Adults Age 60 & Older, Lost $2.4 Billion In Financial Fraud Last Year, Up 26.3%!

Last year, scams reported to the Federal Trade Commission by adults age 60 and older reached $2.4 billion, up 26.3% from $1.9 billion in 2023 and 300% from $600 million in 2020, according to the FTC’s annual report to Congress, released earlier this month. The increase is driven by scams that involve individual losses of $100,000 or more, accounting for $1.6 billion, or 68%, of the total amount. However, because most fraud goes unreported, the agency estimates the real losses experienced by older adults in 2024 may be as much as $81.5 billion. The bulk of money lost was due to investment scams. These significant losses can contribute to financial insecurity at a time when many consumers are already struggling to keep up with rising costs and are worried about running out of money in retirement. The AARP recommends talking to victims with empathy instead of derision or blame. 

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Source: CNBC