It’s a nightmare that adult children hope will never come true: your senior parent is scammed out of their life savings.
That nightmare became reality for James Yancy, who says his 67-year-old father revealed to him that he had given his life savings — about $400,000 — to scammers posing as federal agents who claimed his identity had been stolen.
Yancy knew right away his father had been swindled.
“I told him as gently as I can, ‘that’s fake,’” he told USA Today in an article published Nov. 11. (1) He also shared the cautionary tale on TikTok. (2)
Yancy said his father had been told by the scammers that the FBI and IRS were helping protect his life savings. He liquidated his accounts and transferred cryptocurrency and gift cards to the scammers, USA Today reports, as well as gold, which the thieves retrieved in person. They’d told him that once the supposed identity thieves were found, his money would be returned.
It’s unclear how the scammers initiated contact with Yancy’s father, however, digital fraud against older Americans is on the rise. According to the FBI’s 2024 Internet Crime Report, Americans age 60 and older reported a staggering $4.8 billion in losses to online scammers in 2024. The FBI received 147,127 complaints, an increase of 46% compared to 2023. The increase in losses compared to the previous year was a massive 43%.
Internet scams that resulted in the most money taken from seniors include investment scams, tech support scams, impersonation scams and confidence or romance scams.
Impersonation scams involve criminals posing as authority figures, such as bank employees or federal agents. Often, they claim an account has been compromised while urging victims to transfer their money into a different account or take out cash and purchase gift cards or make cryptocurrency transactions.
Many scams involve phishing and spoofing, where scammers send emails and texts or make phone calls that appear to be from legitimate sources and request your personal data. Phishing messages typically include links that ask for login credentials, which are then used by scammers to take over an account. Spoofed phone calls, meanwhile, can fool a phone’s caller ID to show a call is coming from a “real” source, such as a bank or the police.
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Oftentimes, a scammer will use scare tactics, saying things like there’s an immediate threat and you must act quickly. This is done so victims can hand over money quickly before thinking.
Older adults can be particularly vulnerable to scams that take advantage of their lack of comfort with technology, or, in some cases, their loneliness.
Getting victims to panic is an important part of many scams. If you’re anxious, you may be less likely to think straight and more likely to do what a scammer tells you. This is one of the most important things to remember about scams: if you feel scared, stop communicating with the person immediately. Tell loved ones what is happening, especially if someone is telling you to keep things secret.
Family members concerned about older adults who may be vulnerable to scams can help prevent a costly loss by starting the conversation. Ask yourself, are your loved ones aware of the different types of scams out there?
If your parent or loved one is less tech savvy, consider taking screenshots of any spam texts or emails you get, and then showing them what they look like. For example, a simple text saying, “got this scam message, watch out for it,” can be a gentle reminder to stay alert.
Amy Nofziger, an identity theft and fraud prevention expert at AARP, told USA Today that you can initiate “non-authoritative” conversations with older adults about money and scams. She suggests role playing scam situations to make sure they are prepared.
“It’s very similar to the other role-playing conversations we have in our life, like, where do we meet if there’s a fire? What do you do?” Nofziger said.
Communication with loved ones is important, and it can be a red flag if potential victims are told not to inform family members of the situation.
As scammers get more advanced, it’s important to be aware of their methods. Talking about this very real issue is one of the best ways to prevent potentially devastating financial losses.
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USA Today (1); @porchking13 (2)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
