U.S. Banks Urged to Bolster Cyber Defenses Against Elder Fraud

Older Americans are often persuaded to transfer money or surrender control of their accounts in organized scams involving criminals posing as government officials, tech support staff or investment advisers. FBI data show that retirement savings have become a target for criminal groups, prompting calls for banks to move their defenses upstream and intervene before transactions occur.

Americans aged 60 and older lost $4.9 billion to fraud in 2024. Experts at the recent RSAC Conference urged financial institutions to adopt a “shift left” strategy, moving from detection after the fact to proactive prevention. They also called on banks to work with older communities, strengthen cybersecurity education and block suspicious transactions.