Protecting Seniors From Financial Scams: Spot, Stop, and Report It

In the FBI's 2025 elder fraud figures, victims over 60 filed more than 201,000 complaints and reported more than $7.7 billion in losses.1 Those are only the losses people chose to report, so they show what was reported, not every dollar elder fraud took.

If you're worried about a parent's money, you're not being paranoid. You're paying attention. This guide to protecting seniors from financial scams walks through the cons that target older adults, 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. The Department of Justice puts it plainly: no one is ever to blame for their financial victimization, and anyone can be a victim.1

According to the 2025 report from the FBI's Internet Crime Complaint Center (IC3), the bureau's fraud-reporting hub, victims over 60 filed more than 201,000 complaints and reported more than $7.7 billion in losses.1 That is a sharp jump: the FBI says complaints increased by 37% and losses by 59% compared to 2024, that the average reported loss for older victims was more than $38,000, and that at least 12,400 victims claimed losses of at least $100,000.1 The Federal Trade Commission (FTC), in the annual report to Congress on protecting older adults it issued on December 1, 2025, found that total fraud losses reported by adults 60 and over increased about fourfold, from about $600 million in 2020 to $2.4 billion in 2024, largely driven by reports of losses over $100,000, often to investment scams, romance scams, or impersonations.1

Read both sets of numbers for what they are. Each one counts only the complaints people chose to file: IC3 complaints for the FBI, and reports to the FTC's Consumer Sentinel Network for the FTC. So each is a floor on what was reported, not a count of all elder fraud. The same FTC report also found that older adults reported losing money to fraud at a lower rate than younger adults, which the FTC says may mean they're more likely to avoid losing money when exposed to fraud, more inclined to report fraud when no loss has occurred, or some combination of these or other factors.1

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. The FBI's list of common scams that target older people includes romance scams, tech support scams, grandparent scams, government impersonation scams, and sweepstakes and lottery scams, along with home repair and TV/radio scams. A common thread is pressure to pay quickly by hard-to-trace methods such as gift cards, prepaid cards, wire transfers, or cryptocurrency.2 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 goes a long way.

The FTC and the Department of Justice each warn that they will never tell you that you must transfer your money to protect it, or tell you to withdraw cash and give it to someone; a caller who says that is running a scam.1

There's one more category that doesn't come from a stranger, and it's often the hardest to face. The Department of Justice splits financial exploitation into two kinds: financial fraud, committed by a stranger, and financial abuse, committed by someone the older adult knows.1

When it comes from inside the family

Not all financial exploitation arrives by phone. Some of it comes from the people closest to an older adult: a relative, a caregiver, a trusted professional, sometimes someone holding a power of attorney. The forms DOJ lists include power of attorney abuse, forgery, using the person's credit or debit card, extortion, theft by someone who works at a nursing home, and using money meant to cover care costs. It also names "a new friend" who offers to help with small things and, over time, becomes more and more involved until they have taken over a lot of control.1

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:

• A forged signature on financial transactions or on the titles of the older person's possessions
• An unexplained, sudden transfer of assets to a family member or someone outside the family
• Sudden changes in bank accounts or banking practices
• Abrupt changes in a will or other financial documents1

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 Seniors From Financial Scams

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. Government agencies will never call, email, text, or message you on social media to ask for money or personal information, and the FTC says only a scammer will do that.1 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. A bank, credit union, or brokerage may let an account holder name a trusted contact: someone the institution can alert when it can't reach the account holder or suspects possible financial exploitation. The Consumer Financial Protection Bureau, the CFPB, calls this "one emerging practice," so ask whether a given bank or brokerage offers it at all, and frames it as one tool to help prevent financial exploitation that can help the account holder protect themselves without giving up control over their own finances.1 The CFPB does not say the trusted contact gets no access to or control over the money, so don't assume that: ask the institution what the role allows, and when it can alert the contact. The CFPB also says it may be advisable to name someone who does not currently have control over your parent's finances, ownership interests in the accounts, or authorization to access, transact on, or withdraw money from them.

Consider a credit freeze. The FTC says freezing credit can help stop identity theft: while a freeze is in place, nobody can open a new credit account in your parent's name, including your parent. There is no cost to place or lift one, it lasts until it's lifted, and you contact all three credit bureaus: Equifax, Experian, and TransUnion.1 If your parent needs to apply for new credit or a job, rent an apartment, or buy insurance, they can temporarily lift the freeze and put it back afterward.

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. Report fast, but go in with clear eyes about the money: the FBI says rapid reporting to IC3 can sometimes support the recovery of lost funds, but that recovering money lost in scams, especially those originating overseas, is challenging and unlikely.1

One thing to hold onto through all of it: if this happened to someone you love, it is not their fault. The Department of Justice says anyone can be a victim, and no one is to blame for being one.1 Saying that out loud, early, makes it easier for your parent to tell you the whole story, and you need the whole story to report it well.

Learn More

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.