Being robbed doesn’t always happen at gunpoint. Cybercriminals can sneak into your home through your computer and your phone — and may make you an unwitting accomplice to your own robbery. It’s a problem for everyone, but if you’re over 60, you’re particularly vulnerable.
Last year, losses to cybercrime increased 33% from 2023 to a record $16.6 billion, according to the Federal Bureau of Investigation (FBI) Internet Crime Report 2024.
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Last year, the FBI’s Internet Crime Complaint Center (IC3) received 859,532 total complaints, of which about 256,000 resulted in losses averaging about $19,000.
But these numbers understate the true scope of the problem since they’re based only on crimes reported to the IC3.
Why older Americans are being targeted
Older Americans tend to become less financially literate and digitally savvy as they age, making them a prime target for cybercriminals. If they’ve been widowed, they may be lonely and more prone to romance or confidence scams.
This older demographic reported about 147,000 cybercrimes in 2024, which is a 46% increase from 2023. Not only do they represent a significant portion of those lodging complaints, but they’re also losing more money than average.
As a group, their total losses were $4.885 billion in 2024, which is about 40% of the total losses for all Americans, averaging about $83,000 per person. And 7,500 complainants lost more than $100,000.
Americans 60+ most frequently reported being the victims of phishing or spoofing, tech support scams, extortion or sextortion, personal data breaches and investment scams.
Investment scams were responsible for the largest financial losses for those 60+ in 2024, followed by tech support and confidence and romance scams. Across all attack types, the losses to scams involving cryptocurrency were substantial.
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Common types of cyberattacks
Phishing or spoofing occurs when a cybercriminal pretends to be a reputable source, such as your bank, to obtain sensitive information such as passwords or financial information. It’s often done through email but can also be done through voice, text, QR codes and fake websites. Phishing has become increasingly sophisticated, thanks to generative AI.
Tech support scams come in many forms, such as a pop-up on your computer screen or a phone call that’s supposedly from a legitimate tech company. Typically, it will alert you to a ‘problem’ on your computer and offer to fix it for you — for a charge, of course.
Individuals targeted for cyber extortion are commonly contacted through email or text.
Cybercriminals threaten to release sensitive information about you on social media or to your contacts unless you pay a ransom by transferring money or cryptocurrency to them. Often they’ll be bluffing, but in some cases they may have illegally acquired this information.
Personal data breaches can occur through your own technology — for instance, using passwords acquired through phishing — but often result from breaches at companies that store your data. Bad actors may use this data for identity theft, financial fraud and extortion. Your best defence is to be selective as to which organizations you share personal data with.
Investment scams often begin with a direct message, often on social media, claiming that you can make a lot of money through a certain investment or asset, such as cryptocurrency. You may then end up investing at a fake investment firm or paying for useless training.
Safeguarding your finances from cybercrime
To protect yourself from cybercrime, start by gaining an understanding of the threats. There are several online resources — and sometimes courses offered at community and seniors’ centers — that can help you understand the current threat landscape and how to protect yourself.
Always install the latest updates of your operating system and software. Also ensure you have a reputable internet security suite, which you may need to purchase separately. In addition, check the security settings on your computer, email, internet and social media to ensure you’re protecting your information.
Don’t use public networks (like the library) to conduct transactions that involve personal information. If you have no choice, consider using a virtual private network (VPN). Use strong passwords and don’t use the same password in multiple places.
Avoid clicking on links in emails, social media or texts unless you know and trust the sender — and never click on pop-ups. Use discretion if you get an unexpected link or attachment from someone you know, especially if it doesn’t come with a message or doesn’t sound like the sender.
Financial institutions don’t tend to send links. If you get a notice from your financial institution, avoid the link or number on the notice and manually check your account or contact the number you would normally use to contact the institution.
Use a similar approach for so-called technology companies that tell you to contact them about computer issues. Ignore unsolicited phone calls — especially robocalls — and, as much as you may want to help, don’t lend or give money to online romantic interests.
If you believe you’ve been a victim of cybercrime, stop all engagement with the perpetrator. Secure your computer by changing all passwords and running virus and malware scans. Contact your financial institutions and credit agencies and report the attack to the police and IC3.
If you believe your identity has been stolen, report this to the Federal Trade Commission at IdentityTheft.gov. Be sure to document everything about the attack and what you did in response, such as who you contacted and when. Afterward, you’ll want to monitor your bank accounts to ensure there are no strange transactions.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
