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Identity Theft Losses Surge 70% for Older Americans - How to Protect Yourself

Older Americans lost record amounts to fraud in 2025, but a few simple steps can keep you safe.

By Josh Koebert , Edited by Laura Hohenstein

Updated May 8, 2026

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Identity theft, which occurs when someone steals your personal information and uses it without your permission, is hitting older Americans harder than ever, threatening their income and senior benefits.

New data from the FBI's 2025 Internet Crime Complaint Center (IC3) report highlights just how quickly the problem is growing. Identity theft losses among Americans aged 60 and older surged roughly 70% from 2024 ($48.5 million in reported losses from 5,359 complaints).

This sharp increase underscores how aggressively scammers are targeting this group and is part of a more troubling pattern.

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What is identity theft?

Identity theft happens when someone steals personal information, such as your Social Security number, bank account details, or credit card information, and uses it fraudulently. They could open new credit accounts, drain existing ones, file fraudulent tax returns, or even impersonate you to access retirement funds.

The financial fallout can be devastating, especially for retirees or those nearing retirement who may not have the means or knowledge to recover from major losses.

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Older Americans are losing the most money overall

In 2025, Americans aged 60 and older filed 201,266 total fraud complaints, with combined losses of $7.7 billion, the highest for all age groups.

While younger victims reported more incidents in certain scam categories, older adults tended to lose significantly more money per case. The reason is simple. Scams targeting this group often involve retirement accounts, investment portfolios, and bank savings.

When fraudsters gain access to these assets, a single transaction can wipe out tens or even hundreds of thousands of dollars.

Why older adults are targeted

Scammers aren't choosing their victims randomly. Older Americans are disproportionately targeted for a few key reasons, all having to do with their income levels and attitudes toward authority figures.

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Larger financial reserves

Many older adults have spent decades building savings, making them more lucrative targets for fraudsters. By comparison, focusing on younger adults, who may not have the same savings, doesn't yield the same payoff for scammers.

Higher trust in authority figures

Scams frequently involve impersonating government agencies, banks, or tech support. Because of high trust in authority figures and a belief they must be acting in good faith, older adults may be more likely to fall for scams, especially when the communication appears official.

Less familiarity with emerging threats

Fraud methods are evolving quickly, especially online. Newer scam formats, such as phishing texts and deepfake voice calls, can be harder to spot if you didn't grow up with this technology.

Moreover, scammers prey on older adults who may not be in daily contact with loved ones. Since these seniors may be unfamiliar with their loved ones' circumstances, they're more likely to believe they have a legitimate emergency.

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A new threat: AI-enabled scams

One such emerging threat is AI-enabled scams. For the first time, the 2025 IC3 data includes these scams as a tracked category, which is deeply concerning.

These scams use artificial intelligence to mimic the voices of family members or authority figures, generate highly convincing phishing emails, and create realistic fake identities and documents.

This added layer of sophistication makes scams harder to detect and easier to personalize, increasing their success rate.

How to protect yourself from identity theft

The good news is that there are clear, practical steps that can dramatically reduce your risk.

Never share information after unsolicited contact by phone or email

If you receive a call, text, or email asking for your Social Security number, banking details, or passwords, hang up, especially if it appears genuine. Legitimate agencies would not call you or text you with such requests.

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Monitor your accounts regularly

Check your bank and credit card statements frequently to catch unauthorized activity early. You can do this online or request that your bank send you paper statements each month.

Beware of high-pressure payment demands

Requests to move money quickly, especially via wire transfer, cryptocurrency, or gift cards, are a major red flag. Legitimate organizations don't ask for payment this way, nor do they pressure you to make the payment as soon as possible.

Verify urgent requests independently

If someone claims to be from your bank, the government, or even a family member in distress, hang up and call back using their number or an official number from their website. Under no circumstances use the number they give you.

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Consider freezing your credit

A credit freeze with the three major bureaus can prevent fraudsters from opening new accounts in your name. You may consider this an extreme measure, but it helps if scammers have already targeted you and they have your information.

Enable two-factor authentication (2FA)

Two-factor authentication (2FA) adds an extra layer of security to your accounts. Instead of just entering your password, you also confirm your identity with a second step, usually a one-time code sent to your phone or email. Even if someone gets your password, they won't be able to access your account without the second code.

The real losses are likely much higher

The FBI's figures are alarming, but they're almost certainly an undercount.

Most fraud goes unreported due to embarrassment, confusion about where to report it, or the belief that nothing can be done. That means the true financial impact is likely far greater than the billions already recorded.

Bottom line

A 70% surge in identity theft losses from the previous year is a warning sign you can't ignore. As scams become more advanced, especially with the rise of AI, staying cautious and proactive is no longer optional. A few simple habits can make the difference between enjoying a secure, stress-free retirement and becoming a target.

One extra step that can add a powerful layer of protection is to set up account alerts with your bank and credit cards. Real-time notifications for withdrawals, transfers, or login attempts can help you catch suspicious activity before a small issue turns into a major loss.

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