Americans aged 60 and above filed 201,266 complaints with the FBI’s Internet Crime Complaint Center in 2025, reporting losses totaling $7.7 billion. This age group suffered the highest financial damages, with average losses reaching nearly $38,500, much higher than those of younger victims.

The Federal Trade Commission’s report estimated that in 2024, the cost of fraud affecting older adults ranged between $10.1 billion and $81.5 billion, varying with underreporting measures. For two decades, data breaches have compromised the information systems still relied upon for verification, using details like date of birth, mailing address, and partial Social Security numbers. This situation requires adult children to take action to safeguard these checks.

Why Older Parents Face Higher Identity Theft Risks

Older parents often possess accounts with more institutions, including banks, brokerages, Medicare, Social Security, pension administrators, and mortgage holders. Each institution uses its own verification process, and once a scammer bypasses one, they may find significant funds available.

Losses from older adults who lost over $100,000 rose dramatically, increasing from $55 million in 2020 to $445 million in 2024. AI voice cloning has made phone scams more feasible, allowing scammers to reproduce a grandchild’s voice using public audio snippets.

Prioritizing protections starts with engaging your parents and making sure they comprehend each security measure.

Steps to Protect Credit, Tax, and Mail

• Freeze credit at Equifax, Experian, and TransUnion. Credit freezes are free since 2018 and can be lifted online for credit applications.
• Use an IRS Identity Protection PIN to block fraudulent tax returns filed under their Social Security Number.
• Enroll in USPS Informed Delivery to prevent scammers from previewing mail.
• Opt out of pre-screened credit offers using a mailed form for permanence.

Additional credit monitoring across all bureaus can help identify suspicious activity promptly.

Claim Federal Accounts Before Scammers Do

Register a my Social Security and MyMedicare accounts for them to prevent scammers from opening accounts using their details. Encourage setting up two-factor authentication and using a secure password manager.

Review Medicare Summary Notices each quarter with your parents and use the Senior Medicare Patrol to identify any suspicious charges.

Create a Family Script for Suspicious Calls

• Establish a family code word. If a grandchild cannot say this during a distress call, hang up.
• Document behaviors of federal agencies, as they never call unexpectedly for personal information or demand payments via unconventional methods.

If Identity Fraud Occurs

Having a financial power of attorney ready enables prompt handling of accounts and disputes. Identity theft services can offer fraud resolution support and insurance for recovery costs.

While no solution entirely prevents misuse, these measures reduce the interval from fraud occurrence to reaction.

Kurt’s advice emphasizes streamlined, proactive steps. Credit freezes, federal account registration, and setting communication protocols can protect identity effectively.