IRS Alert Over Rise in Scams Targeting Retirees: They Lost $7.7 Billion in 2025

Older adults in the United States are losing more and more money to scammers.

In response, the Atlanta office of the Internal Revenue Service Criminal Investigation division, or IRS-CI, issued a new public alert warning about the rise in financial crimes against older adults.

Why it matters: Many retirees depend mainly on fixed income such as Social Security. A single scam can mean the loss of savings accumulated over decades.

IRS Warns About Fraud and Losses That Reached Historic Levels

The IRS highlighted that older adults lost $7.748 billion to scams during 2025, according to data from the Internet Crime Complaint Center, or IC3.

This figure represents a 59% increase compared with the losses recorded in 2024.

The agency believes this growth reflects a growing threat to millions of older Americans.

IRS Fraud Alert Over Rise in Scams Targeting Retirees – PHOTO: Shutterstock

The Most Common Scams Continue to Evolve

Among the scams that most concern the IRS are calls from people pretending to be government officials in order to demand urgent payments or personal information.

IRS Fraud Alert Over Rise in Scams Targeting Retirees – PHOTO: ChatGPT

Romance scams also continue to grow, with criminals creating fake online relationships to gain victims’ trust and later ask for money.

Another major concern is fraud related to investments and cryptocurrencies. Scammers often promise quick profits or supposedly safe investments to convince people to transfer funds.

The agency also warned about fake lottery prizes, social media scams, online marketplace fraud, and schemes in which criminals pretend to be grandchildren or relatives who need urgent financial help.

How to Recognize a Possible Scam

The IRS recommends being suspicious of any unexpected communication that demands immediate action or urgent payments.

Authorities also warn about requests for money through gift cards, wire transfers, cryptocurrencies, or prepaid cards, methods frequently used by scammers because they make it harder to recover funds.

Another warning sign is the promise of guaranteed returns or risk-free investments. According to the IRS, these types of offers are often used to attract victims who want to protect or grow their savings.

Online, experts advise being cautious with people who avoid video calls, refuse in-person meetings, or ask for money after only a short period of contact.

IRS Fraud Alert Over Rise in Scams Targeting Retirees – PHOTO: Shutterstock

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Preventive Measures Recommended by the IRS

The federal agency advises always verifying the identity of anyone requesting financial information or payments.

It also recommends protecting Social Security numbers, tax returns, financial records, and sensitive personal documents.

Regularly reviewing bank statements and credit reports can help detect suspicious activity before the damage becomes greater.

In addition, for important financial decisions, the IRS suggests consulting trusted relatives or specialized professionals.

What’s next: The IRS will continue promoting prevention and education campaigns to help older adults identify signs of fraud. The agency also invites the public to report possible financial and tax crimes to support investigations and prevent more people from becoming victims.