Grandparents are identity theft's biggest payday

The FBI calls it a "distress scam." It is besides known arsenic a grandparent scam. The scam useful by making an older big judge a grandchild is successful superior problem and needs money correct away, often earlier a tribunal day aliases ineligible deadline. Victims reported much than $5 cardinal successful losses to this type of fraud successful 2025. The FBI's Internet Crime Complaint Center besides noted that reported losses apt show only portion of what scammers really stole.

The Federal Trade Commission recovered successful August 2025 that immoderate of nan fastest-growing scams targeting older adults usage fear and urgency to override bully judgment. A caller whitethorn declare your slope relationship was hacked and opportunity you request to move your money instantly to protect it. However, nan money does not move to safety. It goes consecutive to nan scammer.

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

AI voice-cloning devices person made these scams moreover much convincing. Scammers tin usage a day video, voicemail aliases societal media clip to mimic a grandchild's voice. Then they spot nan call. The sound sounds familiar, nan emergency feels existent and nan petition for bail money 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 individual data, AI sound 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 personality 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 group 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 employer wellness plans. Texas Attorney General Ken Paxton called it nan largest data breach successful U.S. history successful February 2026.

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

Why elder fraud losses are often underreported

Older adults reported $2.4 cardinal successful fraud losses to nan Federal Trade Commission successful 2024. However, nan 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 identity theft harder to stop. A fraudulent ligament from a pension relationship whitethorn ne'er alert a bank. A caller in installments relationship opened pinch stolen accusation whitethorn not scope nan unfortunate until it appears connected a in installments report. By then, weeks whitethorn person passed since nan exertion was approved.

Account protections worthy mounting up

Scammers move fast, truthful it helps to group up relationship protections earlier thing goes wrong. These steps tin springiness banks, brokerage firms and family members much ways to spot problem early.

1) Add a trusted interaction to brokerage accounts

Brokerage accounts person a protection action galore relationship holders ne'er activate: a trusted interaction designation. Under FINRA Rule 4512, brokerage firms must inquire for a trusted interaction erstwhile you unfastened aliases update an account. A trusted interaction tin beryllium a family member, lawyer aliases accountant. The patient tin interaction that personification if it suspects financial exploitation aliases cannot scope you. However, that personification cannot trade, retreat costs aliases position your relationship balances. FINRA, nan SEC and nan North American Securities Administrators Association asked investors successful August 2025 to interaction their patient and adhd one. You tin sanction much than 1 trusted contact. You tin besides alteration nan nickname astatine immoderate time.

SOCIAL SECURITY ADMINISTRATION PHISHING SCAM TARGETS RETIREES

Families tin thief protect 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 financial exploitation whitethorn beryllium happening. That clasp tin past up to 55 business days. In January 2026, FINRA projected extending nan model to 145 business days. Ask immoderate patient holding a pension, brokerage aliases annuity relationship astir its argumentation connected disbursements aft an reside change.

3) Verify urgent calls earlier sending money

When a caller claims a grandchild is successful problem aliases a national supplier needs contiguous action, bent up. Then telephone backmost utilizing a number you already have, not nan number successful nan message. The FTC recovered that 41% of older adults who reported losing $10,000 aliases much to impersonation scams successful 2024 said a telephone telephone was nan first constituent of contact. That makes 1 elemental wont particularly important: verify nan 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 aliases mailing reside online aliases done nan automated telephone system. After that, immoderate changes must spell done a unrecorded SSA typical astatine 1-800-772-1213 aliases a section agency visit. FINRA besides operates a free 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 why personality theft monitoring and betterment support tin thief families respond faster erstwhile individual accusation gets exposed aliases misused.

Some personality theft protection services show acheronian web marketplaces, data agent sites and people-search sites for exposed Social Security numbers, addresses and different individual information. If fraud happens, betterment support whitethorn thief interaction creditors, record disputes pinch nan 3 in installments bureaus and shape nan archiving needed to reconstruct an identity.

OUTSMART HACKERS WHO ARE OUT TO STEAL YOUR IDENTITY

Older Americans stay premier targets for personality theft because scammers tin utilization exposed Social Security numbers, commencement dates and addresses. (Kurt "CyberGuy" Knutsson)

Some plans besides see personality 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, family monitoring and fraud solution tin shorten nan clip betwixt erstwhile theft happens and erstwhile you aliases personification successful your family acts connected it.

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Kurt's cardinal takeaways

Grandparents person go a premier target because scammers cognize wherever nan money is and really to create panic fast. A acquainted voice, a stolen Social Security number aliases a clone emergency tin move 1 telephone telephone into a devastating loss. The champion defense starts earlier nan telephone comes. Add trusted contacts to financial accounts, artifact online Social Security changes, verify urgent requests done a number you already cognize and talk openly pinch family astir scam informing signs. Identity theft protection tin besides thief spot exposed individual accusation and velocity up betterment if fraud happens. No family tin extremity each scam attempt. However, a elemental scheme tin springiness older adults much time, much backup and a amended chance of keeping their money safe.

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