Older Americans Lost Up To $81.5B In The Past Year To Financial Fraud

Older Americans are estimated to have lost as much as $81.5 billion to financial fraud in 2024, once unreported scams are taken into account. Officially reported losses by people 60 and older were about $2.4 billion, but regulators say that captures only a fraction of the true damage.​

What the $81.5B figure means

The Federal Trade Commission’s latest report on older consumers shows that reported fraud losses for adults 60+ reached roughly $2.4 billion in 2024, up from about $600 million in 2020, a fourfold increase in just four years. Because many victims never report scams, the FTC used additional data and methodologies to estimate that the real range of losses for older adults in 2024 was between $10.1 billion and $81.5 billion.​

Most damaging types of scams

Investment scams now account for the largest dollar losses among seniors, with reported losses by adults 60+ around $744 million in 2024. Tech support, sweepstakes and lottery schemes, government impersonation scams, and frauds that begin via social media or phone calls also disproportionately hit older adults and often involve large individual losses over $100,000.​

Why older adults are targeted

Older adults typically have more accumulated savings and retirement funds, making them attractive targets for criminals. Scammers also exploit trust in authority and urgency—posing as banks, government officials, or tech support—and older victims often report not only financial devastation but also severe emotional harm.​

Key warning signs to watch for

Common red flags include an unexpected contact (call, text, email, or social media message), a surge of emotion (fear, excitement, or panic), and pressure to act immediately or keep the interaction secret. AARP and the FTC urge older adults and families to “pause” before sending money, verify requests independently (using known phone numbers or websites), and use resources like AARP’s Fraud Watch Network and the FTC scam database to check whether a scheme has been reported.​