The Federal Trade Commission issued its annual report to Congress showing that fraud losses among older adults have increased approximately 300% over the past four years, rising from $600 million in 2020 to $2.4 billion in 2024. The report, titled "Protecting Older Consumers, 2024-2025, A Report of the Federal Trade Commission," documents the agency's efforts to combat fraud targeting Americans aged 60 and older.
"The FTC's latest report details the agency's commitment to protecting older Americans from scams that rob them of their hard-earned money," said Christopher Mufarrige, Director of the FTC's Bureau of Consumer Protection. "The FTC is doing everything possible to protect older adults and shut down illegal scams."
The report draws data from the Consumer Sentinel Network, which collects fraud reports from consumers across the country. The findings reveal concerning trends in how criminals target older Americans and the devastating financial impact on victims.
Investment scams emerged as the leading fraud type affecting older adults in 2024, with scammers increasingly using social media platforms to target potential victims. The FTC found that consumers of all ages report social media as the most common method of initial contact for investment fraud schemes. These scams often promise high returns on cryptocurrency investments, fake trading platforms, or fraudulent retirement planning services.
The surge in total losses is largely attributed to an increase in high-dollar fraud cases, with more older adults reporting individual losses exceeding $100,000. Romance scams and impersonation schemes also contributed significantly to these large-loss cases. Romance scammers typically build relationships with victims over weeks or months before requesting money for fabricated emergencies or investment opportunities.
Despite the increase in total losses, the report indicates that older adults actually report losing money to fraud at lower rates than younger adults. This pattern has remained consistent over multiple years and suggests that older adults may be better at recognizing and avoiding scams when exposed to them, or may be more likely to report attempted fraud even when no money was lost.
However, when older adults do fall victim to fraud, the financial impact is typically more severe. The median individual loss for adults aged 80 and over exceeded $1,600 in 2024, significantly higher than losses reported by younger age groups. This disparity reflects both the targeting strategies of criminals, who often view older adults as having more accumulated wealth, and the potentially devastating impact on fixed incomes.
Tech support scams remain a persistent threat to older Americans, with victims reporting $159 million in losses to these schemes in 2024. These scams typically involve criminals posing as technical support representatives from major technology companies, claiming the victim's computer has been compromised and requiring immediate payment to fix the problem.
Older adults also showed higher susceptibility to prize and sweepstakes scams, lottery fraud, and government impersonation schemes compared to younger demographics. Government impersonation scams often involve criminals posing as Social Security Administration representatives, Medicare officials, or IRS agents to steal personal information or demand immediate payments for fabricated problems.
The FTC's multipronged approach to protecting older adults includes law enforcement actions against fraudulent operations, rulemaking to establish stronger consumer protections, and extensive consumer education campaigns. The agency works with federal and state partners to investigate and prosecute fraud cases while also developing educational resources to help older adults recognize and avoid common scams.
Consumer education efforts focus on teaching older adults to verify the identity of unsolicited callers, avoid sharing personal information over the phone or internet, and be skeptical of high-pressure sales tactics or requests for immediate payment. The FTC emphasizes that legitimate government agencies and reputable businesses do not demand immediate payment through wire transfers, gift cards, or cryptocurrency.
The report's findings highlight the evolving nature of fraud targeting older adults, particularly the shift toward social media as a primary recruitment tool for investment scams. This trend requires updated education strategies and potentially new regulatory approaches to address platforms where fraudulent schemes proliferate.
As the population of older adults continues to grow and more seniors become active on social media platforms, the FTC's work becomes increasingly critical. The agency continues to refine its enforcement strategies and educational outreach to address emerging threats while working with technology companies and financial institutions to implement better fraud prevention measures.
The dramatic increase in reported losses underscores the need for continued vigilance from both regulators and consumers. Family members and caregivers play crucial roles in helping older adults recognize potential scams and report suspicious activities to appropriate authorities.