FBI warns of elder financial abuse

June 3, 2026 - 04:35

MADISON, Wis. - The FBI is sounding the alarm on a growing crisis that drains billions from older Americans every year. According to the bureau, scams and fraud targeting seniors now cost victims more than $7 billion annually. Behind that staggering number are real families left devastated by lost savings and broken trust.

One Wisconsin woman recently shared her family's experience to help others avoid the same trap. She said her elderly father received a phone call from someone posing as a government agent. The caller claimed his Social Security number had been compromised and demanded immediate payment through gift cards. Her father, believing he was following official instructions, drained his retirement account before the family caught on.

"We thought he was too sharp to fall for something like this," she said. "But these people are professionals. They know exactly what to say to create panic."

The FBI notes that common schemes include romance scams, tech support fraud, and fake investment opportunities. Criminals often target seniors who live alone or those with cognitive decline. Officials urge families to have open conversations about finances and to warn older relatives never to send money to someone they have not met in person.

The agency also advises setting up alerts on bank accounts and designating a trusted contact for financial institutions. Reporting suspicious activity to the FBI's Internet Crime Complaint Center can help prevent future victims.