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It’s estimated that seniors lose more than $3 billion each year to scams, according to the FBI’s Internet Crime Complaint Center — and that’s just what’s reported. Many cases go unspoken, often because victims feel embarrassed or unsure of what to do next.

Related Page: PROTECTING YOURSELF FROM COMMON SCAMS IN 2025

At Liberty Savings Bank, we believe knowledge is the best protection. Understanding how scams work — and how to recognize red flags before it’s too late — can save you, your loved ones, and your finances from devastating losses.

Let’s take a look at the most expensive scams targeting seniors today, how they work, and what you can do to stay safe.

1. Investment and Cryptocurrency Scams

These are currently the costliest scams affecting older adults. The FTC reports that people 60 and older lost more to investment scams than any other fraud category — with a median loss exceeding $20,000 in recent years.

How it works:

Scammers promise big returns through “can’t-miss” opportunities — often in stocks, precious metals, or cryptocurrency. You might see a flashy ad online or receive a call from someone claiming to be a “financial advisor.” They’ll sound credible, may share official-looking documents, and pressure you to act quickly before you “miss out.”

How to protect yourself:

• Be skeptical of unsolicited investment offers, especially if they promise guaranteed returns.
• Verify advisors through FINRA’s BrokerCheck or the SEC’s Investment Adviser Public Disclosure website.
• Never transfer money to unfamiliar crypto “wallets” or platforms.
• When in doubt, talk to your local banker or financial advisor — a second opinion can save you thousands.
  
  

2. Tech Support Scams

You get a pop-up on your computer warning that your system is “infected” and urging you to call Microsoft or Apple immediately. Or maybe someone calls claiming to be from a well-known company and offers to “fix” your device remotely.

Here’s the truth:

Legitimate companies like Microsoft or Apple never make unsolicited tech support calls or demand immediate payment via gift cards or wire transfer.

Common red flags:

• Pop-ups with alarming language like “Your computer is locked!”
• Requests to download remote access software
• Demands for payment in unusual ways (gift cards, cryptocurrency, etc.)
  
  

Protect yourself:

• Close your browser or restart your computer — don’t call the number.
• If you’re unsure, contact the company’s official support directly from their verified website.
• Keep your security software updated and back up important files regularly.
  
  

3. Romance and Relationship Scams

Romance scams have surged dramatically — especially among older adults who use online dating sites or social media. The FBI’s 2024 Elder Fraud Report found that victims over 60 lost more than $400 million to relationship-based scams.

How it works:

A scammer builds an emotional connection over time, often pretending to be overseas for work or military service. Once trust is established, they invent a crisis — like a medical emergency or travel issue — and ask for money.

Warning signs:

• They avoid video calls or in-person meetings.
• Their photos look “too perfect.”
• They ask for money or gift cards.
• They quickly express deep feelings or talk about marriage.
  
  

Protect yourself:

• Reverse-search their photos using tools like Google Images or TinEye.
• Talk to friends or family if you’re unsure — isolation is a scammer’s best weapon.
• Never send money or share personal banking details with someone you haven’t met.
  
  

4. Government Impersonation Scams

Scammers often pose as officials from the IRS, Social Security Administration, or Medicare — threatening fines, arrest, or suspension of benefits.

They might even “spoof” the caller ID to look legitimate.

Key thing to remember:

Government agencies will never call, text, or email you to demand payment or personal information.

How to stay safe:

• Hang up and call the agency directly using their published number.
• Don’t click links in unsolicited emails or texts.
• Report suspicious calls to reportfraud.ftc.gov or your local authorities.
  
  

5. Grandparent Scams

These scams tug at the heartstrings — and they’re tragically effective. A caller pretends to be your grandchild (or a lawyer/police officer on their behalf), claiming they’ve been in an accident or arrested and need money fast.

They’ll plead for secrecy — “Please don’t tell Mom or Dad!” — and pressure you to send cash or gift cards immediately.

Here’s what to do:

• Pause. Hang up.
• Call your grandchild or another family member directly to verify.
• Remember: law enforcement never requests bail money over the phone or through gift cards.
  
  

6. Sweepstakes and Lottery Scams

“If you just pay this small fee, your winnings will be released.” Sound familiar?

These scams often claim you’ve won millions from Publishers Clearing House or a foreign lottery. They’ll ask for fees or taxes upfront — but the “prize” never comes.

Protect yourself:

• You can’t win a contest you didn’t enter.
• Never send money to claim a prize.
• Verify any real sweepstakes directly on the company’s official website.

7. Home Repair and Contractor Scams

After storms or hurricanes, fraudulent contractors often appear offering quick repairs — for cash up front. In Florida especially, these scams spike after major weather events.

How to avoid them:

• Always ask for a license number and verify it with the Florida Department of Business & Professional Regulation.
• Don’t pay in full before work begins.
• Be wary of door-to-door offers that sound “too convenient.”

8. Charity and Disaster Relief Scams

Scammers exploit kindness, especially after natural disasters or global crises. They’ll pose as legitimate charities, complete with realistic websites or phone scripts.

Before you give:

• Check organizations on CharityNavigator.org or Give.org (BBB Wise Giving Alliance).
• Don’t donate through links or text messages.
• Use a credit card — never gift cards or wire transfers — for added protection.

9. Medicare and Health Insurance Scams

You might get a call from someone claiming to be from Medicare offering a “free medical device” or “updated benefits card.” The real goal? Stealing your Medicare number and billing false claims.

Here’s how to protect your identity:

• Guard your Medicare number like your bank account number.
• Medicare will never call out of the blue to sell services or ask for payment.
• Report suspicious activity to 1-800-MEDICARE.
  
  

10. Bank and Account Takeover Scams

This one hits close to home — scammers pretending to be from your bank or credit card company can trick you into giving away login credentials or moving funds yourself.

What to look for:

• Unexpected texts with “fraud alerts” or “account verification” links.
• Calls that pressure you to move funds “for safekeeping.”
• Emails that look official but have small errors in spelling or domain names.
  
  

How to protect yourself:

• Don’t click links in messages about your account. Go directly to your bank’s website or app.
• Use strong, unique passwords and enable two-factor authentication.
• If you’re ever unsure, hang up and call your local branch — our Liberty Savings Bank team will verify it safely with you.
  
  

What To Do If You’ve Been Scammed

First, take a breath. Scammers are experts at manipulation — this isn’t your fault. What matters most is acting quickly:

1. Contact your bank or credit card company immediately. They may be able to freeze transactions or recover funds.
   
   
2. Report it to authorities:
   
   
   • Federal Trade Commission (FTC): reportfraud.ftc.gov

1. • FBI Internet Crime Complaint Center (IC3): ic3.gov

1. • Local police or sheriff’s office for a local report.
     
     
2. Change your passwords and secure your accounts.
   
   
3. Talk about it. Many scammers rely on silence. Sharing your experience can protect others.
   
   

Staying One Step Ahead

Scammers are clever — but so are you. With awareness, healthy skepticism, and a trusted financial partner by your side, you can recognize red flags long before they cause harm.

At Liberty Savings Bank, we’re here to help our community stay informed, secure, and financially confident. If you ever have a question about an unexpected call, email, or message, reach out to your local financial center before responding.

Sometimes, that one quick conversation can stop a scam in its tracks.