Why Some Older Adults Are More Vulnerable to Scams

Older adults are increasingly targeted by scammers, suffering billions in financial losses annually. However, vulnerability to scams among seniors is influenced by more than just age. Research shows that factors such as loneliness, mild cognitive decline, shrinking social networks, and lower financial literacy contribute significantly to their risk.

In 2025, the FBI’s Internet Crime Complaint Center (IC3) received over 201,000 complaints from individuals aged 60 and older, reporting losses nearing $7.75 billion—a sharp increase from the previous year. Investment scams accounted for the largest share of financial losses, roughly $3.5 billion, while confidence and romance scams also caused substantial harm. Phishing and spoofing generated the highest number of complaints, with more than 48,000 reports.

Scammers often exploit emotional vulnerabilities by cultivating trust, sometimes establishing romantic attachments or sustained contact to manipulate victims. These tactics can be particularly effective against seniors who experience social isolation or loneliness. The World Health Organization’s 2025 report highlights loneliness as a widespread condition with serious health consequences, providing context for its role in scam susceptibility.

Scientific studies reinforce these observations. A 2020 study involving around 500 older adults linked scam vulnerability to poorer cognitive function, lower financial and health literacy, difficulties managing finances, and reduced social integration. Another study found mild cognitive decline associated with increased scam risk, although severe cognitive impairment did not show the same correlation. Psychological well-being and social support also influence susceptibility, though their precise effects vary.

Importantly, victims are not always those with limited education or financial savvy. The FBI documented cases where well-educated and financially knowledgeable seniors, including a criminology professor in her 70s, lost significant sums to scams. This underscores that no one is completely immune.

Experts emphasise that recognising these risk factors is critical for families, caregivers, and financial institutions to better protect older adults. Enhancing social support, improving financial literacy, and fostering open discussions about scams can help reduce victimisation. Awareness and education remain essential tools to empower seniors to identify and avoid fraudulent schemes before harm occurs.