These Are the Biggest Scams That Cost Seniors the Most Money

Written by Clark.com Staff | March 30th, 2026

Scammers aren’t just targeting seniors — they’re profiting from them at an alarming rate.

Older Americans lost at least $2.4 billion to fraud in 2024, according to a Federal Trade Commission report, Protecting Older Consumers 2024-2025. And that number likely represents just the tip of the iceberg. The FTC notes that most scams go unreported, meaning the true financial toll is far higher.

Criminals are getting more sophisticated, more convincing and more relentless, often zeroing in on seniors with tactics designed to exploit trust, fear and financial stability.

In this article, we’ll break down the scams costing seniors the most money and share practical advice from money expert Clark Howard and Team Clark to help you and your loved ones stay protected.

Screenshot via ftc.gov

These Scams Are Tricking Seniors Out of Their Money

1. Investment Scams: $744 Million in Losses

Seniors looking to grow their savings are especially susceptible to investment scams. According to the report, losses attributed to investment scams increased by 38%.

“Spend some time checking out the person touting the investment before you invest — even if you already know the person socially,” says the U.S. Securities and Exchange Commission’s Guide for Seniors.

How to prevent it: Take the initiative to look up an investment firm’s or individual’s disciplinary history using the “Check Out Your Investment Professional” search tool at Investor.gov.

2. Business Impostor Scams: $377 Million in Losses

Business impostor scams, which increased 21%, can take many forms, including when the perpetrator pretends to be a business executive or payroll employee, asking for sensitive information such as a copy of a W-2.

To cover their ruse, crooks have been known to use email subject lines that entice workers to click. The criminal can then use that information to file a bogus tax return, according to this warning from the Internal Revenue Service.

How to prevent it: Never give your personal information to anyone you don’t know over the phone, via email, or via text.

This scam is popular around tax time, but it could pop up any time of the year.

3. Government Impostor Scams: $375 Million in Losses

Crooks have long portrayed government employees via phone, email and text message to bait unsuspecting people into giving up their cash or divulging sensitive information.

How to prevent it: Clark says, “Consider following my rule.”

“It’s a simple rule: If I don’t recognize the number as being from someone I know, I do not answer the call.”

As for text messages, Clark says he never taps on a suspicious link from numbers that he doesn’t recognize.

“When you receive a text, and you don’t know the sender, or even if you do know the sender and there’s a link in there they want you to click on, I wouldn’t click on the link unless it’s somebody you absolutely know with certainty,” he says.

4. Romance Scams: $329 Million in Losses

Team Clark’s Consumer Action Center (CAC) receives calls from people who have fallen victim to romance scams.

“I call these the ‘loneliness scams,’” says CAC Director Lori Silverman, “because the person on the other side is seeking a relationship and wants to believe this is real.”

How to prevent it: Lori says to look for signs: dollar signs.

“If they’re asking for money, that’s a big clue,” she says. “Especially if they all of a sudden say they need money to get to the U.S. or something like that.”

5. Tech Support: $159 Million in Losses

Tech support scammers target older folks who aren’t computer savvy. 

These scammers will call you and tell you they work for Microsoft or some other tech company and that your computer needs a software upgrade.

If you give them access to your computer, they could download a malicious program that can steal your personal information.

“At best, the scammers are trying to get you to pay them to ‘fix’ a nonexistent problem with your device or software,” according to a Microsoft support page. “At worst, they’re trying to steal your personal or financial information.”

How to prevent it: Never give your personal information to anyone you don’t know. Add your landline or cell phone number to the federal DoNotCall.gov list (or call 1-888-382-1222 from the phone you want to put on the Do Not Call list).

6. Prizes, Sweepstakes and Lotteries: $145 Million in Losses

The name of the most well-known sweepstakes brand — Publishers Clearing House — is often used by criminals to dupe unsuspecting people.

If you’re asked to pay a fee upfront to collect your prize, that’s a telltale sign that something’s wrong.

How to prevent it: “Anyone who says, ‘You’ve won. Now pay us,’ is always a scammer. Period,” says the FTC.

7. Online Shopping: $49 Million in Losses

Because so many fake websites can look legitimate, accidentally giving your financial information to a crook is easier than ever. 

Buying from a fake site can happen to anyone. Team Clark’s own Lori, who deals with consumer issues every day, says she fell victim once, just by not paying close attention.

“Looking back, there were a lot of red flags,” she says. “I was on the original site when shopping, but when I decided to quickly purchase the items, I ended up on the fake site.”

How to prevent it: You can check the legitimacy of any website by using free online verification services such as UrlVoid.com or Google’s Transparency Report.

8. Vacation and Travel: $35 Million in Losses

Older Americans are being exposed to a range of travel scams, including fake toll notices and fake airline ticket websites, which are a major problem.

“Let’s say you go on something like TripAdvisor and you’re looking for a hotel,” Clark says. “And you look through the reviews. You pick out the hotel you want and then TripAdvisor will show you a whole bunch of booking sources to book that hotel, and a lot of the ones they list there are really shady.”

How to prevent it: Be very careful when booking travel with a third-party travel booking site or app. If you’ve never heard of it before, look at reviews, Google the company and “scam” to see what comes out. 

“I need you to be really, really cautious and careful when you do any kind of search for travel deals using any search engine,” Clark says.

9. Fake Check Scams: $34 Million in Losses

If you’re not careful, a fake check can wreak havoc on your bank account and ruin your credit.

The FTC says, “In a fake check scam, a person you don’t know asks you to deposit a check. It’s usually for more than they owe you, and it’s sometimes for several thousand dollars. They tell you to send some of the money back to them or to another person. They always have a good story to explain why you can’t keep all the money.”

How to prevent it: The FTC says never use money from a check to send gift cards and don’t accept a check for more than the selling price.

10. Family and Friend Impostors: $33 Million in Losses

This is the highest increase (+288%) from the report. Criminals prey upon our emotions by pretending to be friends and family members of older people. This is especially true with the virtual kidnapping scam, in which crooks contact their intended victim, falsely claiming to have kidnapped a relative.

How to prevent it: Never divulge any information to the scammers, especially the names of loved ones — even if they appear to already know it. If you do, it will only confirm their information and lend validity to their scam. Criminals will try to glean new information from you to use against you. Don’t let them! Clark also recommends that every family create a code word to help verify that the call is a scam, not a real emergency.

Read the full FTC report.

Final Thoughts

Scammers are relentless, and older Americans remain among the most vulnerable targets. The good news is, there are steps you can take today to protect yourself or someone you love:

• Stay skeptical. Beware of any unsolicited calls, emails, or texts demanding payment or personal data.
• Verify, then act. Take your time. Double-check the identity of anyone requesting money — especially if they claim to be from the government, a tech company, or a familiar organization.
• Lean on your support network. Loop in trusted family members, friends, or financial advisors so you’re not navigating these threats alone.
• Stay informed. New scam techniques emerge constantly — keep up with resources from the FTC and consumer advocacy groups.

If you or an older loved one suspects fraud has occurred, don’t wait. Report it immediately to your bank, local law enforcement, and the Federal Trade Commission. And then, talk it through with someone you trust — because transparency is often one of the best defenses.

Clark says if you have siblings, it’s a good idea to work together to check in on your parents and other elderly relatives:

“Regardless of how it’s handled, be aware and be present in the financial lives of your elders.”

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