Why are seniors being targeted in crypto scams?
Scammers prey on seniors because they view them as financially secure, trusting and less familiar with rapidly evolving technology.
Let’s understand why seniors are key targets.
Perception of wealth: Many older adults have retirement savings or pensions, making them lucrative targets.Lower tech fluency: Navigating crypto wallets, private keys and blockchain concepts can be intimidating, something scammers exploit.Embarrassment prevents reporting: Victims often feel ashamed, making them less likely to report the crime.Crypto is irreversible: Once funds are sent via Bitcoin or another cryptocurrency, there’s no reversing the transaction. That’s a dream scenario for scammers.
According to the Federal Trade Commission (FTC), seniors report growing losses linked to cryptocurrency investment fraud, romance scams and government impersonation. In South Carolina’s Beaufort County alone, seniors reported over $3.1 million in crypto scam losses in 2024.
And these scams are becoming more sophisticated.