Scams Cost Seniors Billions

Last year, older Americans reported losing over $1.9 billion to fraud, but the FTC believes the real number could be much higher (possibly over $62 billion) because many scams go unreported. In its latest report to Congress, the FTC revealed that adults aged 60 and older typically lose more money per scam than younger people. For those 80 and older, the median loss was a staggering $1,450. Even more alarming, the number of seniors losing $100,000 or more has tripled since 2020.

Scammers are increasingly targeting older adults with tech support fraud, lottery or prize scams, and schemes where they impersonate family members. Investment scams caused the biggest financial hit in 2023, costing seniors $538 million, followed by business imposters and romance scams. Bank transfers and cryptocurrency were the most expensive payment methods, with Bitcoin ATMs being a favorite tool for fraudsters. Meanwhile, gift cards were the go-to payment method for tech support and impersonation scams.

The FTC’s ongoing work under the Stop Senior Scams Act highlights just how important it is to protect older adults and spread the word about these scams. For more information, visit ftc.gov/olderadults.