Older Americans continued to lose billions of dollars to fraud in 2024, with scams increasingly exploiting trust, urgency and new technologies.
The Federal Trade Commission said impostor scams, investment fraud and tech-support schemes remained the most damaging to people age 60 and older.
While older adults report fraud less often than younger consumers, their individual losses are typically far higher, according to the agency.
Fraud targeting older Americans remained a costly and persistent problem in 2024, even as overall fraud reports leveled off. That’s the conclusion of a new report released by the Federal Trade Commission.
While everyone is a potential victim, the FTC said consumers age 60 and older were disproportionately harmed by scams that drain retirement savings, pressure victims into quick decisions and exploit fear or isolation. Although older adults file fewer fraud complaints than younger people, the agency noted that their median losses are significantly higher, reflecting both larger financial assets and the devastating impact of a single successful scam.
Impostor scams topped the list of reported frauds against older Americans, with criminals posing as government officials, bank representatives, businesses or even family members. These scams often rely on urgent messages warning of supposed legal trouble, frozen accounts or overdue payments, pushing victims to send money before they can verify the claims.
Phony investments
Investment fraud remained another major threat, fueled in part by online pitches and social media outreach. The FTC said scammers frequently promise low-risk or guaranteed returns, sometimes tying the scheme to trending topics such as artificial intelligence, cryptocurrency or real estate opportunities. In many cases, victims reported losing tens or hundreds of thousands of dollars.
Tech-support scams also continued to target older consumers, often beginning with pop-up warnings or unsolicited calls claiming a computer or financial account has been compromised. Victims are persuaded to grant remote access to their devices or pay for unnecessary “repairs,” giving scammers a direct path to personal and financial information.
Payment methods are a dead giveaway
The report emphasized that payment methods play a critical role in fraud losses. Bank transfers, cryptocurrency and gift cards were among the most common ways scammers collected money, methods that are difficult to trace or reverse once funds are sent.
If consumers understand that a “company” requesting payment in Target gift cards is a scam, more people would be protected from these crimes.
FTC officials said the findings highlight the need for increased education, stronger safeguards by financial institutions and continued enforcement actions against fraud networks. The agency urged older Americans and their families to be skeptical of unsolicited requests for money or personal information, take time to verify claims and talk to a trusted person before making financial decisions under pressure.
“Fraudsters are constantly adapting,” the FTC said in the report, “but awareness, verification and conversation remain some of the most effective tools for prevention.”
Consumers who believe they have been targeted or victimized by fraud are encouraged to report it to the FTC, which uses the data to identify trends, guide investigations and warn the public.