Crypto Scams Targeting Older Adults: Warning Signs

How crypto scams target older adults

Older adults are targeted by the same crypto schemes as everyone else, but IC3 data show they report the largest losses. Common patterns are government, bank, and tech support impersonation that ends at a crypto ATM, investment scams that start with a friendly text or social media contact, romance scams, and recovery scams after a first loss. Scammers often keep victims on the phone, tell them to keep secrets, and coach them on what to tell bank staff. Some schemes now send couriers to collect cash at the victim's home.

Warning signs an older relative is being scammed

Large or unusual cash withdrawals, especially in large bills.
Visits to crypto ATMs, or crypto ATM receipts in the house.
Secretive phone calls, or a caller who insists they stay on the line.
A new online friend or romantic partner who talks about investing.
Couriers or strangers coming to pick up cash, gold, or packages.
Talk of 'protecting' money from hackers or from a government investigation.
A new crypto app on their phone that a stranger told them to install.

How to protect an older relative from crypto scams

Talk openly about these scams before they happen, without blame.
Agree on a rule: no large transfers without talking to a trusted person first.
Set up bank alerts and consider adding a trusted contact to financial accounts.
Remind them that no agency or bank will ever send them to a crypto ATM.
Use call-blocking tools and keep computers updated.
Keep the DOJ National Elder Fraud Hotline number handy: 1-833-372-8311.

Has an older relative been scammed? What to do now

Help them stop contact and stop paying, calmly and without shame.
Preserve evidence before anything disappears: screenshots of chats, profiles, websites and app screens, plus receipts, emails, and a written timeline. Do not delete conversations or the app. Gather receipts, bank statements, texts, and call logs.
Call the bank, crypto ATM operator, or exchange right away to request freezes or recalls.
Report it to the FBI at ic3.gov and to the FTC at reportfraud.ftc.gov, even if the amount is small. Include wallet addresses, transaction IDs (hashes), amounts, dates, and every website, app, username, and phone number involved. See /guidance/report-crypto-theft-fbi-ic3. The DOJ National Elder Fraud Hotline (1-833-372-8311) can help with reporting.
Watch for recovery scams. Anyone who contacts you offering to get your crypto back for an upfront fee, or who claims to work with the FBI or IC3, is likely a scammer. IC3 says it will never ask for payment to recover lost funds or refer you to a company that does. See /guidance/can-stolen-crypto-be-traced.

Protecting an older relative: common questions

How can I tell if my parent is being scammed?

Watch for large or unusual cash withdrawals, crypto ATM receipts, secretive calls with someone who insists they stay on the line, a new online friend who talks about investing, couriers collecting cash, and talk of “protecting” money from hackers or an investigation.

My parent doesn’t believe it’s a scam. How do I talk to them?

Stay calm and don’t blame them. These scams are run by professionals who coach victims on what to say. It’s common not to realize: the FBI says most of the victims it contacts through Operation Level Up didn’t know they were being scammed. Hearing it from their bank or a hotline can help.

Can the bank help stop more money going out?

Call the bank together as soon as you can. Ask about recalling recent transfers, setting up alerts on the account, and adding you or another trusted person as a contact on the account.

Who can we call for help?

The DOJ National Elder Fraud Hotline at 1-833-372-8311 helps people 60 and older report fraud. The AARP Fraud Watch Network Helpline (877-908-3360) offers guidance and support to victims and families. For step-by-step help, see helping a parent who is being scammed.

Crypto fraud against older adults: statistics

Complainants aged 60 and over filed 44,555 cryptocurrency-related complaints with IC3 in 2025 and reported $4,432,224,488 in losses, the most of any age group. (source)
IC3 said over half of 2025 crypto kiosk complaints involved people aged 50 and older, accounting for $302 million in losses. (source)
The FTC found that in 2024, 33% of older adults who reported losing $10,000 or more to impersonation scams paid with cryptocurrency, mostly through Bitcoin ATMs. (source)

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This guide is general information, not legal or financial advice. ChainWatch is not a law firm and does not guarantee fund recovery.

Sources

The information on this page was checked against the sources listed in September 2026. Laws, agency guidance, company policies and contact details change, so please verify the current information with the original source before you act.