You May Not Be Targeted Most – But You Could Lose the Most

Financial, Personal Assets, ,

scammers age 60+

Scams are everywhere.  And while adults age 60 and older are frequently targeted, you may be surprised to learn that they are not the age group most likely to experience scams. Still, when older adults are affected, the financial impact is often significantly higher – making awareness especially important.

If it’s not Boomers, which generation do you think is most likely to experience scams?

Studies from consumer protection agencies consistently show that adults ages 20 – 39 report the highest number of scam encounters. This is largely because they:

  • Spend more time online and on social media
  • Use digital payment apps frequently
  • Engage more often in online marketplaces and peer-to-peer transactions

However, adults age 60 and older tend to lose more money per incident. This happens because:

  • They may have larger retirement savings
  • They often own homes or other assets
  • Scammers target them with higher-dollar fraud schemes
  • They may be more trusting of phone-based communication
So while Gen Z and Millennials experience scams more often, older adults are often more financially impacted, which is why prevention is so important.

So keep in mind that being targeted in this older age group is not about vulnerability – it’s about opportunity from the scammer’s perspective.

 

Common Scams to Watch For

1.  Imposter Scams – Most of know or can recognize these;
Someone calls and pretends to be from Social Security, Medicare, the IRS, or your bank.

2. Tech Support Scams – A pop-up or phone call claims your computer has a virus and asks you to click on a link or asks for payment.  These appear legit and can be initially very convincing.

3. Grandparent Scams – A caller pretends to be a grandchild needing urgent financial help.  With AI voice tools, these calls can sound frighteningly real.

4. Prize or Sweepstakes Scams – You’re told you’ve won something but must pay fees upfront.

5. Romance Scams – An online relationship develops and then turns into requests for money.  Also, scammers watch the death notices and can prey upon those who are grieving and in an unsuspecting or vulnerable place.

6. Phishing Emails & Texts – Messages that look legitimate ask you to click links or provide information.

 

Red Flags 🚩

Pause if you notice:

  • Pressure to act immediately
  • Requests for gift cards, wire transfers, or cryptocurrency
  • Requests for personal or financial information
  • Threats (account suspension, arrest, etc.)
  • Calls from a “family member” with an unclear or rushed voice
  • Poor spelling or unusual grammar in emails or texts
  • Payment requests that seem unusual or out of character

 

Practical Tips to Stay Safe

1. Slow Down – Scammers rely on urgency. Take time to think.

2. Verify Independently – Hang up and call the official number you find yourself.

For emails, check the sender’s address carefully.  Logos can be faked, but email domains often reveal the truth.

If you believe a call may be from a family member in distress, ask to speak to the family member, or ask a question that only the family member would know.

3. Never Share Sensitive Information – Never share Social Security numbers, banking details, or passwords.  This information is never required when someone calls you.

4. Use Call Screening – Let unknown calls go to voicemail.  Most scammers will never leave a message.

5. Be Skeptical of Links – Never click on unsolicited links.  If you’re not sure, google links and scams.  If they are “click Bait” or phishing, likely you will be able to identify that and delete it with comfort.

6. Talk It Through – Not sure what to do? Ask a trusted family member, friend, or advisor.

7. Set Up Account Alerts – Enable alerts for unusual activity.

8. Protect Your Devices – Keep software updated and use strong passwords.

 

Final Thoughts

While younger adults may encounter scams more frequently, adults age 60 and older face greater financial risk per incident. Awareness, caution, and communication are your best defenses.

Remember: It’s always okay to hang up, delete, or say “I need time to think about this.” Legitimate organizations will respect your caution.

And, if something doesn’t feel right – trust your instincts. It’s better to double-check than risk becoming a victim.