Reports from the Federal Trade Commission show that people aged 60 and over lost a combined $700 million to scams in 2024. The number is the highest the agency has recorded for this group. Four years earlier, the losses were about $121 million, so the jump has been steep. Compared to 2023’s total of $542 million, the latest figure is roughly a third higher.
Biggest Losses in the Six-Figure Range
A large part of the 2024 total came from those who lost more than $100,000. That group reported $445 million in losses. Mid-range cases between $10,000 and $100,000 accounted for another $214 million, while smaller sums under $10,000 made up $41 million.
How the Scams Worked
Many of the cases followed a familiar pattern. Criminals pretended to be government officials, staff from large companies, or even representatives of the FTC itself. Victims were told their bank accounts had suspicious activity or that their Social Security numbers were linked to crimes. Others were told their computers were infected.
Often the first contact came online. In many cases it didn’t stop there, with follow-up calls used to pressure people into quick decisions. Some were instructed to transfer money into cryptocurrency kiosks. Others were told to hand cash or gold to couriers or send funds to accounts they didn’t recognize. The FTC warns that genuine agencies will never ask for these actions.
Why Older Adults Are Targeted
The age group often has larger savings and tends to show more trust toward official-looking communication. Some are less familiar with technology, which can make it easier for scammers to succeed. In serious cases, victims have been left without retirement funds or other financial support.
Part of a Bigger Problem
While the losses among seniors are striking, scams affected all ages. Across the country, reported losses from fraud in 2024 came to $12.5 billion. That’s the largest yearly total since the FTC began tracking and about a quarter more than the year before.
Notes: This post was edited/created using GenAI tools.
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