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Adults 65 and older are among those most vulnerable to financial scams and fraud, according to the 2024 FBI Internet Crime Complaint Center report.
In 2024, seniors reported nearly $4.9 billion in losses — a 43% increase from the previous year.
The federal government received complaints from more than 9,473 Texas seniors, with average losses exceeding $489,000.
Related:How to spot – and stop – internet, phone scams
Breaking News
Seniors hold majority of wealth
Seniors are targeted because they control a significant portion of the nation’s wealth, according to Steve Benton, a financial counselor with The Senior Source’s Elder Financial Safety Center in Dallas.
Dallas’ population of those 65 and older is growing rapidly, at more than 140,000 people — or 10.7% of the total population — according to the city, making the region especially vulnerable.
Russell Leahy shows a screenshot after a scammer accessed his personal bank account at his home, Friday, June 20, 2025, in Fort Worth. Leahy was scammed out of more than $30,000 by someone impersonating people from Chase Bank.(Elías Valverde II / Staff Photographer)
“I am 86 years old and I am very depressed over this,” said Rebecca Dillard, a Dallas resident who was a recent victim of a financial scam. “I lost $1,680 and my son, who is 61 years old, lost $3,302.”
Scammers hacked into Dillard’s checking account and completed more than 13 transactions on ATMs, Dillard said. Dillard’s son is in her account in case of future need.
As people age, cognitive decline becomes prevalent, making it more challenging to identify scams, Benton said.
“Technology is running away from them. They can’t keep up with it, so they’re behind the curve constantly, and this ends up with them being easy to fool,” he said.
Family members and caregivers play a critical role in protecting seniors, Benton said. By staying actively involved in their loved ones’ financial affairs and maintaining open lines of communication, they can help identify warning signs of fraud early on.
Regularly discussing potential risks, monitoring unusual account activity and encouraging seniors to consult with family members before making large transactions are practical steps that can make a difference.
“Too often, families find out about a fraud after significant money has been lost,” Benton said.
Fraud and scams are the most underreported crimes in America today, often because victims feel ashamed or embarrassed, Benton said.
Common scams targeting seniors
According to the FBI report, seniors are most commonly targeted by a variety of scams.
These include romance scams, where criminals pose as romantic partners online, and tech support scams, in which scammers pretend to be from technology companies and claim there is an issue with the victim’s computer. Grandparent scams are also prevalent, with criminals impersonating relatives in urgent need of money.
Other frequent schemes involve government impersonation, where scammers threaten arrest or legal action, as well as lottery or inheritance scams, in which victims are told they have won money but must pay fees to claim it.
Investment scams, including fake cryptocurrency opportunities, are also common, as are charity scams in which criminals solicit donations under false pretenses.
Additionally, family or caregiver exploitation occurs when those close to the victim misuse their access to steal money, and nondelivery scams involve victims paying for goods online that never arrive.
Laws protecting the vulnerable
Enacted in 2017, the Elder Abuse Prevention and Prosecution Act aims to prevent elder abuse and exploitation while strengthening the justice system’s support for older victims.
The Residential Solar Retailer Regulatory Act, signed into Texas law in 2025, requires independent solar sellers to register with the state, prohibits deceptive practices and mandates the use of standardized contracts and educational materials for customers, according to The Dallas Morning News’ Watchdog Dave Lieber.
The law allows background checks, gives buyers five days to cancel without penalty and imposes higher fines for violations involving seniors. Licensed electricians are required to perform installations, and violations can result in the loss of registration and refunds for affected individuals.
Red flags and prevention tips
Red flags of scams include requests for immediate contact or decision, a request to call back, refusal to meet face-to-face and offers that seem “too good to be true,” according to Benton.
Phishing remains a tactic employed by cybercriminals. Scammers send unsolicited emails, texts or calls impersonating legitimate companies to solicit personal information. (Michael Hogue)
Benton emphasized criminals always show urgency, always ask for money and will reach out at irregular hours.
Benton advises approaching everything with a cautious mindset, reminding people that “there is no free lunch.”
When receiving a suspicious message, never call back the number provided; instead, use the official number listed on your account or credit card, as advised by the FBI. Additionally, avoid clicking on links in text messages, as these can often lead to scams. Finally, don’t hesitate to seek a second opinion — ask a trusted friend or family member for advice before taking any action, Benton said.
Help is available for victims
Older adults who have fallen victim to scams can seek help at The Senior Source’s Elder Financial Safety Center, which has helped more than 80,000 Dallas-area residents and saved older adults more than $65 million from potential fraud and scams, Benton said.
The FBI encourages anyone who believes they have been scammed to report it to the Internet Crime Complaint Center at ic3.gov.
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Adults 65 and older are among those most vulnerable to financial scams and fraud, according to the 2024 FBI Internet Crime Complaint Center report.
In 2024, seniors reported nearly $4.9 billion in losses — a 43% increase from the previous year.
The federal government received complaints from more than 9,473 Texas seniors, with average losses exceeding $489,000.
Related:How to spot – and stop – internet, phone scams
Breaking News
Seniors hold majority of wealth
Seniors are targeted because they control a significant portion of the nation’s wealth, according to Steve Benton, a financial counselor with The Senior Source’s Elder Financial Safety Center in Dallas.
Dallas’ population of those 65 and older is growing rapidly, at more than 140,000 people — or 10.7% of the total population — according to the city, making the region especially vulnerable.
Russell Leahy shows a screenshot after a scammer accessed his personal bank account at his home, Friday, June 20, 2025, in Fort Worth. Leahy was scammed out of more than $30,000 by someone impersonating people from Chase Bank.(Elías Valverde II / Staff Photographer)
“I am 86 years old and I am very depressed over this,” said Rebecca Dillard, a Dallas resident who was a recent victim of a financial scam. “I lost $1,680 and my son, who is 61 years old, lost $3,302.”
Scammers hacked into Dillard’s checking account and completed more than 13 transactions on ATMs, Dillard said. Dillard’s son is in her account in case of future need.
As people age, cognitive decline becomes prevalent, making it more challenging to identify scams, Benton said.
“Technology is running away from them. They can’t keep up with it, so they’re behind the curve constantly, and this ends up with them being easy to fool,” he said.
Family members and caregivers play a critical role in protecting seniors, Benton said. By staying actively involved in their loved ones’ financial affairs and maintaining open lines of communication, they can help identify warning signs of fraud early on.
Regularly discussing potential risks, monitoring unusual account activity and encouraging seniors to consult with family members before making large transactions are practical steps that can make a difference.
“Too often, families find out about a fraud after significant money has been lost,” Benton said.
Fraud and scams are the most underreported crimes in America today, often because victims feel ashamed or embarrassed, Benton said.
Common scams targeting seniors
According to the FBI report, seniors are most commonly targeted by a variety of scams.
These include romance scams, where criminals pose as romantic partners online, and tech support scams, in which scammers pretend to be from technology companies and claim there is an issue with the victim’s computer. Grandparent scams are also prevalent, with criminals impersonating relatives in urgent need of money.
Other frequent schemes involve government impersonation, where scammers threaten arrest or legal action, as well as lottery or inheritance scams, in which victims are told they have won money but must pay fees to claim it.
Investment scams, including fake cryptocurrency opportunities, are also common, as are charity scams in which criminals solicit donations under false pretenses.
Additionally, family or caregiver exploitation occurs when those close to the victim misuse their access to steal money, and nondelivery scams involve victims paying for goods online that never arrive.
Laws protecting the vulnerable
Enacted in 2017, the Elder Abuse Prevention and Prosecution Act aims to prevent elder abuse and exploitation while strengthening the justice system’s support for older victims.
The Residential Solar Retailer Regulatory Act, signed into Texas law in 2025, requires independent solar sellers to register with the state, prohibits deceptive practices and mandates the use of standardized contracts and educational materials for customers, according to The Dallas Morning News’ Watchdog Dave Lieber.
The law allows background checks, gives buyers five days to cancel without penalty and imposes higher fines for violations involving seniors. Licensed electricians are required to perform installations, and violations can result in the loss of registration and refunds for affected individuals.
Red flags and prevention tips
Red flags of scams include requests for immediate contact or decision, a request to call back, refusal to meet face-to-face and offers that seem “too good to be true,” according to Benton.
Phishing remains a tactic employed by cybercriminals. Scammers send unsolicited emails, texts or calls impersonating legitimate companies to solicit personal information. (Michael Hogue)
Benton emphasized criminals always show urgency, always ask for money and will reach out at irregular hours.
Benton advises approaching everything with a cautious mindset, reminding people that “there is no free lunch.”
When receiving a suspicious message, never call back the number provided; instead, use the official number listed on your account or credit card, as advised by the FBI. Additionally, avoid clicking on links in text messages, as these can often lead to scams. Finally, don’t hesitate to seek a second opinion — ask a trusted friend or family member for advice before taking any action, Benton said.
Help is available for victims
Older adults who have fallen victim to scams can seek help at The Senior Source’s Elder Financial Safety Center, which has helped more than 80,000 Dallas-area residents and saved older adults more than $65 million from potential fraud and scams, Benton said.
The FBI encourages anyone who believes they have been scammed to report it to the Internet Crime Complaint Center at ic3.gov.
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