Grandparents are identity theft's biggest payday

The FBI calls it a "distress scam." It is besides known arsenic a grandparent scam. The scam works by making an older big judge a grandchild is successful superior occupation and needs wealth close away, often earlier a tribunal day oregon ineligible deadline. Victims reported much than $5 cardinal successful losses to this benignant of fraud successful 2025. The FBI's Internet Crime Complaint Center besides noted that reported losses apt amusement lone portion of what scammers really stole.

The Federal Trade Commission recovered successful August 2025 that immoderate of the fastest-growing scams targeting older adults usage fearfulness and urgency to override bully judgment. A caller whitethorn assertion your slope relationship was hacked and accidental you request to determination your wealth instantly to support it. However, the wealth does not determination to safety. It goes consecutive to the scammer.

HOW TO HAND OFF DATA PRIVACY RESPONSIBILITIES FOR OLDER ADULTS TO A TRUSTED LOVED ONE

AI voice-cloning tools person made these scams adjacent much convincing. Scammers tin usage a day video, voicemail oregon societal media clip to mimic a grandchild's voice. Then they spot the call. The dependable sounds familiar, the exigency feels existent and the petition for bail wealth seems urgent. The FBI counted $352 cardinal successful AI-related scam losses among victims 60 and older this past year.

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Scammers are utilizing stolen idiosyncratic data, AI dependable cloning and urgent telephone calls to instrumentality grandparents into sending money. (ljubaphoto/Getty Images)

What makes grandparents worthy targeting

The aforesaid 3 pieces of information are required for individuality verification astatine astir banks, brokerages, pension recordkeepers, and Medicare: day of birth, past 4 digits of a Social Security number, and a existent mailing address. For astir radical successful their sixties and seventies, each of those accounts are open.

Those 3 fields person turned up successful breach aft breach. The Conduent Business Services breach pulled names, SSNs, dates of birth, and location addresses for much than 25 cardinal Americans from systems that process Medicaid records and leader wellness plans. Texas Attorney General Ken Paxton called it the largest information breach successful U.S. past successful February 2026.

Americans betwixt 65 and 74 held a median nett worthy of $409,900 successful 2022, according to the Federal Reserve's Survey of Consumer Finances, much than 10 times the median for adults nether 35. The FBI recovered mean losses of astir $38,500 per unfortunate among Americans 60 and older successful 2025, astir treble the fig for younger filers.

Why elder fraud losses are often underreported

Older adults reported $2.4 cardinal successful fraud losses to the Federal Trade Commission successful 2024. However, the FTC's December 2025 study to Congress estimated that existent losses whitethorn person reached $81.5 cardinal that year. Most cases apt went unreported.

That spread makes individuality theft harder to stop. A fraudulent ligament from a pension relationship whitethorn ne'er alert a bank. A caller recognition relationship opened with stolen accusation whitethorn not scope the unfortunate until it appears connected a recognition report. By then, weeks whitethorn person passed since the exertion was approved.

Account protections worthy mounting up

Scammers determination fast, truthful it helps to acceptable up relationship protections earlier thing goes wrong. These steps tin springiness banks, brokerage firms and household members much ways to spot occupation early.

1) Add a trusted interaction to brokerage accounts

Brokerage accounts person a extortion enactment galore relationship holders ne'er activate: a trusted interaction designation. Under FINRA Rule 4512, brokerage firms indispensable inquire for a trusted interaction erstwhile you unfastened oregon update an account. A trusted interaction tin beryllium a household member, lawyer oregon accountant. The steadfast tin interaction that idiosyncratic if it suspects fiscal exploitation oregon cannot scope you. However, that idiosyncratic cannot trade, retreat funds oregon presumption your relationship balances. FINRA, the SEC and the North American Securities Administrators Association asked investors successful August 2025 to interaction their steadfast and adhd one. You tin sanction much than 1 trusted contact. You tin besides alteration the designation astatine immoderate time.

SOCIAL SECURITY ADMINISTRATION PHISHING SCAM TARGETS RETIREES

Families tin assistance support older adults by adding trusted contacts, verifying urgent calls and blocking online Social Security changes. (Kurt "CyberGuy" Knutsson)

2) Ask astir holds connected suspicious withdrawals

Under FINRA Rule 2165, brokerage firms tin spot a impermanent clasp connected disbursements erstwhile they reasonably judge fiscal exploitation whitethorn beryllium happening. That clasp tin past up to 55 concern days. In January 2026, FINRA projected extending the model to 145 concern days. Ask immoderate steadfast holding a pension, brokerage oregon annuity relationship astir its argumentation connected disbursements aft an code change.

3) Verify urgent calls earlier sending money

When a caller claims a grandchild is successful occupation oregon a national cause needs contiguous action, bent up. Then telephone backmost utilizing a fig you already have, not the fig successful the message. The FTC recovered that 41% of older adults who reported losing $10,000 oregon much to impersonation scams successful 2024 said a telephone telephone was the archetypal constituent of contact. That makes 1 elemental wont particularly important: verify the communicative earlier you act.

4) Block online changes to Social Security

Social Security lets you artifact physics and automated telephone entree to your relationship record. Once blocked, nary 1 tin alteration your nonstop deposit accusation oregon mailing code online oregon done the automated telephone system. After that, immoderate changes indispensable spell done a unrecorded SSA typical astatine 1-800-772-1213 oregon a tract bureau visit. FINRA besides operates a escaped Securities Helpline for Seniors astatine 844-574-3577, Monday done Friday, 9 a.m. to 5 p.m. ET.

Identity theft betterment is harder connected your own

Even beardown relationship protections whitethorn not drawback each scam attempt. That is wherefore individuality theft monitoring and betterment enactment tin assistance families respond faster erstwhile idiosyncratic accusation gets exposed oregon misused.

Some individuality theft extortion services show acheronian web marketplaces, information broker sites and people-search sites for exposed Social Security numbers, addresses and different idiosyncratic information. If fraud happens, betterment enactment whitethorn assistance interaction creditors, record disputes with the 3 recognition bureaus and signifier the documentation needed to reconstruct an identity.

OUTSMART HACKERS WHO ARE OUT TO STEAL YOUR IDENTITY

Older Americans stay premier targets for individuality theft due to the fact that scammers tin exploit exposed Social Security numbers, commencement dates and addresses. (Kurt "CyberGuy" Knutsson)

Some plans besides see individuality theft security for eligible betterment costs, specified arsenic mislaid wages and ineligible fees.

No work prevents each misuse of an older adult's identity. However, household monitoring and fraud solution tin shorten the clip betwixt erstwhile theft happens and erstwhile you oregon idiosyncratic successful your household acts connected it.

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Kurt's cardinal takeaways

Grandparents person go a premier people due to the fact that scammers cognize wherever the wealth is and however to make panic fast. A acquainted voice, a stolen Social Security fig oregon a fake exigency tin crook 1 telephone telephone into a devastating loss. The champion defence starts earlier the telephone comes. Add trusted contacts to fiscal accounts, artifact online Social Security changes, verify urgent requests done a fig you already cognize and speech openly with household astir scam informing signs. Identity theft extortion tin besides assistance spot exposed idiosyncratic accusation and velocity up betterment if fraud happens. No household tin halt each scam attempt. However, a elemental program tin springiness older adults much time, much backup and a amended accidental of keeping their wealth safe.

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