03.27.2025 Brittani Yeager
Estimated Reading Time: 8 Minutes
The current growth of the senior population is unprecedented in U.S. history. This is largely due to two factors: longer life spans and aging baby boomers. According to the Center for Elders and the Courts, older Americans today are generally healthier, more educated, more financially secure, and more active than previous generations. Yet, identity theft, scams, and cybercrime remain persistent threats to this consumer demographic.
As a trusted provider of senior services and assistance, you know how resilient — and how vulnerable — seniors can be. Unfortunately, seniors are prime targets for scams, identity theft, fraud, and cyberattacks because of the rapid evolution of tactics and techniques used by fraudsters.
You can help protect older adults from these crimes.
Whether you provide senior care at a senior living facility or senior services via financial planning, Medicare supplement, or insurance bundles, you can help guard their most precious assets (their identity, finances, property, and more) by offering them modern protection that addresses modern threats. After working hard their whole lives, the last thing any senior should have to worry about is some scammer trying to steal their identity and life savings.
Let’s explore why seniors are prime targets for these crimes, the most common scams and identity theft schemes targeting older adults, the costs to seniors (hint: it’s more than money), and the protection tools senior consumers need to help mitigate their risks and enjoy the rest of their golden years.
Why Are Seniors Prime Targets for Identity Fraud and Scams?
The unfortunate truth is that scammers see seniors as ideal targets for several reasons, including a perceived lack of knowledge about modern schemes. Additionally, seniors were raised in an era where politeness and trust were the norms, making it difficult for them to say "no" or recognize fraudulent calls or fake caller ID displays, also known as spoofing scams. Moreover, when it comes to online safety, they often are unaware of the importance of best practices for data privacy.
Scammers exploit perceived vulnerabilities by making seniors feel compelled to respond to their threats or fabricated emergencies through unsolicited phone calls, voice scams, and pop-up messages. According to the FTC, seniors lose over $1.5 billion annually to fraud and identity theft. Since many seniors live on fixed incomes, losing even a small amount of money to fraud can have devastating consequences. As a trusted provider of services to seniors, you can help educate them about common schemes and provide them the tools they need to protect them from identity theft and fraud.
The Most Common Scams Targeting Seniors
1. Phone Scams (Tech Support, Customer Support, etc.): "Help Me, Help You."
Scammers often pose as tech support representatives and demand remote access to seniors’ accounts. They try to convince seniors their internet-connected device or online account is compromised and demand payment information for fake services.
Remind Seniors: If someone calls claiming to be a computer or software company and says they detected a virus on their computer, tell them it’s ok to hang up. If a senior is genuinely concerned or does need to speak to tech support, tell them to hang up and call a published number that is either on the product or official website.
2. Government Impersonation Scams: "You Owe Money – and Will be Arrested if You Don’t Pay Now."
Fraudsters pretend to be from the IRS, Social Security Administration, or Medicare, claiming seniors owe money or their benefits will be cut off unless they provide sensitive information.
Remind Seniors: Government agencies never call and demand money – especially not via gift cards. If Uncle Sam wants cash, he’ll send an official mailing containing several legal documents and ways to resolve the issue. Also, don’t share your Social Security number with anyone – that includes the impersonator and loved ones.
3. Grandparent Scams: "I’m In Trouble & Need Help Now."
Scammers call pretending to be a child or grandchild in distress, claiming they need money urgently to cover bail, hospital bills, or travel expenses.
Remind Seniors: Before sending money, ask a security question only a real family member or loved one would know — like what their childhood pet’s name was or their favorite embarrassing story. It is also a good idea to proactively remind seniors to set up a password or passphrase with their loved ones should they need to confirm their identity in the future.
4. Investment Fraud: "You Will Win the Jackpot!"
Fraudsters promise guaranteed returns on fake investments, often in cryptocurrency, real estate, or "exclusive opportunities." Often, they’ll ask for your bank account number or crypto wallet address under the pretense of transferring the money directly to your account.
Remind Seniors: If the investment sounds too good to be true, it probably is. If they hear or read the words “guaranteed profit,” advise them to hang up the call or not click the link. At the very least, remind them not to provide personal information until they have reviewed the so-called opportunity with a trusted advisor like yourself.
5. Identity Theft After Death: “You’re Still the One.”
Each year, 2.5 million deceased Americans’ identities are stolen, according to the. Scammers use information to open accounts or file fraudulent tax returns — and that includes people who have passed away. These scams become an issue for everyone involved, most notably the loved ones they leave behind.
Remind Seniors: Families should have a plan in place to notify credit bureaus and financial institutions after a loved one’s passing to shut down potential identity theft. They should also put in place procedures to shut down their social media platforms and other accounts they may have access to so that fraudsters cannot continue to exploit their connections.
The High Toll of Identity Theft & Fraud on Society
Resolving fraud is expensive, time-consuming, and emotionally taxing for anyone who falls victim to identity theft. Seniors, in particular, often have to depend on family members to determine whether a call, email, or letter is legitimate, which increases the burden not only on themselves but also on their support system as a whole. This detracts from meaningful interactions, diverts funds from essential necessities or activities, and erodes trust and joy in society.
- Average money loss: Nearly $30,000 per individual senior victim, according to the Federal Bureau of Investigation.
- Time spent resolving fraud cases: Weeks to months. According to the FTC, it can take 200 hours – six months on average to resolve an identity theft or fraud case.
- Emotional distress: Immeasurable. In 2022, 16% of identity theft victims reported contemplating suicide, up 10% from the previous year.
How You Can Be a Trusted Guardian of their Golden Years: Offer Comprehensive Protection
No matter your role as a provider of senior services, your business is built on trust and protecting seniors is a smart business decision. By providing seniors with robust protection, you can help safeguard not only their health, wealth, tech, and well-being but their families and communities as well.
With Iris Powered by Generali’s comprehensive Senior Identity Protection & Beneficiary Assistance bundle, you can provide your mature audience proactive defenses against financial fraud, scams, social media account takeovers, and even support for their beneficiaries.
Let Iris help you offer a better experience and more security to protect what matters most to them and their family.
Check out our Senior Identity Protection & Beneficiary Assistance bundle offering now.
Interested in offering your clients robust protection that provides them modern protection against modern threats? Contact us today to get started.
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