Today’s cons are sophisticated enough to separate careful, intelligent people from their savings. And now they do it on a record scale. Americans reported losing $15.9 billion to fraud in 2025.
People over 60 are less likely than younger adults to report losing money to fraud, but when they do lose, the damage can be much greater, and reports of six-figure losses have climbed sharply.
But the cons aren’t new. Many have been around for 50 years. Technology has just made it easier and faster to do at scale.
1. The investment pitch
In the 1970s, the hard sell came from a crowded office with salesmen pushing near-worthless penny stocks by phone. Now it lands by text or social media, and the “sure thing” is often crypto or a pre-IPO stock you cannot verify.
Before your retirement account is drained, confirm the seller is registered and run it past an actual financial advisor, not someone your neighbor met once. Investment fraud was the costliest category of 2025, with $7.9 billion in reported losses, about half the year’s total.
If you have over $100,000 in savings, consider getting advice from a pro on how to keep it safe and earning for you. SmartAsset offers a free service that matches you to a vetted, fiduciary advisor in under five minutes.
2. The family emergency
Impersonating a relative in trouble is an old trick. Years ago, a caller opened with, “Grandma, it’s me, do you know who this is?” The panicked grandparent would supply a grandchild’s name, then blame the odd voice on crying, a bad connection or a broken nose from an accident.
These days, communication is by text or voice clone, created from a few seconds of audio pulled off social media, a trick the Federal Trade Commission (FTC) flagged in 2023. The rest is unchanged: panic, secrecy, a demand for money wired tonight.
If this happens, don’t respond to the number the appeal came from. Text or call the person back on a number you already have and set a family code word a cloned voice cannot produce. This simple practice can protect you from scams and fraud.
3. The online romance
Personal ads and pen-pal clubs made the introductions once. Now it starts on Facebook or Instagram. Nearly 60% of people who lost money to a romance scam in 2025 said it began on social media, not a dating app, according to the FTC. The affection builds for weeks or months before money comes up, which is what makes it work.
If someone you have never met in person asks for cash or pushes an investment, stop and talk to someone you trust before you send a cent.
4. The prize
“You may already have won” came as a letter, a printed prize notice that asked for a small fee or taxes to claim the loot. The paper moved to email and then text, and now the link may lead to a phishing page or another trap rather than a prize.
Older adults still lose more than younger ones to prize, sweepstakes and lottery scams.
If you have to pay a fee or hand over details to collect a prize, it is not a prize. Do not pay, and do not tap the link.
A convincing scam link is hard to spot before you tap. Guardio offers real-time protection beyond antivirus. It is a browser security tool that flags phishing pages, scam sites and malicious links as you browse.
5. The bank examiner
A caller claiming to be a bank examiner asked for your help catching a crooked teller: Withdraw a large sum, hand it over, tell no one and expect a small reward. It ran on authority and civic duty.
Today the caller spoofs your bank’s own number and flips the script, warning that your account is compromised and you must move the money to a “safe account” to protect it. Among business impersonation scams, bank impersonators now produce the highest reported losses, according to the FTC.
No real bank ever needs you to move your own money to keep it safe. Hang up and call the number on the back of your debit or credit card.
6. The home repair scam
Some cons never left the porch. In days gone by, a driveway crew with leftover asphalt or roofers who spotted damage after a storm knocked because they happened to be passing. They quoted a bargain and pushed to lock in the job immediately.
Storm chasers now arrive within a day of the hail, backed by a slick website and planted reviews, so a quick search seems to check out.
No honest contractor will insist you decide today, and you should never be pressured into a same-day sale or deposit payment. Get recommendations from people you trust, get more than one written estimate, and confirm the license yourself with your state or county rather than trusting the paperwork a stranger hands you.
Different delivery, same defenses
Technology has made cons easier, faster and cheaper for perpetrators to run. Staying safe employs the same principles it always did. When someone creates urgency, stop. Verify through a number or a person you already trust, never the one that contacted you. A real bank, grandchild or prize can wait 10 minutes. A scam cannot.
If you are fooled anyway, don’t be embarrassed. It can and does happen to anyone. Move fast, call your bank, the card issuer or the wire service if money moved to see if you can halt or trace the transaction, then report it to the FTC.
If you are unfortunate enough to lose funds, you can at least make it harder for them to use your identity for nefarious purposes.
In 2024, U.S. fraud and identity-theft losses topped $12.7 billion. Most people don’t know their info has leaked until someone uses it against them.
With Coveron, your identity is monitored 24/7. You see instantly if your personal data is on the dark web, which accounts may be compromised, and what steps you should take to secure your digital identity before it turns into a real problem.
With Coveron, you get:
- Dark web monitoring for exposed personal data
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- Identity-theft protection backed by financial coverage of up to $2 million
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