FTC Report Reveals Alarming Rates of Savings Loss Among Seniors Due to Scammers
Education Secretary Linda McMahon reveals that the department has found fraud in the student loan system and discusses the efforts to prevent it on ‘Varney & Co.’
Scammers are draining seniors’ life savings at staggering rates, according to a new report from the Federal Trade Commission (FTC). Older Americans have reported about four times more in fraud losses in 2024 compared to 2020.
The FTC’s Protecting Older Consumers 2024-2025 report highlights that reported fraud losses for adults aged 60 and older skyrocketed to approximately $2.4 billion in 2024, a significant increase from around $600 million in 2020.
However, the FTC cautions that the actual losses are likely much higher due to underreporting. The agency estimates that the overall cost of fraud to older adults in 2024 ranged between $10.1 billion and $81.5 billion, depending on the methodology used.
Large, devastating losses exceeding $100,000 are driving this alarming trend. Reports indicate that combined losses from older adults who lost more than $100,000 have increased more than five-fold from 2020 to 2024. These significant loss cases account for about 68% of all reported financial losses among older Americans.
RISING HOLIDAY SCAMS ARE COSTING CONSUMERS. HERE’S HOW TO PROTECT YOUR WALLET
“The FTC’s latest report underscores our commitment to protecting older Americans from scams that rob them of their hard-earned money,” stated Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection, in a statement to Fox News Digital. “We are doing everything possible to safeguard older adults and shut down illegal scams.”
Older Americans 60 and older may have lost more than $81 billion to financial fraud and scams from 2024 to 2025, according to the FTC. (Getty Images)
The report also reveals that social media has emerged as the primary channel for scammers. Older adults are now reporting greater financial losses from scams initiated on social media than from any other contact method. Losses via social platforms have surged nearly ninefold since 2020, particularly in areas like cryptocurrency and romance fraud.
While social media scams account for the highest total dollars lost, phone call scams yield the highest median reported loss at $2,210, compared to $650 for social media-initiated incidents.
Tech support, sweepstakes-lottery, and government impersonation scams disproportionately affect older Americans. However, investment schemes have become the most financially damaging, with reported losses of about $744 million among adults aged 60 and over in 2024.
U.S. Social Security Administration Commissioner Frank Bisignano discusses the potential opportunities for fraud in the program, an incentive in the ‘big, beautiful bill’ for recipients and efforts to avoid potential insolvency.
Additionally, FTC staff outreach and consumer complaints indicate that impersonation scammers exploit seniors’ trust in authority. They often pose as FTC officials, bank representatives, or law enforcement to pressure older adults into transferring funds quickly.
To help prevent victimization, the AARP highlights three common red flags: unexpected contact, heightened emotions, and a sense of urgency. Their Fraud Watch Network advises taking an “active pause” when these signs arise, allowing time to process the situation.
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Robotexts are becoming trickier to spot thanks to artificial intelligence. Fox News’ Kennedy Hayes reports.
AARP also provides a resource center where potential victims can look up previously reported scams, access a tracking map, and find additional tips to avoid financial fraud. In a similar vein, the FTC distributed nearly 1.7 million educational items in FY 2025, aimed at helping older adults share fraud-prevention tips within their communities.
“The FTC protects older adults through aggressive law enforcement and broad outreach and education,” the report states. “We will continue to seek new ways to prevent harm to older adults through ongoing collaboration with various government and private stakeholders.”
Education Secretary Linda McMahon reveals that the department has found fraud in the student loan system and discusses the efforts to prevent it on ‘Varney & Co.’
Scammers are draining seniors’ life savings at staggering rates, according to a new report from the Federal Trade Commission (FTC). Older Americans have reported about four times more in fraud losses in 2024 compared to 2020.
The FTC’s Protecting Older Consumers 2024-2025 report highlights that reported fraud losses for adults aged 60 and older skyrocketed to approximately $2.4 billion in 2024, a significant increase from around $600 million in 2020.
However, the FTC cautions that the actual losses are likely much higher due to underreporting. The agency estimates that the overall cost of fraud to older adults in 2024 ranged between $10.1 billion and $81.5 billion, depending on the methodology used.
Large, devastating losses exceeding $100,000 are driving this alarming trend. Reports indicate that combined losses from older adults who lost more than $100,000 have increased more than five-fold from 2020 to 2024. These significant loss cases account for about 68% of all reported financial losses among older Americans.
RISING HOLIDAY SCAMS ARE COSTING CONSUMERS. HERE’S HOW TO PROTECT YOUR WALLET
“The FTC’s latest report underscores our commitment to protecting older Americans from scams that rob them of their hard-earned money,” stated Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection, in a statement to Fox News Digital. “We are doing everything possible to safeguard older adults and shut down illegal scams.”
Older Americans 60 and older may have lost more than $81 billion to financial fraud and scams from 2024 to 2025, according to the FTC. (Getty Images)
The report also reveals that social media has emerged as the primary channel for scammers. Older adults are now reporting greater financial losses from scams initiated on social media than from any other contact method. Losses via social platforms have surged nearly ninefold since 2020, particularly in areas like cryptocurrency and romance fraud.
While social media scams account for the highest total dollars lost, phone call scams yield the highest median reported loss at $2,210, compared to $650 for social media-initiated incidents.
Tech support, sweepstakes-lottery, and government impersonation scams disproportionately affect older Americans. However, investment schemes have become the most financially damaging, with reported losses of about $744 million among adults aged 60 and over in 2024.
U.S. Social Security Administration Commissioner Frank Bisignano discusses the potential opportunities for fraud in the program, an incentive in the ‘big, beautiful bill’ for recipients and efforts to avoid potential insolvency.
Additionally, FTC staff outreach and consumer complaints indicate that impersonation scammers exploit seniors’ trust in authority. They often pose as FTC officials, bank representatives, or law enforcement to pressure older adults into transferring funds quickly.
To help prevent victimization, the AARP highlights three common red flags: unexpected contact, heightened emotions, and a sense of urgency. Their Fraud Watch Network advises taking an “active pause” when these signs arise, allowing time to process the situation.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Robotexts are becoming trickier to spot thanks to artificial intelligence. Fox News’ Kennedy Hayes reports.
AARP also provides a resource center where potential victims can look up previously reported scams, access a tracking map, and find additional tips to avoid financial fraud. In a similar vein, the FTC distributed nearly 1.7 million educational items in FY 2025, aimed at helping older adults share fraud-prevention tips within their communities.
“The FTC protects older adults through aggressive law enforcement and broad outreach and education,” the report states. “We will continue to seek new ways to prevent harm to older adults through ongoing collaboration with various government and private stakeholders.”
