Americans aged 60 and above submitted 201,266 complaints to the FBI’s Internet Crime Complaint Center in 2025, reporting $7.7 billion in losses. This amount was the highest among any age group. On average, older victims experienced losses nearing $38,500, almost twice the loss seen by younger individuals. The Federal Trade Commission’s report to Congress in December 2025 indicated that the total cost of fraud affecting older adults in 2024 ranged from $10.1 billion to $81.5 billion, depending on the extent of underreporting.
Understanding the Risks
Two decades of data breaches now separate older adults from systems that continue to verify identity using simple details such as date of birth, mailing addresses, and the last four digits of a Social Security number. These same details are used in call centers and for registering Medicare accounts that may not be claimed online. Overseeing these security measures often falls to the adult children. Most tasks take only an afternoon’s effort.
Identity Theft Risks for Older Adults
Older adults often hold accounts at various institutions such as banks, brokerages, Medicare, Social Security, pension administrators, and mortgage holders. Each follows its own verification methods. A scammer gaining access to one account finds greater opportunities in others. According to the FTC, reported losses by those over 100,000 increased from $55 million in 2020 to $445 million by 2024. AI voice cloning exacerbates risks, enabling phone verification hacks. In 2025, the FBI noted $893 million in AI-related scam losses, with those aged 60 and over accounting for $352 million of that total.
Protection Steps
Sit down with your parent, ensuring they understand each protective measure. The aim is to assist them in staying safe, not to seize control.
Guard Credit and Mail
- Freeze credit at Equifax, Experian, and TransUnion. These can be managed individually and are cost-free since 2018.
- Obtain an IRS Identity Protection PIN at irs.gov/ippin. This six-digit PIN safeguards against fraudulent federal tax returns filed under their SSN, with a new PIN issued each year.
- Register for USPS Informed Delivery at usps.com to prevent fraudsters from registering first and accessing valuable correspondence.
- Opt out of pre-screened credit offers at optoutprescreen.com. Completing a mailed form makes the opt-out permanent.
These actions help avert new credit applications and fraudulent tax returns. Consider adding credit monitoring for complete vigilance.
Secure Federal Accounts
Pre-register for a my Social Security account at ssa.gov in their name and a MyMedicare.gov account, if eligible. Activation ensures no one else can open these accounts using their SSN. Enable two-factor authentication and use a trusted password manager to enhance security.
Review Medicare Summary Notices quarterly for unrecognized charges. Federal programs like the Senior Medicare Patrol offer assistance in investigating suspicious billings.
Credit monitoring services maintain vigilance by scanning for personal information online. Alerts signal if sensitive data appears, prompting account lockdowns as needed.
Prevent Fraudulent Calls
- Choose a family code word to verify calls. If a grandchild calls for help but cannot provide the code word, end the call immediately.
- List actions that real agencies never take, such as unsolicited call requests for SSNs or payments. Display these near the phone as a reminder.
These measures work alongside existing security to thwart scams before any data is compromised.
Responding to Identity Fraud
A pre-signed financial power of attorney lets adult children manage bills and account changes if fraud occurs. Implement the following if identity theft becomes evident:
- Obtain all three credit reports.
- File a report at IdentityTheft.gov.
- Place fraud alerts at each credit bureau.
- Contact affected creditors in writing.
Some identity theft services offer additional resolution support and may include insurance for recovery costs. Although perfect prevention is impossible, these steps can reduce response time if fraud occurs, saving time and stress.
For more information on securing identity and protecting privacy, visit CyberGuy.com.