Seniors lose more money to fraud than any other age group. Here's a practical guide for adult children who want to help protect their parents without undermining their independence.
Adults over 60 lose more money to fraud than any other age group — not because they're less intelligent, but because they're specifically targeted. Seniors are more likely to have significant savings, own their homes outright, and have good credit. They're also more likely to be home during the day to answer calls, more trusting of authority figures, and less familiar with the tactics scammers use. Understanding this helps frame the conversation with your parents.
The most common scams targeting seniors: grandparent scams (a caller claims to be a grandchild in trouble and needs money immediately), Medicare and Social Security fraud calls, lottery and prize scams ('you've won, but you need to pay taxes first'), romance scams conducted over months on dating sites, and tech support scams where a pop-up claims their computer is infected and they must call a number immediately.
Practical protective steps you can take together: set up USPS Informed Delivery on their account so mail theft is immediately detectable. Place a credit freeze on their credit files at all three bureaus — this prevents new accounts from being opened in their name. Enroll them in the IRS IP PIN program. Install a call-blocking app like RoboKiller or Hiya on their phone. Set up transaction alerts on their bank and credit card accounts.
Have an explicit conversation about the 'grandparent scam' and establish a family code word. If anyone calls claiming to be a family member in trouble, they should hang up and call that family member directly on a known number before doing anything else. Scammers rely on urgency and emotional pressure — a simple verification step breaks the spell.
If your parent has already been victimized: report to the FTC at reportfraud.ftc.gov, file a police report, contact their bank immediately, and reach out to the AARP Fraud Watch Network (877-908-3360), which provides free support to fraud victims of all ages. Recovery is possible, but speed matters — the sooner you act, the better the outcome.
Safety 1st Editorial Team
This article is credited to Safety 1st Editorial Team. Safety 1st Consumer Protection has republished this content with attribution.