FTC Warns: Older Americans Lost Up to $81.5 Billion to Financial Scams in 2024

Financial fraud against older Americans reached staggering levels last year, with the Federal Trade Commission estimating total losses may have hit $81.5 billion in 2024. Reported losses alone surged to $2.4 billion, a fourfold increase from 2020, driven by scams targeting high-value individuals, often exceeding $100,000 per victim. Investment scams led the surge, while tech support, romance, and government impersonation schemes also caused severe harm.

Criminals increasingly rely on social media, emails, texts, and online ads to reach their targets, exploiting trust to lure victims into sending money to fraudulent accounts. Once funds are sent—often via gift cards, wire transfers, or cryptocurrency—they are rapidly moved, frequently overseas, making recovery extremely difficult. Older adults report higher individual losses than younger victims, and those over 80 often suffer the most severe financial impacts.

The FTC’s 2024–2025 annual report highlights aggressive efforts to curb elder fraud through law enforcement, rulemaking, and outreach. Programs like Pass It On provide practical resources to help older adults protect themselves and their communities. The agency also partners with AARP, veterans’ organizations, financial institutions, and academic groups to strengthen protections. Proposed legislation, such as the Financial Exploitation Prevention Act, could allow banks to delay suspicious transactions to further safeguard seniors.

Experts warn families to stay vigilant: unusual financial behavior, pressure from unknown contacts, and promises of guaranteed returns are major red flags. Early intervention is critical, and victims should be encouraged to act immediately if funds are sent to suspicious accounts.

The FTC’s message is clear: financial fraud against older Americans is escalating, costly, and emotionally devastating. Awareness, swift action, and robust protections are essential to prevent scammers from exploiting vulnerable seniors.