October brings cooler weather, the last quarter of the year, and something less seasonal but just as timely: Cybersecurity Awareness Month. For anyone who has spent decades building a nest egg, that awareness matters more than ever. Fraud aimed at retirees isn’t the crude scam it used to be. It has become more targeted, more convincing, and far more expensive.

The Scale of the Problem

According to the FBI’s 2025 Internet Crime Report, Americans over 60 filed more than 201,000 fraud complaints last year, with total losses exceeding $7.7 billion. That’s a 59% increase from the year before. The average victim lost more than $38,000, and over 12,400 people lost more than $100,000 in a single scheme.

Investment fraud was the single largest driver of these losses, accounting for more than $3.5 billion. Cryptocurrency-related schemes added another $4.3 billion, affecting more than 42,000 older victims. These aren’t small, easily-spotted scams. They are sophisticated operations built specifically to look and sound like legitimate financial opportunities.

Why Affluent Retirees are a Target

It’s a hard truth, but an important one: people who have accumulated real savings are more attractive targets, not less. Retirees often have accessible assets, time to research an “opportunity,” and a strong desire to make sure their money lasts. Scammers exploit exactly that combination, presenting themselves as trustworthy, patient, and even flattering, right up until they ask for money to be moved quickly and quietly.

Common Tactics Worth Recognizing

A few patterns show up again and again in investment fraud aimed at retirees.

Unsolicited opportunities that arrive with unusual urgency are one of the clearest warning signs, especially when they involve cryptocurrency, private placements, or “guaranteed” returns. Legitimate investment opportunities rarely require an immediate decision.

Impersonation is another common thread. Scammers may pose as a financial institution, a government agency, or even a familiar advisor’s firm, using real names and logos to build false credibility. A message or call that feels slightly off, even from a source that looks familiar, is worth a second look.

Finally, secrecy is a tactic in itself. Any request to keep an investment or transaction private from family members, a spouse, or your financial advisor should raise real concern. Legitimate professionals encourage transparency. Scammers depend on isolation.

A Short Checklist Worth Keeping Nearby

  • Pause before acting on any unsolicited investment opportunity, especially one involving cryptocurrency or a “limited time” offer.
  • Verify independently. Call your advisor or institution directly, using a number you already have, not one provided in the message.
  • Be cautious of pressure to act quickly or keep a transaction confidential.
  • Remember that real financial professionals will never ask you to purchase gift cards, wire funds urgently, or move assets outside your normal accounts.

How We Help

Fraud prevention isn’t a one-time conversation, it’s part of an ongoing relationship. Because our advisors work closely with clients over the long term, they’re often in a position to notice when something doesn’t fit a client’s usual pattern, and to ask a simple, protective question before a transaction moves forward. That kind of familiarity is difficult to replicate with a call center or an app.

If you ever receive an investment opportunity that feels slightly unusual, or a message claiming to be from us that raises a question, it may be worth a call to confirm before you act. We would rather spend five minutes verifying something together than see a client lose what they’ve spent a lifetime building.

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This article is for general informational purposes and does not constitute investment advice. If you suspect you have been targeted by fraud, contact your financial institution immediately and consider filing a report at ic3.gov.