Financial fraud targeting older Americans is rising fast, and the overall costs of these crimes also continue to skyrocket. According to a 2025 report from the Federal Trade Commission (FTC), adults over 60 reported losing more than $2.4 billion to fraud in 2024—up from about $600 million in 2020. Cases involving losses over $100,000 were typically attributed to investment scams, romance scams or impersonation fraud, with social media as the primary method of contact.
Because this type of fraud is so widespread and can be so financially and emotionally devastating, families and friends of seniors are a critical first line of defense, says Charles Laugen, head of Fraud Prevention and Surveillance at RBC Wealth Management–U.S.
“Not only is it important to be able to recognize the signs and red flags of scams, but being able to step in and provide support and resources when a scam is happening can save your loved one from potentially losing their life savings and experiencing emotional damage,” Laugen says.
Why seniors are frequently targeted for financial fraud
Older adults are common targets for scammers. One key reason, Laugen explains, is the widespread assumption that retirees have accumulated significant wealth. Another reason is simply that seniors may engage with scammers more than younger generations.
“They’ll answer the phone or respond to messages on social media because they think they have to or don’t want to be rude,” Laugen says. Fraudsters often develop fake friendships or romantic relationships with their targets, particularly those who are widowed or experiencing loneliness.
“Scammers will call or message daily to ‘check on them,’ sometimes communicating multiple times a day,” explains Laugen. “This can make it really hard to recognize that they’re being manipulated, and even harder to end the communication.”
Technology is another risk factor, as scammers are using artificial intelligence (AI) to create convincing audio and video content, fake profiles and personalized conversations. Seniors may not fully understand these tools and be tricked into compromising their login credentials with one-time passcodes or using a QR code to fund a fake crypto wallet, for example.
“The senior may think they’re on a legitimate cryptocurrency trading site when it’s actually a scam site that looks almost identical,” Laugen says.
How to help seniors recover from financial exploitation
Most seniors are afraid and embarrassed to tell their families they’ve been scammed. If you discover that a senior family member has been impacted by fraud, it’s essential to consider how you react—a negative response could have a lasting effect on the outcome and their well-being.
There are better ways to address the incident than shaming or blaming, Laugen says. Ultimately, your goal should be to let your loved one know you’re there to help them take steps to resolve the situation. Here are four ways to show your support:
1. Lead with empathy
The best way to approach someone in this situation is with compassion, not judgment. When you begin discussing the fraud, consider aspects such as timing and location. Sometimes seniors engage better in the morning or in their home setting, especially if they’re experiencing cognitive decline.
Avoid bringing it up in front of others or confronting your loved one with anger. Try to remain calm and emphasize their well-being instead of focusing on the money. Fraud can be stressful and make seniors feel powerless, hopeless and overwhelmed. Try asking them to share how the fraud started and about any early warning signs they saw or perhaps ignored. Take a gentle approach to helping them identify those signs so that they don’t feel bad if they missed or dismissed them.
2. Consider your language
It’s important to reinforce that your loved one is not at fault. Avoid language that could feel judgmental or diminish their confidence. “I tell clients to avoid the words ‘elderly,’ ‘victim,’ and ‘vulnerable,’ because those are loaded terms that can make people feel judged,” Laugen says, emphasizing the need for respectful, neutral language that supports dignity rather than assigning blame.
Laugen cautions that speaking down to older adults or raising your voice can cause them to withdraw or withhold key details. Instead, create a supportive environment by reinforcing that your goal is to help—not to limit their independence or control their finances, which is a common concern for many seniors.
3. Provide ongoing support
Sometimes it may take multiple conversations to get through to your loved one. If they don’t confide in you initially, try again another day in a different setting, or have someone else they trust try speaking to them.
Instead of threatening to take away the senior’s independence, offer partnership and oversight to prevent them from additional financial harm. Continue to emphasize that they were a target of a crime, and place blame where it belongs: with the criminal.
Being scammed can be a traumatic experience, so it’s important to let your loved one know you’re there for them. If they do not want to talk about their feelings with you, encourage them to talk to someone else, such as a trusted friend or counselor.
4. Direct them to resources
Education and resources can provide seniors with a sense of control and help them move forward. Start by helping them contact their financial institutions and advisors to report the fraud and get help recovering money where possible.
Also encourage your loved one to report the scam to the proper authorities, such as the police, FTC or other federal agencies, depending on the crime. RBC Wealth Management’s Fraud and Scam Recovery Guide includes a checklist and contact information for reporting to agencies, as well as suggested actions to help prevent additional losses.
You can also help your loved one sign up for scam alerts and find education offered by fraud prevention organizations.
Our fraud and scam recovery guide provides guidance on recovering from fraud, scams and identity theft.
This article was updated in May 2026.