Research shows that people over the age of 60, though, are especially at risk. The FBI reports that older adults are the most frequently targeted group...and they lose the most money. In just one year, nearly $5 billion was reported lost to online scams by this demographic. Experts agree that the actual number is likely even higher due to underreporting. Why is this the case?  

Our latest Oh Behave research reveals that while younger people are often more likely to fall victim to scams, older adults tend to lose more money when they're scammed. While everyone is a target, scammers have a particular reason to target older individuals. There are several key reasons why older people are often targeted. By understanding these reasons, you can better protect yourself and the older adults in your life!

1. Scammers take advantage of trust and politeness 

Many older adults were raised in a time when the norm was to treat strangers with courtesy and respect. Scammers exploit that natural politeness, using pressure tactics like urgent requests, emotional manipulation, or impersonating someone like a bank employee, tech support, or even a grandchild in trouble. 

These scams often appear to be a helpful favor or a heartfelt plea. That makes them much more challenging to spot.

2. Technology changes fast, and scammers know it 

Many of us, of all ages, believe the pace of technology can be overwhelming! While many older adults use smartphones, social media, and online banking, they may not always be familiar with the latest threats, such as pig butchering scams or AI voice scams. 

Scammers today use sophisticated tools that look legitimate: fake login pages, spoofed caller IDs, and even deepfake audio. Spotting scam messages and calls is now harder for everyone.

3. They usually have lots of retirement savings 

Older adults are often seen as more financially stable after years of working. Scammers assume older people have retirement accounts, savings, and good credit. That makes them an attractive target. 

From investment fraud to fake tech support, scammers specifically design their attacks to steal as much money as possible, often over time through repeated contact. 

4. Isolation makes things worse 

Scammers thrive on their victims' silence. Social isolation, a situation that affects many older adults, increases the risk that a scammer will be able to take advantage of an older adult...and if that person is scammed, they might feel too ashamed to tell anyone. If there’s no one to talk to about a strange phone call or suspicious email, it’s easier for a scam to succeed. 

Scammers will often discourage victims from talking to others. For example, romance scams frequently involve months of online messaging, during which the scammer slowly builds trust until they ask for money.  

5. Today’s crimes are harder to see 

One of the biggest challenges is that cybercrime is, largely, invisible. You won’t hear a window break or see someone running off with your wallet. You might click a link and see…nothing. No alert. No flashing red warning. And if you see a flashing red warning, that could be a scam in itself! 

But malware or spyware could now be running quietly in the background, watching your activity or capturing your passwords. The damage might not be noticeable until weeks, months, or even years later when bank accounts are drained, identities are stolen, or personal files are held for ransom. 

Slow down and stay skeptical when you give 

What can we do about it? 

The good news? A few smart habits can make a big difference. We call these habits the "Core 4" and they make you a much harder person to scam.  

• All your passwords should be at least 16 characters long, complex, and unique to the account – use a password manager to store them all easily and securely! 

• Turn on multifactor authentication (MFA) for every account 

• Keep the software on your computers, phones, and other devices updated. 

• Learn how to identify and avoid phishing and other scams – be seriously cautious about any unexpected, urgent message.

Stay informed! 

Older adults are not more gullible or less intelligent than younger people. We all have a responsibility for keeping them safe, because they’re just navigating a digital world that, in many cases, wasn't built with them in mind. And scammers are counting on that. But knowledge and awareness is power – for more tips, sign up for our free email newsletter! 

Also, check out our Stay Safe Online Workbook designed for older adults. It covers strong passwords, common scams, software updates, and more, but with zero tech jargon.