Spotting the Scam
Spotting the Scam: Protecting Yourself from Financial Fraud
Helen got a phone call late one night. The voice on the other end sounded shaky and distressed.
“Grandma, it’s me. I’m in trouble. I need money.”
Helen’s heart pounded. She has four grandchildren, and the voice did sound a little like her grandson, David. The caller claimed he’d been in a car accident and needed $5,000 immediately to avoid going to jail. He begged her not to tell anyone—especially his parents.
Helen was reaching for her purse when something felt… off. She hesitated, hung up, and called David’s mother. Minutes later, David himself called back—safe at home, completely unaware of the situation.
Helen had nearly fallen for what’s known as the “grandparent scam.” And she is far from alone.
Scams Are on the Rise
Scams targeting older adults are increasing every year. In 2024 alone, the FBI received over 147,000 fraud complaints from people 60 and older. Losses totaled nearly $5 billion.¹
Why do scammers target seniors?
Older adults are often more trusting
They may be home during the day to answer calls
They may have savings or established credit²
And many victims never report what happened—because they feel embarrassed or fear being seen as incapable.²
But scams can happen to anyone. Even smart, careful people get tricked. What matters is knowing the warning signs.
Common Scams Targeting Seniors
The Grandparent Scam
A caller pretends to be your grandchild—or someone calling on their behalf. They claim your grandchild is in trouble and needs money immediately.³
Scammers may:
Use information found online
Know your grandchild’s name
Use AI technology to mimic their voice⁴
Tech Support Scams
You get a call, email, or pop-up saying there’s a problem with your computer. The scammer offers to “fix it,” but really wants to steal your data or charge you for fake services.⁵
Losses from tech support scams reached $1.3 billion in 2023.²
Government Impersonation Scams
Someone pretends to be from the IRS, Social Security, or Medicare. They claim you owe money or your benefits are in danger. They pressure you to pay immediately—usually with gift cards or wire transfers.⁶
Real agencies never demand immediate payment.
Lottery and Sweepstakes Scams
You’re told you won—but must pay fees or taxes first. The prize doesn’t exist.⁷
Romance Scams
Someone online pretends to start a relationship. Once they gain trust, the requests for money begin. Romance scams cost Americans over $1 billion in 2024.⁷
Investment Scams
You’re offered a “guaranteed” investment with high returns and no risk. The investment is fake. Your money disappears.⁹
Warning Signs to Watch For
Most scams share some common red flags:
Urgency — “Act now!” “This is your last chance!”
Strange payment methods — gift cards, wire transfers, crypto
Secrecy — “Don’t tell anyone”
Too good to be true offers
Unexpected contact
Fear tactics or threats
If anything feels off, trust your instincts. Hang up. Don’t click. Don’t send money.
What to Do If You Think It’s a Scam
Pause first. Scammers rely on panic.
Verify. Call the real person or agency using a number you know.¹⁰
Don’t share personal info. Ever.
Talk to someone you trust. A second opinion can save thousands.
What to Do If You’ve Been Scammed
If you’ve lost money or shared personal information:
Contact your bank or credit card company immediately
Report the scam:
FTC: www.reportfraud.ftc.gov or 1-877-FTC-HELP¹¹
FBI IC3: www.ic3.gov¹²
Your state Attorney General
Call the National Elder Fraud Hotline: 833-FRAUD-11 (833-372-8311)⁶
File a police report
You are NOT alone. Reporting helps protect others too.
Helen’s Story Continues
After Helen realized what had happened, she told her family right away. Together, they agreed on a simple rule: if anyone gets a call about an “emergency,” they hang up and call the person directly.
Helen also signed up for FTC scam alerts so she can stay ahead of new tricks scammers are using.
“I felt embarrassed at first,” Helen said. “But now I know it can happen to anyone. And I always tell people—never send money until you’ve checked the story.”
Where to Get Help
Federal Trade Commission (FTC) – Report scams: www.reportfraud.ftc.gov or 1-877-FTC-HELP¹¹
FBI Internet Crime Complaint Center – Report online fraud: www.ic3.gov¹²
National Elder Fraud Hotline – 833-FRAUD-11 (833-372-8311)⁶
AARP Fraud Watch Network – 1-877-908-3360, www.aarp.org/fraud¹³
Local Office for the Aging – Connect with local support
This article shares general information only. This is not legal or financial advice. If you believe you have been the victim of a scam, contact law enforcement and the resources listed above.
References
Aura. "The Worst Scams Targeting Senior Citizens This Year." https://www.aura.com/learn/senior-citizen-scams
FBI. "Elder Fraud." https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams/elder-fraud
FBI Internet Crime Complaint Center. "FBI Warns of Scammers Targeting Senior Citizens in Grandparent Scams." https://www.ic3.gov/PSA/2023/PSA231117
FCC. "Grandparent Scams Get More Sophisticated." https://www.fcc.gov/consumers/scam-alert/grandparent-scams-get-more-sophisticated
FBI. "Elder Fraud." https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams/elder-fraud
IRS. "IRS Warns Against Scams Targeting Seniors." https://www.irs.gov/newsroom/irs-warns-against-scams-targeting-seniors-joins-other-federal-agencies-to-recognize-special-awareness-day
Regions Bank. "Top 10 Scams Targeting Seniors and How to Avoid Them." https://www.regions.com/insights/wealth/article/scams-targeting-seniors
National Council on Aging. "The Top 5 Financial Scams Targeting Seniors." https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults/
Aura. "The Worst Scams Targeting Senior Citizens This Year." https://www.aura.com/learn/senior-citizen-scams
Michigan Attorney General. "Grandparent Family Emergency Scam." https://www.michigan.gov/consumerprotection/protect-yourself/consumer-alerts/scams/grandparent-family-emergency-scam
FTC. "Report Fraud." https://reportfraud.ftc.gov
FBI Internet Crime Complaint Center. https://www.ic3.gov
AARP Fraud Watch Network. https://www.aarp.org/fraud