Kids, it’s time to have “the talk” with your parents and grandparents.

Cybercrime cost Americans over 50 nearly $3 billion last year, a whopping 62% increase from 2020, according to the FBI’s 2021 Elder Fraud Report.

In fact, the number of victims could be much higher, as seniors are also less likely to report fraud, says the FBI. This is supported by figures from the FTC, which show that while 44% of younger people in their 20's reported losing money to fraud, only 20% of those in their 70's did the same.

The risks are wide-ranging, from fraudulent phone calls to phishing attempts via email, texts to social media messages, or shopping scams designed to dupe seniors out of their savings.

Rise in attacks, plus seniors pay out more

The pandemic played a role here, too, believes Michael Jabbara, Visa’s vice president and global head of fraud services.

“It’s no surprise we’ve seen a massive shift over the years towards digital transactions, but with this shift there’s also an increase focus from fraudsters,” says Jabbara. “This is especially true for elder individuals who may be a target because of a lack of technical sophistication and because they don’t always report these crimes to authorities.”

Jabbara says “grandparent scams” are still a popular attack method.

“This is where a fraudster spoofs a relative’s phone number and sends a message asking for money due to a medical emergency or text books, or whatever the case may be,” he said

Jabbara says Visa has invested more than $9 billion in anti-fraud measures over the over the last five years, including the use of artificial intelligence and advanced data analytics, “to ensure we’re keeping our network safe and secure across the globe.”

“Fraudsters are able to glean those personal details the grandparent posted pictures on Facebook or Instagram, allowing them to craft a very believable message,” Jabbara said. “Or in other cases, a family member’s account is hacked and a fraudster gets access to their email, they’ll target an elder family member with a similar plea for money or help. They play on their emotions.”