Last year, Americans over the age of 60 lost nearly $5 billion to online scams. This is an all-time high and a 43 percent jump from 2023, according to the FBI. 

Those over 60 suffer the largest financial losses of any age group, and the number of complaints is growing. This is not a temporary issue, but a persistent national crisis.

The scale is vast, with more than 147,000 victims in 2024 alone, averaging $83,000 in losses per victim. Yet elder fraud rarely receives the national coverage it deserves. While headlines follow ransomware attacks on corporations, the daily, grinding exploitation of our parents and grandparents unfolds largely in silence.

In the workplace, we reinforce cybersecurity through mandatory training, simulated phishing tests and modern technical controls. Cognitive defense, the ability to spot and resist manipulation, is cultivated in corporate environments.

But what happens after retirement? That cognitive defense fades. At home, there are no IT teams, no robust security processes, no strong authentication, no role separation, no 24/7 monitoring tools. And malicious actors know this.

Scam methods are rapidly evolving, especially as AI and deepfake technology become tools for fraudsters. Investment scams cost older Americans $1.8 billion in 2024, often fueled by crypto frauds initiated on social media or dating sites.

Tech support scams resulted in almost $1 billion in losses, with new “Phantom Hacker” schemes where criminals impersonate support staff, government officials and bankers in a single, multi-stage operation.

Government impersonation scams extracted over $200 million, often convincing victims to move cash, buy gold, or use crypto kiosks, sometimes with AI-powered voice calls and couriers sent to their homes.

The most vulnerable among us — the very people who built the country — are now the most targeted. And as a nation, we aren’t talking about it enough.

At home, seniors don’t have access to security experts, but they have you. What actually works? Not more gadgets or apps, but human connection.

You can help by staying in touch. Regularly check in with the older adults in your life. Listen to their stories and concerns. If something about their financial activity or technology use feels “off”, gently ask questions.

Spend time — and even just 15 minutes can help. The awareness campaigns we run in workplaces also work at home. Sit down and talk with your parents or older neighbors about the latest scams.

Most elder scams today involve government impersonation, tech support fraud and investment fraud. Point out the red flags and remind your older loved ones never to rush a financial decision based on a call, text or email. 

Trusted resources such as the Federal Trade Commission and the FBI provide free and useful resources. Take time to visit these websites and discuss the content with them.

America’s silent cyber crisis will not resolve itself. We cannot leave the protection of our seniors to chance or to technology alone. It is up to all of us (families, communities, lawmakers and industry) to care, connect and empower our older adults with the knowledge and support they need to stay safe.

Solving this crisis primarily requires more than just new laws or better software. It demands human attention, compassion and community action. The solution starts with a simple question: When will you spend 15 minutes this month talking with a senior about online scams?

Our parents and grandparents built the America we defend digitally every day. Now it’s time to defend them.

Yuksel Aydin is country chief information security officer and data protection officer at RSM.