Older Americans are losing more money than ever to scams, according to a new Federal Trade Commission report to Congress, with losses climbing sharply over the past four years.
The FTC’s 2024–2025 report on protecting older consumers shows total fraud losses among adults 60 and older have quadrupled since 2020 rising from about $600 million to $2.4 billion in 2024.
The largest share of losses came from cases in which victims lost more than $100,000.
The FTC says investment scams, romance scams and impersonation schemes were the most financially devastating. Tech support scams also took a heavy toll, accounting for more than $159 million in losses last year alone.
The agency emphasized that it will never demand immediate payment, threaten arrest, request money transfers or promise prizes in exchange for fees. Officials say those tactics are clear red flags of fraud.
The FTC is urging consumers to report scams even if no money is lost. Those reports help investigators track patterns, identify emerging threats and shut down fraudulent operations before more victims are harmed.
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