Elderly scams in 2024-2025: $5 billion lost and counting
Your parent or grandparent could lose their life savings in a single phone call. Here's what's happening right now—and what you can do to stop it.
⚠️ Breaking numbers from 2024-2025:
- • Seniors lost $5 billion in 2024 alone
- • That's a 46% increase from 2023
- • Average loss per person: $83,000
- • In just the first 3 months of 2025: $745 million already gone
It happens faster than you think
One phone call. One "urgent" email. One fake romance. That's all it takes for a scammer to empty your loved one's bank account, steal their retirement, and destroy their sense of safety.
These aren't random crimes. Scammers specifically target people over 60 because they often:
- Have more money saved up
- Grew up trusting people who call on the phone
- Live alone and don't have someone nearby to check with
- Feel embarrassed to admit they were tricked
The 3 scams stealing the most money right now
1. Investment scams ($1.2 billion lost in 2023)
A "financial advisor" calls with an amazing deal. Bitcoin, stocks, real estate—they promise huge returns. They sound professional. They have a fancy website. Your loved one sends $20,000. Then $40,000. Then everything. The money is gone forever.
What makes it believable: They send fake account statements showing "profits" to build trust before asking for more money.
2. Tech support scams (17,696 cases in 2023)
A pop-up appears on their computer: "YOUR COMPUTER HAS A VIRUS!" A phone number to call "Microsoft" or "Apple." They call. The scammer says they need remote access to fix it. They need a credit card for "security software." Within an hour, bank accounts are drained.
What makes it believable: They use real company logos and take over the computer screen to show fake "scan results."
3. Romance scams (6,740 cases in 2023)
Someone messages on Facebook or a dating site. They're charming, attentive, and say all the right things. After weeks or months of messages, there's a crisis—a sick child, a business emergency, a plane ticket to finally meet. They need money. Your loved one sends it because they believe in love. The scammer disappears.
What makes it believable: They invest months building an emotional connection before asking for anything.
Why your loved one won't tell you
Most victims don't report scams because they feel:
- Ashamed—"How could I be so stupid?"
- Afraid—"What if my kids think I can't live alone anymore?"
- Confused—"Maybe it wasn't a scam?"
- Isolated—"There's no one I can talk to about this."
This silence is exactly what scammers count on. By the time families find out, the money is long gone and often impossible to recover.
Warning signs someone is being targeted
Watch for these red flags:
- Sudden interest in cryptocurrency or "investment opportunities"
- New "online friend" they talk about constantly but have never met
- Defensive when asked about recent purchases or money transfers
- Unexpected packages arriving (scammers use victims as "money mules")
- Multiple calls from "tech support," "IRS," or "Medicare"
- They mention someone asking them to buy gift cards
What you can do right now
- Have the conversation today. Don't wait. Tell them about these scams. Share this article. Make it clear that you won't judge them if someone tries to trick them—you just want them to call you first.
- Set up regular check-ins. Scammers thrive on isolation. Weekly calls from Gloria provide consistent connection and make it easier to spot if something feels off.
- Create a family code word. If anyone calls claiming to be a grandchild in trouble, they must say the code word. Scammers can't fake that.
- Set up banking alerts. Get notifications for transactions over a certain amount. Many scams could be stopped mid-transaction.
- Never be ashamed to ask for help. If something feels wrong, call a family member or friend before sending money. Real companies and real emergencies can wait 24 hours.
💡 How regular check-ins help
Gloria provides consistent, friendly calls that help seniors feel less isolated—the number one thing scammers exploit. When someone has regular conversations, they're more likely to mention if something feels "off" about a call or message they received.
Plus, Gloria's conversation summaries let you spot warning signs early, before money is lost.
The bottom line
Nearly $5 billion was stolen from seniors in 2024. $745 million is already gone in 2025. The average victim loses $83,000—often their entire life savings.
Your loved one could be next.
But it doesn't have to happen. Regular check-ins, open conversations, and staying informed can stop scammers in their tracks. Don't wait until it's too late to protect the people you love.