Every Hour, Another Texas Senior Loses $50,000 to Scammers
Data Source: FBI IC3 Elder Fraud Report — the most recent federal data available. This article will be updated when newer data is released.
According to the FBI’s most recent data, Americans aged 60 and older submitted 147,127 complaints to the Internet Crime Complaint Center (IC3), reporting $4.885 billion in losses—a staggering 43 percent increase over the previous year. These are not just numbers; they represent families stripped of financial security, dignity, and often independence.
Texas has become a growing target for online scams. In the latest reporting year, 9,473 older Texans were defrauded online, losing nearly half a billion dollars to cybercriminals.
Investment scams hit Texas seniors especially hard, with $308.44 million in losses. Tech support fraud drained an additional $48.19 million, and government impersonation schemes cost nearly $12.31 million. Texas seniors were also targeted by romance scams, losing over $36.48 million to criminals exploiting emotional vulnerability.
Behind each statistic is a household in crisis: adult children scrambling to help parents who’ve lost everything, retirement dreams vanishing in wire transfers overseas, and the quiet devastation of realizing a lifetime of careful saving has disappeared in minutes.
25 Texas Seniors Fall Victim Every Day
We are witnessing a fundamental transformation in how criminals operate. Fraud has evolved from labor-intensive deception into an industrial-scale, AI-powered assault on American savings.
Voice cloning software can now replicate a grandchild’s voice from seconds of audio scraped from social media. Deepfake video technology creates convincing impersonations of bank officials or government agents. AI-generated phishing emails adapt in real time to victims’ responses, becoming more persuasive with each interaction.
The criminals wielding these tools understand something fundamental: they don’t need to outsmart cybersecurity systems. They just need to outsmart our minds.
The Scale of Economic Devastation
Texas’s half-billion-dollar losses reflect a larger national epidemic:
- Investment scams stole $1.8 billion from older adults, often beginning with a friendly message on social media before escalating into complex cryptocurrency schemes.
- Tech support fraud cost nearly $1 billion, as criminals posed as helpful technicians before gaining remote access to computers and bank accounts.
- Romance scams accounted for $389 million, with fraudsters building months-long relationships before inventing emergencies requiring immediate financial help.
More than 7,500 victims lost over $100,000 each—often representing decades of disciplined saving. For Americans living on fixed incomes, these losses mean choosing between medication and food, losing homes, or becoming dependent on already-stretched family members.
Elder Fraud Losses Continue to Accelerate
| Year | Reported Losses |
|---|---|
| 2024 | $4.885 Billion |
| 2023 | $3.427 Billion |
| 2022 | $3.098 Billion |
| 2021 | $1.685 Billion |
| 2020 | $0.966 Billion |
Based on current trends, experts estimate elder scam losses could rise to between $8.6 and $10.8 billion annually by 2029.
A Systemic Threat, Not Individual Failure
What makes this crisis particularly insidious is how we frame it. Each fraud is treated as an individual failure—a momentary lapse in judgment. This narrative obscures the reality: we’re facing organized criminal enterprises operating with corporate efficiency.
Many scams originate from sophisticated call centers where operators work from scripts refined by psychological research and enhanced by AI. These aren’t crimes of opportunity but systematic campaigns targeting American wealth with precision.
When William H. Webster, former FBI and CIA director, was targeted by scammers and spoke out publicly, it proved a critical point: if he can be targeted, anyone can. There is no shame in being targeted—only in staying silent.
What Texas Families Can Do Today
The “15-Minute Family Protocol”
Spend 15 minutes with older relatives establishing a family fraud protocol:
- Create a family code word that only you know
- Agree that urgent money requests require double verification
- Practice saying: “I’ll call you back on your regular number”
Know the Warning Signs
Visit our Texas Scam Prevention Resource Center for state-specific guidance, local reporting contacts, and free training.
Take Action If You’ve Been Targeted
- Report the scam to the FBI, FTC, and Texas Attorney General
- Complete our free training to protect yourself and loved ones
- Share your story to help protect other Texas seniors
Every day we delay, 25 more Texas seniors fall victim. The technology to fight back exists. Financial institutions have the capability. Law enforcement knows what’s needed.
The time for half-measures has passed. With determination and human connection, we can build defenses as sophisticated as the attacks we face. We owe that to our parents, our grandparents, and ultimately, to ourselves.
Texas families are under assault. It’s time we started defending them—together.