of these alone proves exploitation, but together they're worth a gentle, direct conversation.
How to Protect Your Parent
The reassuring part is that the defenses are simple, and most cost nothing. You don't need to take over your parent's finances or treat them like a child. You're adding guardrails, not taking the wheel. A few of them, set up once, stop the most common cons cold.
Never give money or personal information to an unsolicited caller. This is the rule that defeats most scams by itself. If someone calls claiming to be from Social Security, Medicare, the IRS, the bank, or a grandchild in trouble, the answer is always the same: hang up, then call back on a number you look up yourself. A real agency or family member will be fine with that. A scammer won't.
Name a trusted contact on financial accounts. Many banks and brokerages let an account holder name a trusted contact: someone the institution can reach if it spots concerning activity or can't get hold of the account holder. The Consumer Financial Protection Bureau, the CFPB, recommends this as a quiet early-warning system. The trusted contact doesn't get control of the account or the ability to move money. They just give the institution a second person to call when something looks wrong.
Consider a credit freeze. A credit freeze locks down your parent's credit reports so no one can open a new account in their name, and it's free to place and lift at all three major credit bureaus. If your parent isn't applying for new credit, there's little downside to keeping it on.
Monitor and automate. Set up automatic bill payment for recurring essentials so a missed bill doesn't become a crisis a scammer can exploit. Turn on account and transaction alerts. Review statements together on a regular rhythm, monthly is plenty, so an unfamiliar charge gets caught early. Regular, low-key check-ins also make it normal to talk about money, which makes it easier for your parent to tell you when something feels off.
A note on how to do this well: lead with respect. The goal is to protect your parent's independence, not erode it. Frame these steps as something families do together, the same way you'd talk through any other plan for staying safe.
How to Report It
If you think your parent has been targeted or already lost money, act quickly and on several fronts at once. Reporting matters even when the money is gone, because it feeds the investigations that shut these operations down and sometimes helps recover funds.
- Call the bank or credit union first. If money has moved or is about to, the financial institution is your fastest shot at flagging, freezing, or sometimes reversing the transaction. Speed matters most here.
- Report to the FTC. File at ReportFraud.ftc.gov, the Federal Trade Commission's reporting site. It's the central federal clearinghouse for fraud reports.
- Contact Adult Protective Services. If exploitation involves a caregiver, relative, or anyone in a position of trust, reach your state's Adult Protective Services through the Eldercare Locator at 1-800-677-1116.
- Call the DOJ National Elder Fraud Hotline. Trained case managers at 833-372-8311 can help walk you through reporting to the right agencies.
- File a police report. A local report creates an official record, which banks, credit bureaus, and investigators often ask for.
One thing to hold onto through all of it: if this happened to someone you love, it is not their fault. These schemes are designed by professionals to defeat smart, careful people. Shame keeps victims silent, and silence is exactly what the scammer is counting on. Reporting is how you take that back.
Frequently Asked Questions
No. Federal agencies like Social Security, Medicare, and the IRS do not call to threaten arrest, suspend your benefits over the phone, or demand payment by gift card, wire transfer, or cryptocurrency. A caller who does any of that is running a government-imposter scam. Hang up and, if you're unsure, call the agency back on a number you look up yourself.
Sometimes, but it depends on how fast you move and how the money left. Calling the bank or credit union immediately gives the best chance of flagging, freezing, or reversing a transfer before it clears. Wire transfers, gift cards, and crypto are the hardest to recover, which is exactly why scammers prefer them. Report it regardless, because reporting fuels investigations that can recover funds and stop the operation.
A trusted contact is a person you name on a bank or brokerage account whom the institution can reach if it notices concerning activity or can't get hold of you. It does not give that person any control over the account or the ability to move money. It just gives the bank a second person to call when something looks wrong, which can stop a scam before it drains the account.
This is one of the most common and most painful forms of elder financial exploitation. Watch for forged signatures, misuse of a power of attorney, unexplained account activity, or care funds being spent on the helper instead of your parent. Report suspected exploitation to Adult Protective Services through the Eldercare Locator at 1-800-677-1116, and to the police if a crime has occurred.
Move on several fronts at once: call the bank or credit union, report to the FTC at ReportFraud.ftc.gov, contact Adult Protective Services through the Eldercare Locator at 1-800-677-1116, call the DOJ National Elder Fraud Hotline at 833-372-8311, and file a police report if money was taken. Reporting matters even when the money is gone.
Learn More
- How to Pay for Senior Care
- How Long-Term Care Insurance Works
- Using a Reverse Mortgage to Pay for Senior Care
- Tax Deductions for Senior Care
Find personalized help protecting an older parent from scams and financial exploitation at brevy.com.
The information on Brevy.com is for educational purposes only and is not a substitute for professional legal, financial, or medical advice. Rules vary by state and program and change frequently. Always verify with the relevant agency or a qualified professional. Brevy is not a law firm, financial advisor, or healthcare provider.