America’s Silent Cyber Crisis: $5 Billion Lost to Elder Scams

• Elder Scams
• Cybersecurity Awareness
• Online Safety

Seniors lost a record $5 billion to scams in 2024. Learn why older adults are most at risk and how you can help protect them.

Elder Scams Hit Record High: $5 Billion Lost in 2024

In 2024, Americans over the age of 60 reported losing nearly $5 billion to online scams — the highest total on record. According to the FBI, this represents a staggering 43% increase over 2023. With over 147,000 victims and an average loss of $83,000 per person, elder fraud is not just a growing issue — it's a national crisis.

Why Older Adults Are the Prime Targets

Seniors now account for the largest financial losses among all age groups. After retirement, they lose the cybersecurity protections offered in a workplace setting: no IT teams, no phishing simulations, no strong security controls. Cybercriminals are fully aware of this vulnerability and exploit it relentlessly.

The Role of AI and Deepfakes

Fraudsters are increasingly using AI-generated voices and deepfake videos to impersonate government agents, tech support staff, and even loved ones. Sophisticated scams now involve multi-stage operations where fake officials convince victims to move money or buy gold, sometimes even dispatching couriers to their homes.

Top Scams Affecting Seniors

• Investment scams: $1.8 billion lost, often via fake crypto platforms promoted through social media or romance scams.
• Tech support fraud: Almost $1 billion in losses from scams posing as Microsoft, Apple, or bank tech teams.
• Government impersonation: Over $200 million lost as scammers claim to be from the IRS, FBI, or Medicare.

The Human Solution

This is not just a cybersecurity issue — it’s a community problem. Many seniors live without strong technical defences, but they do have something better: people who care. The most effective protection comes from human connection.

Check in with the older adults in your life. Talk about scams and red flags. Share examples of fraudulent messages and help them recognise urgency as a red flag. Just 15 minutes a month can make a life-changing difference.

How You Can Help

• Talk to your parents or grandparents about recent scams.
• Review their tech habits and security settings together.
• Encourage them never to act on a call, text, or email without checking with you first.
• Visit trusted websites like the FTC and FBI together to stay informed.

Final Thought: Start the Conversation

This silent crisis will not solve itself with better software alone. It demands community, compassion, and proactive effort. Ask yourself: When will you sit down this month to talk with a senior about online scams? The time is now.