Boomers are getting scammed for billions online — here's how to break the cycle
Last year, Americans over the age of 60 lost nearly $5 billion to online scams. This is an all-time high and a 43 percent jump from 2023, according to the FBI.
Those over 60 suffer the largest financial losses of any age group, and the number of complaints is growing. This is not a temporary issue, but a persistent national crisis.
The scale is vast, with more than 147,000 victims in 2024 alone, averaging $83,000 in losses per victim. Yet elder fraud rarely receives the national coverage it deserves. While headlines follow ransomware attacks on corporations, the daily, grinding exploitation of our parents and grandparents unfolds largely in silence.
In the workplace, we reinforce cybersecurity through mandatory training, simulated phishing tests and modern technical controls. Cognitive defense, the ability to spot and resist manipulation, is cultivated in corporate environments.
But what happens after retirement? That cognitive defense fades. At home, there are no IT teams, no robust security processes, no strong authentication, no role separation, no 24/7 monitoring tools. And malicious actors know this.
Scam methods are rapidly evolving, especially as AI and deepfake technology become tools for fraudsters. Investment scams cost older Americans $1.8 billion in 2024, often fueled by crypto frauds initiated on social media or dating sites.
Tech support scams resulted in almost $1 billion in losses, with new 'Phantom Hacker' schemes where criminals impersonate support staff, government officials and bankers in a single, multi-stage operation.
Government impersonation scams extracted over $200 million, often convincing victims to move cash, buy gold, or use crypto kiosks, sometimes with AI-powered voice calls and couriers sent to their homes.
The most vulnerable among us — the very people who built the country — are now the most targeted. And as a nation, we aren't talking about it enough.
At home, seniors don't have access to security experts, but they have you. What actually works? Not more gadgets or apps, but human connection.
You can help by staying in touch. Regularly check in with the older adults in your life. Listen to their stories and concerns. If something about their financial activity or technology use feels 'off', gently ask questions.
Spend time — and even just 15 minutes can help. The awareness campaigns we run in workplaces also work at home. Sit down and talk with your parents or older neighbors about the latest scams.
Most elder scams today involve government impersonation, tech support fraud and investment fraud. Point out the red flags and remind your older loved ones never to rush a financial decision based on a call, text or email.
Trusted resources such as the Federal Trade Commission and the FBI provide free and useful resources. Take time to visit these websites and discuss the content with them.
America's silent cyber crisis will not resolve itself. We cannot leave the protection of our seniors to chance or to technology alone. It is up to all of us (families, communities, lawmakers and industry) to care, connect and empower our older adults with the knowledge and support they need to stay safe.
Solving this crisis primarily requires more than just new laws or better software. It demands human attention, compassion and community action. The solution starts with a simple question: When will you spend 15 minutes this month talking with a senior about online scams?
Our parents and grandparents built the America we defend digitally every day. Now it's time to defend them.
Yuksel Aydin is country chief information security officer and data protection officer at RSM.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Manhunt intensifies in US after lawmaker killed, another wounded
Police and FBI agents waged a huge manhunt Sunday for a gunman who killed a Democratic state lawmaker and her husband in Minnesota in what officials called a politically motivated attack. As the search stretched into its second day, police appeared to close in on the shooter, finding a car described as related to him, but not the man himself. America reeled from its latest spasm of political violence as lawmakers called for a return to civility in political discourse that has been overheated and angry for years. Authorities searched for a man identified as Vance Boelter, 57, who also allegedly shot and wounded another lawmaker and his wife early Saturday in the northern state bordering Canada. Officials said Boelter impersonated a police officer as he came to the homes of these couples near Minneapolis and shot them, and that officers found a manifesto and a list of other lawmakers and potential targets in his car. Boelter fled on foot after exchanging gunfire with officers after the second shooting. On Sunday officers located another car related to Boelter in a rural area about a 90-minute drive west of Minneapolis, the Sibley County Sheriff's Office told AFP. Residents were warned of the find and agents are scouring the area, the office said without explaining how the vehicle is related to the suspect. Officials have issued security alerts in South Dakota and other states as the hunt proceeds, US Senator Amy Klobuchar of Minnesota said Sunday as she mourned her slain friend, Democratic state representative Melissa Hortman. "I am concerned about all our political leaders, political organizations," she said. "It was politically motivated, and there clearly was some throughline with abortion because of the groups that were on the list, and other things that I've heard were in this manifesto. So that was one of his motivations." As speaker of the Minnesota House of Representatives from 2019 to January 2025, Hortman was committed to legislation that protected reproductive rights in the state, local media reported. - 'Bring the tone down' - America is bitterly divided politically as President Donald Trump embarks on his second term and routinely insults his opponents. Political violence is becoming more and more common. Trump himself survived an assassination attempt last year. An assailant with a hammer attacked the husband of then US House speaker Nancy Pelosi in 2022. And Pennsylvania Governor Josh Shapiro's home was set on fire this year. "We need to bring the tone down," Klobuchar said on CNN. US Senator Rand Paul of Kentucky, himself attacked by a neighbor in 2017, told NBC "nothing brings us together more than, you know, mourning for somebody else who's in political life, Republican or Democrats." On Saturday the FBI released a photo that appears to show Boelter wearing a mask as he stands outside the home of one of the lawmakers. It is offering a $50,000 reward for information leading to his arrest and conviction. The shootings came on the day a dramatic split screen showed America divided: hundreds of thousands of protesters across the country took to the streets to rally against Trump as the president presided over a big military parade in Washington -- a rare spectacle criticized as seeking to glorify him. Trump has condemned the killing of Hortman and her husband Mark and the wounding of state Senator John Hoffman and his wife Yvette. In a conversation Sunday with ABC News, Trump was asked if he planned to call Minnesota Governor Tim Walz, who was Kamala Harris's running mate in the election Trump won last year. "Well, it's a terrible thing. I think he's a terrible governor. I think he's a grossly incompetent person," the president said. "But I may, I may call him, I may call other people too." bur/dw/mlm
Boston Globe
2 hours ago
- Boston Globe
Minnesota Sen. Tina Smith contemplates increased security after shooting of Democratic lawmakers
Advertisement 'These are real people, and before you start ascribing motives or going after them online maybe you should think about Melissa Hortman's life,' Klobuchar, a Democrat, said on CNN. 'This is a person that did everything for the right reasons. Regardless of political parties, look at her face before you send out your next post.' Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up The attack that killed Hortman, her husband Mark and gravely wounded state Sen. John Hoffman and his wife was a nightmare scenario for the thousands of American who serve as legislators across the 50 states and in Washington. They routinely attend public events with little or no security screening and live with their families in communities torn by the nation's political divides. The FBI has offered a $50,000 reward for information on the suspect, Vance Boelter, 57, who was the subject of a massive manhunt Sunday. The attacks amid a recent flurry of political violence that appears to be coming from all ideological corners. Advertisement U.S. Capitol Police increased security for Klobuchar and Smith following the attacks, which occurred early Saturday morning. Minnesota's entire congressional delegation, both Republicans and Democrats, released a joint statement condemning the killings. 'Today we speak with one voice to express our outrage, grief, and condemnation of this horrible attack on public servants,' the statement said. 'There is no place in our democracy for politically-motivated violence.' 'Nothing brings us together more than, you know, mourning for somebody else who's in political life,' GOP Kentucky Sen. Rand Paul said on NBC. 'Republican or Democrats. You know, we come together about this.' Paul said that he himself had been the victim of political violence when he was attacked by a neighbor in 2017, as well as at the Republican practice for the Congressional baseball game where a gunman severely injured several people, including House Majority Whip Steve Scalise. Associated Press writer Gary Fields contributed reporting.
Hamilton Spectator
3 hours ago
- Hamilton Spectator
Minnesota Sen. Tina Smith contemplates increased security after shooting of Democratic lawmakers
Lawmakers on Sunday continued to reel from the shooting of two Democratic Minnesota state legislators in their homes that led to the death of one and her husband, contemplating a previously unthinkable world where democratically-elected representatives need full-time security details to protect them from the public. 'I don't want to think that I have to a personal security detail everywhere I go, but I think we really have to look at the situation that we're in,' Democratic Minnesota Sen. Tina Smith said Sunday on NBC News. 'This is no way for our government to work when people, any number of us, feel this kind of threat.' The state's other U.S. Senator, Amy Klobuchar, directly addressed the increasingly toxic atmosphere around politics as she remembered state Rep. Melissa Hortman , who was killed in the attack. 'These are real people, and before you start ascribing motives or going after them online maybe you should think about Melissa Hortman's life,' Klobuchar, a Democrat, said on CNN. 'This is a person that did everything for the right reasons. Regardless of political parties, look at her face before you send out your next post.' The attack that killed Hortman, her husband Mark and gravely wounded state Sen. John Hoffman and his wife was a nightmare scenario for the thousands of American who serve as legislators across the 50 states and in Washington. They routinely attend public events with little or no security screening and live with their families in communities torn by the nation's political divides. The FBI has offered a $50,000 reward for information on the suspect, Vance Boelter, 57, who was the subject of a massive manhunt Sunday. The attacks amid a recent flurry of political violence that appears to be coming from all ideological corners. U.S. Capitol Police increased security for Klobuchar and Smith following the attacks, which occurred early Saturday morning. Minnesota's entire congressional delegation, both Republicans and Democrats, released a joint statement condemning the killings. 'Today we speak with one voice to express our outrage, grief, and condemnation of this horrible attack on public servants,' the statement said. 'There is no place in our democracy for politically-motivated violence.' 'Nothing brings us together more than, you know, mourning for somebody else who's in political life,' GOP Kentucky Sen. Rand Paul said on NBC. 'Republican or Democrats. You know, we come together about this.' Paul said that he himself had been the victim of political violence when he was attacked by a neighbor in 2017, as well as at the Republican practice for the Congressional baseball game where a gunman severely injured several people, including House Majority Whip Steve Scalise. Associated Press writer Gary Fields contributed reporting. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
