Financial Fraud Losses Among Older Adults Increased to $2.4B Last Year: FTC

Most common scams targeting older adults involve investment fraud, business and government impersonation, as well as romance and tech support schemes.

According to the U.S. Federal Trade Commission (FTC), older Americans reported losing a record $2.4 billion due to financial fraud scams in 2024, marking a dramatic increase over the past four years.

The findings were published in the FTC’s Protecting Older Consumers 2024–2025 report (PDF), which was released December 1, highlighting a sharp rise in large-dollar scams targeting individuals age 60 and older, despite federal regulators ramping up enforcement and education efforts.

FTC data shows that reported fraud losses among older adults have quadrupled since 2020, rising from about $600 million to $2.4 billion last year. Much of the increase came from losses exceeding $100,000, which accounted for more than two-thirds of total reported losses, while representing only about 5% of fraud reports from older consumers.

The FTC press release was submitted to Congress as part of its statutory mandate to track fraud trends affecting older Americans and detail enforcement actions aimed at protecting seniors.

Investment and Impersonation Scams

Investment scams accounted for the largest share of reported fraud losses among older adults in 2024, according to the FTC, followed by business and government impersonation schemes. Many victims reported being drawn into fraudulent cryptocurrency or investment platforms after initial contact through social media.

Romance scams and tech support fraud also continued to disproportionately impact older consumers, who were far more likely than younger adults to report losses linked to those schemes.

Although older adults were less likely than younger consumers to report losing money overall, those who did tended to suffer greater financial harm. The median reported loss for consumers age 60 and older rose to about $900 in 2024, while individuals over age 80 reported median losses exceeding $1,600.

The FTC said a growing number of fraud cases involving older adults were referred for criminal prosecution, with the agency coordinating closely with the Justice Department, the FBI, and state law enforcement agencies.

Financial Fraud Enforcement and Recovery

The FTC reported that in fiscal year 2025 it returned more than $311 million to consumers of all ages through enforcement actions and coordinated recovery efforts with the FBI.

In addition to enforcement, the agency said it expanded education and outreach initiatives aimed at helping older consumers recognize scam tactics, including impersonation fraud involving fake government officials, banks and well-known companies.

Despite those efforts, the FTC cautioned that fraud losses remain significantly underreported. Based on different reporting assumptions, the agency estimates that the true cost of fraud to older adults in 2024 could range from $10.1 billion to as much as $81.5 billion.

“The FTC’s latest report details the agency’s commitment to protecting older Americans from scams that rob them of their hard-earned money. The FTC is doing everything possible to protect older adults and shut down illegal scams.”

— Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection 

FTC officials also warned that many scams targeting older adults are operated by organized criminal networks that repeatedly target victims, often draining savings over multiple transactions before the fraud is discovered. The agency said this trend underscores the need for continued vigilance as scammers increasingly exploit digital platforms and impersonation tactics.

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