Direct answer: Adults aged 60 to 69 lose more money to fraud per incident than any other age group, according to the FBI Internet Crime Complaint Center. The three highest-risk categories are investment fraud, impersonation fraud from fake government agencies or financial institutions, and account takeover through phishing and SIM swapping.
Protecting Against Financial Scams in Your 60s
Investment fraud: the most costly scam type in your 60s
Investment fraud targeting retirees most commonly involves fake cryptocurrency investment platforms, private placement fraud, and Ponzi-style schemes promising 8% to 15% annual guaranteed returns. The guarantee claim is the first red flag: no investment can guarantee above-Treasury returns without equivalent risk. Verify any investment opportunity through the SEC EDGAR database, FINRA BrokerCheck, and your state securities regulator before committing funds.
Government and financial institution impersonation in your 60s
Impersonation fraud involves callers or emails claiming to be the Social Security Administration, IRS, Medicare, or your financial institution. The SSA and IRS do not call to demand immediate payment or threaten arrest. Medicare does not call unsolicited to verify coverage. If you receive such a contact, hang up and call the agency directly at their published number. Financial institutions will never ask for your full account number, password, or one-time passcode by phone.
Account takeover: how to protect your financial accounts
Account takeover occurs through phishing (fake login pages), SIM swapping where an attacker transfers your phone number to their SIM card, and fake tech support calls that install remote-access software. Defenses: enable two-factor authentication using an authenticator app (not SMS) on every financial account, use a password manager with unique passwords per site, and never grant remote access to your computer in response to an unsolicited call. Review account statements monthly for unauthorized transactions.
Frequently Asked Questions
How do I verify if an investment opportunity is legitimate?
Check the SEC EDGAR database at sec.gov for firm registration, FINRA BrokerCheck at brokercheck.finra.org for individual broker history, and your state securities regulator for state-level registration. Legitimate investments are registered with regulators or qualify for a specific exemption the firm can document. If an opportunity involves cryptocurrency or offshore accounts and promises fixed returns, these are high-risk red flags.
What should I do if I suspect a scam?
Stop all contact with the suspected scammer. Do not send additional money, gift cards, wire transfers, or cryptocurrency. Report to the FTC at reportfraud.ftc.gov, the FBI Internet Crime Complaint Center at ic3.gov, and your state attorney general consumer protection office. Contact your bank or brokerage immediately if account information was shared. Recovery of funds is rare but reporting helps regulators identify patterns and warn others.
Are investors in their 60s specifically targeted by scammers?
Yes. According to the FBI IC3 Elder Fraud Report, adults over 60 file more fraud complaints than any other age group and lose more per incident. The reasons include higher average account balances, retirement account liquidity, and historical trust patterns that predate digital fraud. Sharing awareness of specific fraud types with family members reduces the stigma of reporting and asking for a second opinion before sending money.