A 2025 Guide to Protecting Seniors from Fraud
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If you’ve found yourself stepping into a more active role in your parents’ financial lives, you’re not alone.
Some of us are helping aging parents navigate everything from healthcare decisions to bill payments—and increasingly, we’re also their first line of defense against financial scams.
For coordinated guidance across both sides of the border, explore our cross-border financial planning service.
Fraudsters are getting more sophisticated, and unfortunately, older adults are being targeted more than ever. Whether it’s phishing texts, fake tech support calls, or convincing-looking emails, these scams are designed to exploit trust, isolation, and confusion. And they’re working; according to the Federal Bureau of Investigation (FBI), losses among older Americans are rising fast.
That’s why we’ve pulled together some practical steps you can take now to help protect the older adults in your life. While we’re not cybersecurity experts, we believe understanding these threats is part of protecting the people and personal finances that matter most.
In this blog, we will outline what to watch for and how to help your family and friends feel more confident in spotting red flags before it’s too late.
How Big Is the Problem?
In 2024, consumers lost more than a trillion dollars to scams worldwide, according to the Global Anti-Scam Alliance. Over half of all consumers reported encountering fraudsters at least once a week!1
A recent study found that two out of five seniors (over the age of 60) have fallen victim to some scam. While 37 percent of seniors were victims, 73 percent reported knowing someone who was. Of those scammed, 49 percent reported losing money. The average amount lost was $3,590.2
In Canada, the Canadian Anti-Fraud Centre (CAFC) reported that Canadians lost over $567 million to fraud in 2023, with seniors disproportionately impacted. The most common scams included investment fraud, service scams, and Canada Revenue Agency (CRA) impersonation calls. This highlights that fraud is not just a U.S. issue but a critical concern across North America.
IRS or Government Impersonation Scams
Some scammers attempt to intimidate older individuals by pretending to be from the IRS or another government agency and demanding immediate payment, threatening jail time if payment is not made. Know that the government will never use high-pressure tactics and threats over the phone or by email.
Similarly, in Canada, fraudsters often impersonate the CRA (Canada Revenue Agency), claiming taxes are owed and demanding immediate payment through wire transfers or gift cards. The CRA does not accept payment this way and does not use aggressive phone calls to threaten arrest.
We Are Here for You
By implementing these preventive measures and staying vigilant, you can help your family manage the risk of becoming a victim of increasingly sophisticated and persistent criminals.
If you have additional questions or concerns, please do not hesitate to contact us.
For Canadian readers, additional resources are available at the Canadian Anti-Fraud Centre (https://www.antifraudcentre-centreantifraude.ca) and through RCMP fraud prevention programs. These organizations provide up-to-date alerts, reporting tools, and educational resources tailored to Canadians.
⚠️Disclaimer: This information is provided for educational purposes only and is not intended as personalized financial, legal, or tax advice in the U.S. or Canada.
Sources
1 Medicarefaq.com. May 20, 2024
2 Forbes, March 18, 2025
3 Keeper, January 08, 2024
4 AARP, December 16, 2024
5 Consumer Affairs, June 11, 2025
6 National Council on Aging, February 20, 2025
7 National Council On Aging, October 31, 2024
8 NASAA, June 2025
- Canadian Anti-Fraud Centre, Annual Fraud Report 2023
https://www.antifraudcentre-centreantifraude.ca/scams-fraudes/annual-report-rapport-annuel-eng.htm - Royal Canadian Mounted Police (RCMP) – Fraud Prevention Resources
https://www.rcmp-grc.gc.ca/en/fraud
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