Scammed and Shattered: The Mental Toll of Scams on Older Adults

Every year, billions of dollars are stolen from older adults through scams and financial exploitation.

The National Council on Aging estimates older adults lose about 28.3 billion dollars each year to financial exploitation, and many cases never reach authorities because only about 1 in 24 incidents are reported.

In 2024 alone, older Americans reported 4.9 billion dollars in losses to the FBI.

But the damage goes far beyond finances. The mental toll of scams on older adults and their families is deeply damaging and often overlooked.

The Hidden Mental Effects of Being Scammed

After a scam, many older adults describe shame, self blame, and worry.

The emotional distress can lead to anxiety, depression, and social withdrawal. Older adults can feel overwhelmed by anger and self-loathing that it triggered suicidal thoughts. This pain is compounded when family members, who might be involved or affected by the scam, respond with frustration or judgment instead of support.

This emotional shock can trigger sleep problems or worsen existing health problems.

Moreover, older adults can also suffer from a loss of trust. After being exploited, many become suspicious of others, which can increase isolation and loneliness. This isolation then feeds a cycle of vulnerability, making them targets for even more scams or abuse.

What family members and caregivers can do

Blame makes people shut down, feel ashamed, and delay reporting. Take a calm breath and thank them for speaking up. Remind them they were targeted on purpose by professionals. They are a victim, not an accomplice. “I am sorry this happened. You are not alone. We will handle this together.” Once they feel heard, move to simple next steps. Act quickly to limit the damage.

• Stabilize money fast. Call the bank or card issuer, freeze or lock compromised accounts, set up text alerts, and change passwords.
  

• Gather proof. Save screenshots, emails, texts, caller IDs, receipts, and dates. Keep a short timeline of what happened and who you contacted.
  

• Report together. Call the National Elder Fraud Hotline at 833-372-8311 for free help with reporting. File at ReportFraud.ftc.gov and IC3.gov. If the scammer is a known person, contact Adult Protective Services in your county.
  

• Add guardrails. Set bank alerts for large transfers, use call screening and spam filters, and agree on a family rule to “pause and verify” before any money moves. Consider credit freezes with the three major bureaus. Make sure two-factor authentication is on for key accounts. Choose a word only close family knows to verify real emergencies.

  
  

• Plan forward. Keep a short list of trusted contacts and official numbers near the phone. Consider view-only access for a family “money buddy,” and set spending limits or dual approval for large transfers.

Keep checking in.

• Offer emotional support. Check in daily at first. Watch for sleep problems, loss of appetite, withdrawal, or talk of hopelessness. Encourage a visit with the primary care provider and ask about counseling. If there are thoughts of self-harm, call 988 (the National Center for Mental Health Crisis Hotline) right away.
  

• Rebuild connection. Help the older adult stay socially active and involved in routines. Isolation increases stress and risk.