IRS Warned Seniors About Financial Scam Losses
New Yorkers between 60 and 69 lost nearly $17 million to fraud in the second quarter of 2026.
Updated on Oct. 12, 2026 in Financial Crime
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The IRS Criminal Investigation Division has issued a warning to older adults regarding a surge in financial scams. During the second quarter of 2026, New Yorkers ages 60 to 69 reported losing nearly $17 million to these fraudulent activities.
Why it matters
Older adults are specifically targeted by scammers who perceive them as more trusting and vulnerable. These criminals often impersonate government or law enforcement officials to convince victims their finances are compromised.
New Yorkers in the 60 to 69 age bracket reported a median fraud loss of $750 during the second quarter of 2026. Official investigations into these multi-million dollar losses remain ongoing across the state.
The players
IRS Criminal Investigation Division
This federal agency is responsible for investigating potential criminal violations of the Internal Revenue Code and related financial crimes.
The details
Scammers contact victims via phone, text, email, or computer pop-ups, often demanding that targets withdraw cash or purchase gold to secure their assets. Victims are frequently misled into believing they are cooperating with a legitimate government investigation.
Timeline
Fraud losses occurred throughout the second quarter of 2026.
Legal Context
This warning follows a pattern set by the IRS Criminal Investigation Division's reports on elder fraud vulnerabilities. By highlighting these specific losses, the agency aims to curb the efficacy of impersonation tactics that have become increasingly common in the state.
Residents should exercise extreme caution if contacted by individuals claiming to be government or law enforcement officials requesting cash or gold. If you believe your finances are at risk, contact the IRS Criminal Investigation Division office in Rochester or your local authorities immediately.
The takeaway
Never withdraw cash or purchase assets like gold based on instructions from an unsolicited phone call or text message. Legitimate government agencies will not request that you liquidate your finances to resolve a security issue.
Further reading
Learn more about local protection efforts in the New York Financial Crime section.
Source note: This article includes information reported by WHAM.
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Do you feel confident that seniors in your community are adequately protected from financial scams?
