Have you been a victim? According to a recent survey from the Pew Research Center, 73% of US adults have experienced some type of online scam. This has occurred among all age groups and resulted in losses reported to the FBI of over $16 billion in 2024. 79% of those surveyed described online scams as a major problem in the US, and 1 in 5 people report having lost money due to an online scam. What’s astonishing is that these numbers are likely underreporting the problem, as most people who have been financial victims never report the crime to authorities. While older adults are not the only target of online scams, they are more likely to be vulnerable and targeted, given that they are likely to have savings, own a home, and be more trusting of someone reaching out. And the numbers tell a distressing story: In 2024, it’s estimated that older adults lost about $5 billion to online scammers.

In previous posts, we’ve laid out the scams that could potentially ensnarl you– everything from the grandparent scam to online romance scams. But it seems that scammers are an ingenious bunch, and new scams seem to be emerging that specifically target older adults. These include scams that fraudulently try to entice you by claiming they are from Medicare and have new perks to offer or need updated information from you. Or they may threaten you with cancellation of your policy or a downgrade of your policy. Of course, actual Medicare representatives would never conduct business this way, but these tactics could entice unsuspecting older adults to reveal private information that will further the scam and potentially rob you of your money. So don’t be unsuspecting: find out more here. 

As well, scams now seem to be working their way through the long-term care environment, including targeting the loved ones of those residing in long-term care facilities and offering them “refunds” after their loved one has passed away. Yet again, another fraudulent attempt to gain access to personal information such as bank accounts or social security numbers. And for those of you not following the news closely- or even if you are- there are now attempts to utilize the current chaos and confusion over tariffs to convince vulnerable targets to pay “tariff surcharges” or extra fees for purchases you may make online. While suppliers may begin to charge you more for tariffed goods from overseas, don’t fall for scams that purport to be additional fees that mimic government agencies or delivery services asking for additional funds to cover deliveries. Tariffs may add to your cost, but don’t allow them to scam you as well!

Finally, there are a host of schemes involving banking and asset management that have newly arisen that you need to be on the lookout for. For some, turning to cryptocurrency investing has become attractive to shore up retirement finances and make up for some previous losses. While in theory that could be rewarding, the reality is that it is risky, and many are uneducated about the details and nuances of crypto. And unsurprisingly, crypto scams abound for unsavvy or uneducated investors. And even more conventional banking efforts can lead you into possible scams. There are many scams now being reported that can separate you from your money. For example, you may be trying to sell an item online, and the “buyer” sends you a check that appears to overpay you. They then ask you for a wired refund- in fact, this may be a scam, as the check you receive may be fraudulent, and then you are sending them extra money that is not, in fact, rightfully theirs. There are also online lending scams, mobile payment scams, and reward scams. Think you know what’s legitimate and what’s a scam if your “bank” contacts you about a problem? Take this quiz put out by the American Bankers Association to see if you are aware of what “phishing” scams are out there to swindle you out of your money.

And if you want to stay up to speed with the latest scams to look out for, check out the website Scamicide, which tracks the current trends and tricks being perpetrated by scammers.