Aging isn’t just about lost youth—it’s a time of deeper wisdom and life experience. But sadly, not everyone gets to enjoy this stage of life peacefully. The reality for many seniors is more complicated and, at times, dangerous.
As people age, some experience cognitive decline, memory loss, or growing feelings of loneliness and isolation. Nearly 12% of Americans over age 65 face significant cognitive issues, and around 30% of those individuals live alone. This isolation and vulnerability can make them easy targets for scammers.
Even though the average scammer may not know these statistics, they do recognize that older, lonely individuals are often more susceptible to manipulation. In 2020 alone, during the early stages of the COVID-19 pandemic, over 105,000 seniors lost more than $1 billion to scams. The average loss was $9,100, and more than 2,000 victims lost over $100,000 each.
If you have a loved one who’s aging or showing signs of cognitive decline, stay connected and check in regularly. Banks can often set safeguards to limit large withdrawals, and legal arrangements can enable caregivers to help protect their finances.
Here are three common scams that often target older adults:
- Loneliness Scams
These scams exploit emotional vulnerability. Under the umbrella of “loneliness scams” are tactics designed to manipulate seniors who feel isolated or crave connection.
- Romance scams: A scammer builds a relationship over weeks or months—often through phone calls or social media—to create a false sense of love or companionship. Eventually, they ask for money, claiming emergencies or financial hardship.
- Long-lost relative scams: Fraudsters use social media or conversations to gather family details. Then, posing as an estranged or distant family member, they reach out with a heartwarming story and a desperate request for money.
- Sweepstakes and Lottery Scams
In this scheme, the scammer contacts a senior claiming they’ve won a sweepstakes, lottery, or prize. To claim the winnings, the victim is told they must first send money for taxes or fees. The prize, of course, never arrives.
The excitement of “winning” can cloud judgment—especially when the scammer creates a sense of urgency or insists on secrecy.
- Home Improvement Scams
These scams often start with a knock on the door. The scammer pretends to be a contractor or repair specialist, pointing out fake or exaggerated issues with the home.
They may pressure the homeowner to pay upfront for urgent repairs—repairs that are either unnecessary or never get completed at all.
How to Help Protect Loved Ones
If someone you care about may be vulnerable:
- Check in frequently and maintain open conversations about finances and unfamiliar contacts.
- Set up alerts and protections with their bank or credit card company.
- Consult an attorney about giving a trusted family member or caregiver financial oversight if needed.
Awareness is the first line of defense. The more we educate ourselves and our loved ones, the better we can protect those most at risk.
