Retirement Retirement Planning

Scams Targeting Retirees in 2026: The New Tactics That Are Draining Retirement Accounts

These scams target seniors' retirement savings.

By Josh Koebert , Edited by Laura Hohenstein

Updated May 14, 2026

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Every day, more and more scammers try to steal from older Americans, and the numbers are staggering.

According to the Federal Bureau of Investigation (FBI), cybercrime losses among adults aged 60 and older surged to roughly $7.7 billion in 2025, a 37% increase over the prior year. This highlights just how susceptible the elderly are to these sophisticated scams. Avoiding surprising retirement mistakes is critical, given how often criminals target older Americans.

Here are 10 of the most prevalent scams targeting retirees in 2026.

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AI voice cloning grandparent scams

Using as little as three seconds of audio harvested from social media, according to the American Bar Association, scammers clone a grandchild's voice and call grandparents with a fake emergency, such as a car accident, an arrest, or a hospital visit. The voice sounds exactly like their loved one. They beg for immediate cash and plead for secrecy.

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Social Security impersonation scams

A caller claims your Social Security number has been "suspended" or tied to criminal activity, and that an arrest is coming unless you pay immediately. The Social Security Administration (SSA) is one of the most impersonated federal agencies in the U.S. In 2025, the Federal Trade Commission (FTC) received over 330,000 government impersonation complaints, a 25% jump year-over-year, according to the SSA.

Investment fraud and pig butchering scams

A stranger befriends you online over weeks or months, then introduces a cryptocurrency investment opportunity with a convincing dashboard showing spectacular returns. When you try to withdraw your earnings, the money and the "friend" are gone. This is known as "pig butchering."

Investment fraud affecting seniors accounted for $3.5 billion in reported losses to the FBI in 2025 alone.

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Tech support and "phantom hacker" scams

A pop-up or phone call warns your computer is infected and instructs you to call Microsoft Support or something similar. Scammers then talk you into downloading remote-access software, handing them full control of your device and accounts.

A more sophisticated variant called the "Phantom Hacker" adds fake calls from your bank and a government agency to convince you to transfer retirement savings to a safe account. Seniors reported $159 million in losses from tech support scams to the FTC in 2024.

Medicare card fraud and fake "new card" scams

Scammers call, email, or mail official-looking laminated cards claiming that Medicare is issuing a new chip-enabled card for 2026 and that you need to provide your Medicare number to activate it. In 2026, fraudsters are exploiting real Part D benefit changes to make the pitch feel urgent. Medicare fraud costs the U.S. an estimated $60 billion annually, according to the Senior Medicare Patrol.

Romance scams

An attentive stranger appears on a dating app or social media, builds an emotional connection over weeks or months, then hits a sudden crisis, such as a medical emergency, legal trouble, a stranded situation, and needs financial help.

They never meet in person, and the money never returns. Seniors lost $584 million to romance and confidence fraud in 2025, according to the FBI, and AI chatbots now allow scammers to run dozens of fake relationships simultaneously.

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Government impersonation scams

A caller poses as an IRS agent, FBI officer, or federal marshal and claims you owe back taxes or face imminent arrest, demanding you pay immediately by gift card, wire transfer, or cash courier. Spoofed caller IDs make the call appear to come from a real government number.

Government impersonation scams cost Americans $798 million in 2025, as reported by the FBI, with seniors disproportionately targeted due to their trust and fear of official authority.

Crypto ATM scams

After convincing a victim that they owe a fine or need to protect their savings, scammers direct them to a Bitcoin ATM and coach them through the deposit over the phone in real time. Once funds hit a crypto wallet, recovery is virtually impossible. Crypto ATM fraud generated $389 million in losses in 2025, a 58% year-over-year increase, according to the FBI's IC3 annual report.

Identity theft via data breach and phishing

A convincing email from your bank, Medicare, or Netflix warns of suspicious activity and asks you to verify your details through a link that leads to a fake site stealing your login credentials. Identity theft has been the top reported scam to AARP's Fraud Watch Helpline for three straight years. AI now generates 82.6% of phishing emails, making them more polished and harder to spot than ever, according to KnowBe4's Phishing Threat Trend Report.

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Fraud prevention checklist

When you receive an unexpected call, text, or email:

Never act on urgency. Legitimate organizations give you time to verify.
Establish a family safe word to confirm real emergency calls from loved ones
Never pay anyone by gift card, wire transfer, Bitcoin ATM, or cash courier

Protect your accounts and identity:

Place a free credit freeze at all three bureaus: Equifax, Experian, and TransUnion
Set up transaction alerts with your bank for any charge over a threshold you choose
Enable two-factor authentication on your email, bank, and Social Security accounts
Use unique passwords for every account. A free password manager makes this easy.

Guard your personal information:

Treat your Medicare number like a credit card number; never share it unsolicited
Never give your SSN, bank account details, or passwords to anyone who contacts you first
Review your Medicare Summary Notices regularly for services you didn't receive

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Where to report:

FTC: reportfraud.ftc.gov
FBI: ic3.gov
National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311)
Social Security fraud: oig.ssa.gov/report
Medicare fraud: Senior Medicare Patrol, 1-877-808-2468

Bottom line

Scammers have never been better equipped, better funded, or more focused on older Americans than they are right now. An AARP survey found that only 14% of fraud victims reported the crime to the FBI or FTC, with shame and self-blame among the leading reasons victims stay silent. Living a stress-free retirement means avoiding these frauds and keeping your assets intact.

That means it's incredibly important that if you or someone you know has been targeted by a fraudster, you report it.

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