Quick answer: Seniors lose more money to fraud than any other age group, and the losses are rising fast. The best protection is a short list of habits: never give account numbers or gift card codes to an unexpected caller, verify a “grandchild in trouble” call independently before sending money, and set up a standing check-in with someone who will ask the hard question when something feels off.
Fraud aimed at older adults is not a rare event. It is a growing, organized part of the scam economy, and the losses are large enough that they show up in federal data every year. This guide explains what the numbers actually say, the scams A-Team Home Care’s caregivers and families see most often in the Philadelphia area, and the specific habits that cut a family’s risk the most.
How big is the problem, really?
Reported fraud losses by older adults rose from about $600 million in 2020 to $2.4 billion in 2024, and the Federal Trade Commission estimates the real total, including fraud that is never reported, could be as high as $82 billion in a single year [FTC Consumer Sentinel Network 2024 data].
The FBI’s Internet Crime Complaint Center (IC3) tracked more than 147,000 victims over age 60 in 2024, with combined reported losses of $4.8 billion, a 43 percent jump from the year before. The average loss per victim was about $83,000 [FBI IC3 2024 Elder Fraud Report].
Two patterns matter for families:
- Losses are concentrated. Only about 5 percent of older adults who reported fraud lost more than $100,000, but those cases made up 68 percent of all reported dollars lost [FTC 2024]. A handful of large losses do most of the damage.
- Losses increase with age. Adults 80 and older reported the highest median individual losses of any age group [FTC 2024]. Cognitive changes, isolation, and unfamiliarity with new scam formats all play a role.
The scams families in the Philadelphia area report most
The grandchild-in-trouble call
A caller claims to be a grandchild, or someone calling on a grandchild’s behalf, saying they were arrested, in an accident, or stuck in another country and need money wired or sent through gift cards immediately, before the family can “tell anyone.” The urgency and the request for secrecy are the two biggest warning signs.
What to do: hang up and call the grandchild directly at a known number, or call another family member to check the story, before sending anything.
Government or bank impersonation
A caller claims to be from the IRS, Social Security, Medicare, or the person’s bank, warning of a suspended benefit, unpaid tax, or compromised account, and asks for a payment or personal information to fix it. Reported losses to government impersonation scams rose 47 percent in 2024 [FTC 2024].
What to do: government agencies do not call demanding immediate payment by gift card, wire transfer, or cryptocurrency. Hang up and call the agency back using the number on an official document or the agency’s website, not a number the caller provides.
Tech support pop-ups
A pop-up warns that the computer has a virus and provides a phone number to call. The person on the line asks for remote access to the computer, then finds a “problem” that requires payment or bank information to fix.
What to do: close the browser window (or restart the computer if it will not close) and never grant remote access to someone who called or messaged first.
Romance and relationship scams
A new online contact, often on a dating site or social media, builds a relationship over weeks or months before asking for money for an emergency, travel costs, or an investment opportunity. These scams accounted for some of the largest individual losses in the FTC’s 2024 data, since the relationship is built specifically to lower the victim’s guard [FTC 2024].
What to do: treat any online-only relationship that asks for money as a red flag, no matter how long it has been going on. Verify with a video call, and talk to a family member before sending anything.
Investment and cryptocurrency scams
Investment fraud caused the single largest category of reported losses for older adults in 2024, at $744 million [FTC 2024]. These schemes often start with a social media ad or a message promising unusually high, guaranteed returns.
What to do: no legitimate investment guarantees a specific high return with no risk. Check any investment opportunity with the Pennsylvania Department of Banking and Securities before sending money.
Five habits that cut a family’s risk the most
- Set a family password. Agree on a word or phrase only the family knows, to be used if someone claims a relative is in trouble and asks for money over the phone.
- Never act on urgency alone. Scammers rely on pressure to skip verification. A real emergency can wait the five minutes it takes to call someone back at a known number.
- Treat gift cards and wire transfers as red flags. No legitimate government agency, utility, or business asks for payment in gift cards or asks you to wire money to resolve an account issue.
- Set up a standing check-in. A regular call or visit, even brief, gives a family member a natural chance to ask “has anyone called about money lately?” before a scam goes too far.
- Use call-blocking and bank alerts. Many phone carriers offer free scam-call labeling, and most banks can text an alert for any withdrawal or transfer over a set amount.
What to do if a scam has already happened
Acting quickly limits the damage. In order:
- Call the bank or card company immediately to freeze the account or reverse a transfer if it has not settled yet.
- File a report with the FBI’s IC3 at ic3.gov and with the FTC at reportfraud.ftc.gov. These reports feed the data that helps investigators track scam networks.
- Report to local police so there is an official record, which some banks and insurers require for reimbursement claims.
- Place a fraud alert or credit freeze with the three credit bureaus if any personal information (Social Security number, bank account number) was shared.
- Tell the family. Scam victims often feel embarrassed and stay quiet, which allows the same scammer to target them again. A caregiver or family member who knows can watch for follow-up attempts.
How A-Team Home Care helps families reduce this risk
A-Team Home Care’s caregivers spend regular time in the home, which means they often notice the early signs families miss from a distance: unexplained mail from sweepstakes companies, new “friends” calling frequently, confusion about a recent money transfer, or anxiety after a phone call. Caregivers are trained to flag these observations to the family, not to handle financial matters directly.
For families managing care from a distance, A-Team’s companion care and personal care services include regular in-person contact that supplements phone check-ins, and our 24-hour home care option provides continuous presence for clients at higher risk of isolation-driven scams. If a parent is showing new signs of confusion that go beyond typical scam vulnerability, our guide on 8 signs your aging parent needs in-home care covers the broader picture of when to bring in outside help.
A-Team Home Care serves Philadelphia, Bucks County, and the surrounding Pennsylvania counties. Call (215) 490-9994 for a free in-home assessment, or use the form below to start the conversation.
This article provides general safety guidance for Pennsylvania families. It is not legal or financial advice. If you believe a family member has been the victim of fraud, contact your bank and local police immediately.
Frequently Asked Questions
How much money do seniors lose to scams each year?
The Federal Trade Commission reported $2.4 billion in fraud losses by older adults in 2024, up from $600 million in 2020, and estimates the real total including unreported fraud could be as high as $82 billion. The FBI’s IC3 separately tracked $4.8 billion in losses reported by victims over 60 in 2024, a 43 percent increase over 2023. (Source: FTC Consumer Sentinel Network 2024, FBI IC3 2024 Elder Fraud Report)
What is the most common scam targeting seniors right now?
By dollar amount, investment scams caused the largest reported losses for older adults in 2024 at $744 million, followed by business impersonation and government impersonation scams. By frequency, phone-based grandchild emergency scams and government impersonation calls remain among the most commonly reported to A-Team’s caregivers and intake team in the Philadelphia area.
Should I take my parent’s phone away to stop scam calls?
No. Removing a phone isolates an older adult and can do more harm than the risk it prevents. Better options are call-blocking apps or carrier-provided scam labeling, a family password for emergency calls, and a standing check-in schedule so a trusted person hears about unusual calls quickly.
What should I do right after finding out my parent sent money to a scammer?
Call the bank or card company first to try to freeze or reverse the transfer, then file reports with the FBI’s IC3 (ic3.gov) and the FTC (reportfraud.ftc.gov), then file a report with local police. If any personal or account information was shared, place a fraud alert or credit freeze with the credit bureaus. Acting within hours, not days, gives the best chance of recovering funds.
Can a home care agency help prevent scams, or only respond after one happens?
Both. Regular in-home visits mean a caregiver is more likely to notice early warning signs, such as unusual mail, new unfamiliar callers, or a client who seems anxious after a phone call, and can flag it to the family right away. A-Team Home Care caregivers do not manage a client’s finances, but consistent in-person contact is one of the most effective informal safeguards against isolation-driven fraud.
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