The FBI’s Internet Crime Complaint Center reported that Americans aged 60 and over lodged 201,266 complaints in 2025, with losses amounting to $7.7 billion. This age group faced the highest financial impact from scams.
The Federal Trade Commission’s report to Congress in December 2025 showed that fraud costs for older adults ranged between $10.1 billion and $81.5 billion in 2024. These figures depended on how underreporting was measured.
Why Older Adults Are at Higher Risk
Older individuals generally hold more financial, medical, and government accounts than younger adults. These include banks, brokerages, Medicare, Social Security, and mortgage accounts. Each account has its unique verification process, making them vulnerable to scammers.
From 2020 to 2024, the number of older adults losing more than $100,000 rose from $55 million to $445 million, according to FTC data.
AI voice cloning technology has increased the risk of phone scams. In 2025, the FBI recorded $893 million in AI-related scam losses, with $352 million affecting those aged 60 and above.
Steps to Protect Your Parent’s Identity
Protecting your parents begins by discussing each step with them. The aim is to ensure their security, not to take control away from them.
Start with Basic Protections
- Freeze credit reports with Equifax, Experian, and TransUnion. Each bureau process is separate but has been free to freeze since 2018.
- Obtain an IRS Identity Protection PIN from IRS Identity Protection PIN, which provides a six-digit code to prevent fraudulent tax returns.
- Sign up for USPS Informed Delivery to prevent criminals from accessing and previewing mail.
- Opt out of pre-screened credit offers at optoutprescreen.com to prevent unsolicited credit offers.
Credit monitoring can enhance awareness of suspicious activities and help decide on actions to protect accounts.
Claim Federal Accounts
Register for a my Social Security account on ssa.gov and a MyMedicare account on MyMedicare.gov if applicable. This can be done to prevent others from fraudulently creating accounts with their Social Security number.
Enable two-factor authentication and use a reliable password manager to strengthen account security. Regularly review Medicare Summary Notices for unfamiliar charges, and contact the Senior Medicare Patrol for guidance on suspicious billing.
Credit monitoring can pinpoint if personal information is already being misused. Services scanning for data leaks and misuse can be crucial in protecting information.
Handling Suspicious Communications
Institute a family code word to verify the legitimacy of phone calls. If a call involves distress but lacks the code word, end the call immediately.
Keep a visible list of actions real federal agencies never take, such as unexpected calls requesting full SSNs or payment in gift cards. This is a key measure to identify scams.
Responding to Identity Fraud
Setting up a financial power of attorney can allow an adult child to promptly manage and resolve fraud issues on a parent’s behalf. Begin by pulling credit reports, filing reports at IdentityTheft.gov, placing fraud alerts, and contacting affected creditors in writing.
Some identity theft protection services provide fraud resolution support and insurance for recovery costs, which can be extended to parents in different households.
While no system guarantees complete protection, taking preventive steps can significantly reduce risks and help families respond swiftly to fraudulent activities.
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