In 2024, older adults fell victim to scammers, resulting in a staggering loss of $700 million, according to the FTC.

In 2024, Americans aged 60 and older lost a staggering $700 million to online scams, highlighting a significant rise in fraud targeting seniors, according to the Federal Trade Commission (FTC). This figure, detailed in the agency’s latest Consumer Protection Data Spotlight, shows an increase across all categories of loss compared to previous years. Notably, losses exceeding $100,000 saw an eightfold increase since 2020. The breakdown of losses reveals that $445 million was lost by those over $100,000, $214 million by those between $10,000 and $100,000, and $41 million by those under $10,000. In 2020, total losses were recorded at $121 million, making the 2024 figure a sixfold increase. Compared to 2023, where losses totalled $542 million, the 2024 losses represent a notable increase of approximately 30%.

The FTC identified common scam tactics targeting older adults in 2024, which included impersonation, fake crisis scenarios, and phone calls. Victims were often misled with urgent claims, such as suspicious activity on their bank accounts or their Social Security numbers being involved in crimes. Scammers frequently posed as government agencies, including the FTC, or reputable businesses like Microsoft and Amazon, claiming to assist with alleged issues. Ironically, these scammers sometimes impersonated real FTC staff. Reports indicated that victims were instructed to transfer money, deposit cash into Bitcoin ATMs, or hand over cash or gold to couriers—actions that the real FTC would never endorse. The FTC noted that many scams begin online and are often followed by phone calls to intensify pressure on vulnerable victims. Older adults are particularly targeted due to their access to financial resources, trust in authorities, and limited understanding of technology. The FTC emphasised the importance of never sharing financial information with unknown callers and recommended verifying any claims by contacting the agency or company directly. While the $445 million lost by seniors in 2024 is significant, it is dwarfed by the total amount lost to fraud across all demographics, which reached a record $12.5 billion, reflecting a 25% increase from 2023. 

Categories: Online Scams, Financial Losses, Vulnerable Populations 

Tags: Scams, Seniors, Fraud, FTC, Losses, Impersonation, Technology, Financial, Consumer Protection, Malware