Home / Crime and Justice / FTC Report: Elder Fraud Losses Skyrocket
FTC Report: Elder Fraud Losses Skyrocket
20 Oct
Summary
- Annual fraud losses for seniors soared from $600 million in 2020 to $3 billion in 2025.
- Older adults lost billions, with investment, impersonation, and tech support scams prevalent.
- While social media initiates many scams, phone calls lead to significantly higher individual losses.
A recent Federal Trade Commission report reveals a significant escalation in fraud targeting individuals aged 60 and older. Reported financial losses to the FTC by this demographic jumped from $600 million in 2020 to $3 billion in 2025, with actual figures potentially much higher due to underreporting.
Investment scams, impersonation of government officials, and business impersonation were the most common fraudulent schemes reported. Although social media often serves as the initial contact point for these scams, losses are substantially greater when frauds originate from phone calls.
Older adults are disproportionately affected by specific scam types, being over 324% more likely to lose money to fake tech support calls and 48% more likely to fall victim to romance scams. Bank transfers represented the largest aggregate dollar loss, though credit card payments were the most frequently used method for scam transactions.
