Seniors Lose $3 Billion to Identity Theft Each Year. Do This Immediately to Protect Yourself by Alix Langone Identity theft impacts millions of people every year, and older Americans are targeted at higher rates than the rest of the population. People age 65 and older lose a whopping $36.5 billion to elder financial abuse every year, and almost $3 billion of that money is stolen via identity fraud, according to a study conducted by financial services firm TrueLink.