Financial scams are on the rise, and older Americans are especially at risk. The number of Americans aged 60 and older who reported being victims of financial scams has quadrupled since 2020, according to the Federal Trade Commission. Even more striking, losses for individuals scammed out of at least $100,000 have skyrocketed from $55 million in 2020 to $445 million in 2025.
Unfortunately, these numbers likely understate the real problem, since they only include cases reported to the FTC, according to Suze Orman‘s blog.
Here’s what you need to know — and what you can do to protect yourself.
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Why Scammers Are So Effective
Orman warns that scammers have become incredibly skilled at pretending to be legitimate. They might call, email, or text posing as a bank fraud department, an investment firm, a major retailer like Amazon, or even a government agency.
Some scammers go as far as claiming your Social Security number is tied to criminal activity. These tactics trigger fear and urgency, making it easier for victims to hand over money or sensitive information without stopping to verify the claims.
Orman emphasizes that fear is exactly what scammers rely on, which is why slowing down and thinking critically is key.
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First Steps to Protect Yourself
Orman advises a simple but powerful principle: do nothing immediately.
If you receive a suspicious email, call, or text claiming a financial account is compromised:
- Pause and breathe. Don’t respond or share any information.
- Verify independently. Use contact information from your account statements or official websites — not the contact info the suspicious message provides. Call your bank’s general line and ask to speak with the fraud department.
- Question “official” claims. Scammers sometimes pretend to be FTC employees or other authorities. Treat any unsolicited contact with caution.
Make Your Home and Family Part of the Defense
Orman also suggests creating a family safety net for older adults. For example, if a parent receives a suspicious message, have a policy that the first step is to do nothing and the second step is to contact a trusted family member for advice. This can prevent mistakes made in the heat of the moment and gives older adults a trusted sounding board.
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Reduce Exposure and Report Fraud
Additional precautions include:
- Register your phone number with the National Do Not Call Registry. This won’t stop all scams, but it reduces the chances of unwanted calls. You can also report suspicious calls directly on the same site.
- File a report if you’ve been scammed. Reporting to the FTC won’t recover lost money, but it helps authorities track scammers and may prevent others from falling victim.
Orman stresses that being scammed is not a moral failing. Even the most cautious person can be deceived by a skilled fraudster. The key is learning to spot red flags, slow down, and verify before taking action.
Financial scams may be growing in scale, but awareness and careful action can make a big difference. Following Orman’s advice can help you — and the people you care about — stay safer in today’s increasingly risky financial landscape.
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