Americans aged 60 plus lost over $1.6B to crypto scams in 2023, says FBI — here’s how to spot it now and protect your retirement savings

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

In 2023, 16,806 Americans aged 60 and older reported falling victim to scams, losing a staggering $1.6 billion. The common thread? Cryptocurrencies. Digital currency scams accounted for over 69,000 complaints and $5.6 billion in losses across all age groups.

Unfortunately, crypto scams are easy to execute due to the complexity of digital currencies and growing interest in new investments. For older adults, losing money to such scams could jeopardize their retirement savings.

Don’t miss

Protecting yourself from common cryptocurrency scams

Crypto scams take many forms, but there are ways you can insulate yourself from the thousands that take place every day.

Financial advisors are trained to recognize legitimate investment opportunities and can help you steer clear of suspicious or overly risky ventures, including those involving digital currencies.

WiserAdvisor is a free matching service that helps you find an advisor who can help you reach your financial goals by matching you with a pre-screened financial advisor from their database of thousands.

All it takes is a few minutes to answer some questions about yourself, and WiserAdvisor will provide you with a personalized match of two to three advisors. From there, you can book a free, no-obligation consultation to confirm if your match is right for you.

Outside of professional help, another great defense against scammers is education. An FBI report showed that fraudulent investments (which caused over $3.96 billion in losses among all victims) and phishing or spoofing scams (an estimated $9.6 million in financial loss) were most likely to fool victims in the 60+ age group. Phishing and spoofing schemes trick individuals into sharing personal or financial information, believing they are interacting with legitimate companies. Learning how to spot these scams is critical to protecting your wealth.

Common scams include fake initial coin offerings (ICOs), which entice victims to purchase worthless currencies, and fake digital wallets, where victims unknowingly provide private keys to criminals.

Read more: I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)

Solid investments that allow you to avoid crypto entirely

You can avoid cryptocurrency scams entirely by steering clear of this market.

Most older adults and pre-retirees should exercise caution in their investments due to their shorter timelines. Putting money you may need to use soon into such a volatile asset is risky, even if the coin is legitimate.

Instead of risking your investment, consider tried-and-true options like precious metals, real estate, or the stock market, all of which are more accessible than ever and allow for the potential for steady growth over time.

Hold gold to save for retirement

Many investors prize gold as a potential hedge against inflation and a solid store of wealth.

One way to invest in precious metals that also provides significant tax advantages is with a gold IRA from Thor Metals. This retirement account can help stabilize your finances by allowing you to invest directly in physical precious metals rather than stocks and bonds.

Thor Metals offers expert guidance and secure storage of your precious metals assets in partnership with top-tier, IRS-approved depositories. If you want to learn more, you can get Thor Metals’ free gold and silver information guide.

Park money in real estate to potentially gain regular income

Another option for investors looking for an alternative to crypto’s volatility and scam potential is real estate. This tangible, stable asset class has a proven track record of long-term growth. And thanks to new platforms like Arrived, you no longer need to break the bank just to get in.

Backed by world-class investors like Jeff Bezos, Arrived’s easy-to-use platform offers SEC-qualified investments such as rental homes and vacation rentals for as little as $100.

Start by browsing a curated selection of homes, vetted for their appreciation and income potential. Once you find a property you like, simply choose the number of shares you want to buy.

Accredited investors with $50,000 at their disposal can put their capital into larger-scale, necessity-based commercial real estate through First National Realty Partners (FNRP).

FNRP is a private equity real estate investment firm that specializes in acquiring and managing grocery-anchored commercial properties across the U.S. These properties often feature large, well-known retailers like Kroger, Walmart, and Whole Foods, which have the potential to provide steady, reliable income streams.

Investors can research FNRP’s offerings at their convenience, request and execute investment documents and then track and manage the progress of their investments through their personalized investor portal account.

Make smarter moves on the stock market

Companies offering in-depth market research or reliable trading platforms will probably go a little further in helping you prioritize stability and informed decision-making over crypto investments.

Moby, founded by former hedge fund analysts, offers an investment research platform that provides expert stock picks, presenting a safer alternative to the unpredictability of cryptocurrency. Their analysts dedicate hours each week to analyzing financial data and trends to deliver top-tier stock reports.

Over four years, Moby’s nearly 400 stock recommendations have outperformed the S&P 500 by an impressive 12% on average. With user-friendly formats and a 30-day money-back guarantee, Moby gives you the opportunity to become a wiser investor in just five minutes.

What to read next

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.