Scams affecting older Americans have surged, with the FTC reporting a dramatic rise in losses. Older individuals are more likely to experience substantial financial damages, with reports of losses exceeding $10,000 increasing fourfold since 2020. The total reported losses for those 60 and older reached over $445 million in 2024, revealing a concerning trend. Scammers often employ immediate, false urgency in communications, frequently initiating contact via phone calls to manipulate their victims and facilitate financial theft. Reports indicate that phone calls remain a prevalent method for scammers to establish fear and urgency.
"Some people 60+ have reported emptying their bank accounts and even clearing out their 401ks," the FTC's Division of Consumer Response and Operations wrote. "While younger people report losing money to these imposters too, reports of losses in the tens and hundreds of thousands of dollars are much more likely to be filed by older adults, and those numbers have soared."
Last year, 8,269 older adults filed a loss of $10,000 or more, more than four times as many reports as the FTC received in the same category in 2020. In 2024, older adults who lost $100,000 or more through a scam reported combined losses of more than $445 million, up from $55 million in 2020.
Most of the scammers take a similar approach, reaching out to an unsuspecting victim about a fake, time-sensitive problem that can only be resolved if they transfer money, ultimately landing it in the hands of unscrupulous strangers.
Even when they don't start with a call, reports show the goal is to get you on the phone. A call is still the best way to dial up the fear and the urgency so it's harder for you to think.
Collection
[
|
...
]