Elder Americans have increasingly been the target of financial scams, according to the IRS Criminal Investigation.
In the past two years, fraud cases have totaled nearly $737 million.
Common schemes
- Government impersonation scams: Scammers pretend they’re with the IRS or other government agencies and threaten to arrest victims unless they make a payment.
- Emergency scams: Fraudsters claim that a loved one is in danger and urge victims to provide financial help.
- Romance scams: Criminals build fake online relationships with victims to ask for money.
- Lottery and sweepstakes fraud: Scammers claim that victims won a prize but have to first pay taxes or fees.
- Investment fraud: Scammers promise victims a high rate of return on a low-risk opportunity, like a Ponzi scheme or cryptocurrency scam.
- Charity scams: Fake nonprofits ask victims for money, often after a major disaster or tragedy.
Protect yourself
- Slow down and ask for clarification. Scammers will try to trick you by creating a false sense of urgency so you make a quick decision.
- Hang up if someone claims to be from a government agency and asks for payment or personal information. If you want to confirm the information, contact the agency directly using information from its official website.
- Talk to a trusted family member, financial advisor, or attorney before you send money or make a major financial decision.
- Be careful when you make new online acquaintances and check their identity before you share any personal information.
- Check your financial accounts regularly and report suspicious activity right away.
If you’re a victim
Don’t be embarrassed if someone takes advantage of you. These schemes continue to get more and more sophisticated. If someone scams you:
- Stop any contact with the scammer right away.
- Notify your financial institution if you accidentally shared money or financial details.
- Report the incident to your local law enforcement or an IRS‑CI field office.
- Keep all records, including emails, screenshots, and phone numbers.
If you have a question about a potential IRS scam, let us know.