It is no exaggeration to say that scams can cause great financial damage as well as intense psychological pressure on victims. This is clearly seen in scams targeting the elderly, as every year more and more money is lost to various online scams, warns the team at global cyber security company ESET.
In 2024 alone, Americans over the age of 60 reported losing nearly $4.9 billion to online fraud, a 43% increase over the previous year and five times more than in 2020, according to the FBI's Internet Crime Center (IC3). The average loss from scams targeting seniors reached $83,000, compared to $19,000 across all age groups.
Behind these numbers are people and entire families, whose well-being and financial security were deeply shaken, as years of savings disappeared in a matter of minutes, ESET reports. The sheer scale of fraud targeting the elderly is something that should motivate families to act together.
However, vague warnings are not enough. Effective protection requires constant communication with family members, human and technical controls, and a clear recovery plan in case something goes wrong. Now is a good time to consider how we can protect our parents' and grandparents' savings from fraudsters.
Source: IC3
Why do scammers target the elderly?
Fraudsters are rationalists: they seek maximum profit with minimum effort. The elderly are attractive targets for several reasons:
Access to money: Many seniors have cash savings, retirement accounts or other stable sources of wealth, which scammers see as easy prey. Trust in authority: Older generations' habits of trusting and accepting authority make some older people more receptive to phone calls or letters that appear to come from "official sources", Many older people do not suspect that a phone call from "the bank" or "the IRS" may be a scam, Loneliness: Social isolation can make interpersonal scams – such as online dating scams – especially effective and destructive. Cognitive overload and digital fatigue: Many seniors (and not just them) find it difficult to manage dozens of online accounts, which makes them more prone to "useful" pop-ups or urgent phone calls. Technology Gaps: Many seniors use old devices and outdated software, use the same passwords for multiple accounts, and, like most users, have trouble distinguishing the real from the fake.
All this makes up an environment that facilitates the work of the perpetrators. In addition, skilled scammers now have tools at their disposal, such as large databases of compromised credentials circulating on underground forums and AI-powered voice cloning technologies – elements that work together to increase the "credibility" of their tricks.
The cheater's manual
Here are some of the most common scams that bring significant profits to fraudsters and are mainly aimed at the elderly:
Phishing scams
Fraudsters often pretend to be representatives of the tax authorities, insurance funds or banks. They ask for payments under the guise of avoiding penalties or "unlocking" bank accounts. Typically, they trick victims into entering their login details or revealing other sensitive information on websites designed to look like those of legitimate entities.
Tech support scam
A warning pop-up on the computer screen or a phone call may claim that the device is infected with malware. The "support agent" convinces the victim to grant him remote access to the computer. It then steals bank account credentials or installs malware (infostealer) on the device.
False warning
Scams of a romantic nature
Scammers cultivate online relationships with their "victims" over weeks or even months, gradually gaining their trust. Once they have established a bond, they ask for large sums of money, usually for a fake "emergency".
Urgent scams
In this case, someone calls claiming that a loved one is in trouble and urgently needs money. As the request takes advantage of the emotions and panic of the moment, victims often skip verifying the information and rush to send the money — usually via wire transfers or money transfer apps. These methods are often irreversible, making it almost impossible to recover the money.
Investment scams
Fraudsters promote fake investments, such as cryptocurrencies or high-yield "private" offerings, using fake recommendations from well-known individuals.
As scams increasingly leverage deepfake technology, fraudsters can now clone voices or create videos that appear to include family members or trusted public figures. This makes many of the cheating methods disturbingly convincing.
Starting a conversation
Scams are known to rely on creating a sense of urgency, power and narrowness in order to entice people to take action. Even a momentary lapse of judgment, mental overload, stress or lack of sleep can make us vulnerable to fraud. Therefore, prevention is at least as much behavioral as technological.
A significant level of defense can be achieved through open communication without shame. Start with empathy and explain how scammers manipulate emotions. If they can fool tech savvy 30–40 year olds, then anyone can fall victim.
You can also share a story, such as: “A friend of mine almost sent a large sum of money after hearing a voice that sounded like her grandson's. It eventually turned out to be a scam. Can we make a family rule: before sending money, always double check?''
In other words, consider implementing a simple plan based on the "pause and verify" principle, so that at least one more family member is involved in decisions about any financial request.
Additionally, if your parents' or grandparents' bank offers special protections for elderly customers, take advantage of them. These may include verification calls for certain types of transactions, limits for new payees or temporary suspensions of large transfers. Alerts can also be provided that are sent to both the grandparent and a trusted family member for any transfer that exceeds a pre-set limit.
Basic cyber health for devices and accounts
The above steps are ideally combined with additional measures that can cover technology gaps that are often exploited by attackers. Make sure your elderly relatives:
They use a password manager to create and store strong and unique passwords for each online account, especially the most important ones (eg banking, email and social media). Enable two-factor verification wherever possible — ideally via a mobile verification app or, even better, using a physical security key instead of SMS messages. Block pop-ups and robocalls using available tools or security measures offered by phone providers. Enable automatic updates on all devices, especially phones, tablets and computers. They do not download attachments or click on links from spam or suspicious messages. When in doubt, they can use ESET's free and easy-to-use link checker. They install reliable security software on all their devices.
Follow these steps with your parents or grandparents and leave clear—and, if necessary, written—instructions.
If the worst happens
Speed is often decisive. The sooner you act, the better your chances of recovering the money or at least stopping further theft. If your parents or grandparents fall victim to fraud:
Inform your relative's bank immediately so they can stop any outgoing money transfers. Save phone numbers, emails and screenshots related to the scam. File a complaint with the appropriate authorities. Remind your relatives that they are victims of crime and not to blame. Shame keeps people quiet — which ultimately only benefits the cheaters. Final thoughts
For long-term peace of mind, also consider using identity monitoring services, which alert you if your (grandparents') credentials appear on the dark web. Create a routine that includes regularly checking bank balances, monitoring transactions and reviewing account security settings. After all, prevention is a habit.
Fraud targeting the elderly is increasing in cost, frequency and sophistication. However, families who combine open communication with effective behavioral and technical safeguards can dramatically reduce risk. Implement these measures and you'll make it much more difficult for criminals to steal your grandparents' or parents' life savings.
