Protecting you from Scams – Federal Trade Commission Report

Protecting you from Scams

• Protecting Older Consumers: 2023–2024, published in October 2024, contains the latest comprehensive FTC insights on scams targeting seniors.(Federal Trade Commission, Consumer Advice)

• Additionally, more recent Data Spotlight Posts (August 2025) show a sharp rise in high-dollar impersonation scams targeting older adults.(Federal Trade Commission)

• A 2025 roundtable confirms that adults 60+ reported losing over $2.3 billion to fraud in 2024.(Federal Trade Commission)

2023–2024 Report

• Total losses reported by older adults in 2023: Over $1.9 billion, but estimates suggest actual losses may be as high as $61.5 billion due to underreporting.(Federal Trade Commission)

• Median fraud loss: $1,450 for individuals 80+; $804 for those in their 70s.(Federal Trade Commission)

• Types of scams:

  • Seniors (60+) were over 5 times more likely than younger adults to report tech support scams.

  • Nearly 3 times more likely to report prize/lottery/sweepstakes scams.

  • 53% more likely to lose money to friend or family impersonation scams.(Consumer Advice, Federal Trade Commission)

• Most costly scams in 2023:

  • Investment scams: $538 million (a 34% increase over 2022).

  • Business imposters: $311 million (up 16%).

  • Romance scams: $277 million (up 16%).(AARP, Federal Trade Commission)

New 2025 Insights (From FTC Data Spotlights)

• Since 2020, the number of older adults (60+) reporting losses of $10,000 or more has increased more than fourfold.

• For those losing $100,000 or more, reports increased nearly sevenfold, and combined losses jumped eightfold.(Federal Trade Commission)

• Many of these scams begin with a phone call, often impersonating banks, Amazon, or government agencies—and sometimes even the FTC—to create urgency.(Federal Trade Commission)

2024 Fraud Toll & Broader Context

• A 2025 FTC roundtable revealed older adults reported losing over $2.3 billion to fraud in 2024.(Federal Trade Commission)

• General consumer fraud reports indicate over $12.5 billion lost in 2024, with seniors collectively accounting for $61.5 billion estimated losses in 2023.(The Washington Post)

Phone and Imposter Scams: The Growing Risk for Seniors

Key FTC Findings (2023–2024):

• Seniors (60+) reported $1.9 billion in fraud losses in 2023, but actual losses may soar to $61.5 billion.(Federal Trade Commission)

• Those in their 70s and 80s experienced median losses of $804 and $1,450, respectively.(Federal Trade Commission)

• Older adults were significantly more likely to fall for tech support, prize/lottery, and family impersonation scams.(Federal Trade Commission)

• Investment, business imposters, and romance scams topped the list for financial damage.(Federal Trade Commission)

2025 Highlights:

• Reports of seniors losing $10,000+ escalated fourfold; those losing $100,000+ skyrocketed sevenfold since 2020.(Federal Trade Commission)

• These high-loss scams frequently start with phone calls pretending to be legitimate entities—and can drain life savings.(Federal Trade Commission)

• Older adults reported over $2.3 billion in fraud in 2024.(Federal Trade Commission)

• Overall, consumer fraud losses hit $12.5 billion, with seniors facing disproportionately high median losses.(The Washington Post)

Quick-Read Sidebar (Updated)

5 Fresh Red Flags: Recognize Phone & Imposter Scams

1. They claim urgency — “Your account is compromised, act now.”

2. High-dollar threats — targeting life savings with dramatic stakes.

3. Impersonation of trusted entities — “IRS,” “Microsoft,” even “the FTC.”

4. Unusual payment asks — Bitcoin ATMs, wiring, or gift cards.

5. Fear tactics — fake computer alerts or criminal accusations.

Protection Tips:

• Hang up, then call back using a verified number (not one they give).

• Never transfer money to "protect" your funds.

• If you're unsure, ask a friend or family member to listen to the caller with you.

(Source: FTC Reports, 2023–2025 — Protecting Older Consumers, 2023–2024, and Data Spotlight Insights)(Federal Trade Commission, Federal Trade Commission)