In one year, losses from government impersonation scams among people 60 and older nearly doubled, from $208.1 million in 2024 to $413.2 million in 2025, according to the FBI. And this is the season those scammers wait for.
The 2027 COLA was announced October 14. Medicare Open Enrollment runs through December 7, and FEHB Open Season runs November 9 to December 14. Scam calls sound believable because the news behind them is real. Overall, people 60 and older reported $7.748 billion in losses in 2025, up 59%.
Key Takeaways
- Scammers time their calls to real events: the COLA, Open Enrollment and plan changes.
- Social Security never asks for payment to “activate” a COLA.
- Medicare never calls to sell you anything or visits your home.
- When in doubt, hang up and call back on a number you already know.
Where older Americans lost the most
| Scam type | Losses reported by people 60+ (2025) |
|---|---|
| Investment | $3.52 billion |
| Tech and customer support | $1.04 billion |
| Confidence and romance | $584 million |
| Business email compromise | $568 million |
| Government impersonation | $413 million |
Source: FBI IC3 2025 Internet Crime Report.
The largest losses came from investment fraud, not Medicare impersonation, and it targets people with savings. Crypto investment fraud alone cost people 60 and older $2.76 billion. In one case, the FBI stopped a victim from cashing out $750,000 from his 401(k).
Six scripts to expect this season
1. “Your COLA needs to be activated.” Social Security names this scam directly. Counter-move: hang up. There is nothing to activate.
2. “Please confirm your Medicare Number.” Counter-move: share it only with your doctor, your insurer, or people who work with Medicare, such as your State Health Insurance Assistance Program.
3. “Your plan is ending. Enroll today.” It sounds real: KFF reports no $0-premium stand-alone drug plans in 2027 for people without Extra Help. Counter-move: Medicare advises not to join a plan over the phone unless you called and asked for help.
4. “There’s a problem with your computer or account.” Counter-move: never give remote access to someone who contacted you.
5. “Move your money to a protected account.” Social Security flags this, along with in-person pickups of cash, gold bars or other assets. Counter-move: no legitimate agency asks you to move or hand over your savings.
6. “Your $90 Medicare payment needs verification.” CMS sent a one-time $90 payment this fall to many people in Original Medicare Part B, by direct deposit or check, using information already on file. Medicare Advantage enrollees and people paying the income-related surcharge aren’t eligible. Counter-move: no one needs your bank details. Check status with Social Security at 1-800-772-1213.
Also watch for recovery scams, offers to get back money you already lost. They cost people 60 and older $540.5 million in 2025.
How to verify before you act
Social Security’s four signs of a scam: someone pretends to be from an agency you know, says there’s a problem or a prize, pressures you to act immediately, and tells you to pay in a specific way.
Medicare says it will never call you to sell you anything or visit you at your home. The agent who helped you join a plan may call you back, so hang up and call back on a number you already know.
Never pay with gift cards, wire transfers or cryptocurrency to fix a benefit problem.
Sign up for online notices in your my Social Security account by November 18 to see your COLA notice up to three weeks before the mail.
If it already happened, act fast
Speed matters. In 2025, the FBI’s Financial Fraud Kill Chain froze about half of the reported losses in 642 cases involving victims 60 and older: $32.9 million of $65.4 million.
- Call your bank immediately.
- Report Social Security scams at oig.ssa.gov/report.
- Report Medicare fraud at 1-800-MEDICARE (1-800-633-4227).
- Report internet fraud at ic3.gov.
Know who you’re talking to
A licensed professional you already know is one of the simplest protections. At Shateka Husser Financial Solutions, we’re licensed to help with health insurance, and many clients call us first when an unexpected coverage offer arrives.
Where this fits in your retirement plan
As a veteran, I learned that protection isn’t a single action. It’s a posture. Scam prevention touches two of the six areas we review in every retirement: protection and legacy.
Join our complimentary Executive Retirement Briefing, “Is Your Retirement Actually Positioned?”, to see how protection fits alongside your income, taxes and healthcare decisions.
- See where your retirement may be exposed, beyond investments.
- Learn which decisions are permanent and which you can still adjust.
Educational content only, not individual financial, tax, legal, or healthcare advice. If you believe you’ve been targeted, contact the agency directly using a number you trust.
