The Federal Trade Commission released its yearly report to Congress, and it contains a hard truth many of us already feel in our bones: scams aimed at older adults aren’t just getting bolder — they’re getting more expensive.
The agency says losses reported by adults 60 and over have quadrupled since 2020. What used to be $600 million in losses has ballooned to $2.4 billion in 2024. And the biggest jump? Seniors who say they lost more than $100,000 in a single scam.
Investment schemes led the way this year. Many began with a friendly message or ad on social media — a place scammers now treat like a hunting ground. Romance scams and impersonators pretending to be government officials or tech support followed close behind.
The report also found that older adults tend to lose more per incident than younger people. Those 80 and older reported a median loss of over $1,600. Tech-support scams alone cost seniors $159 million last year.
Believe it or not, we're luckier than our kids
But here’s an important point: older adults actually report fewer successful losses than younger folks. The FTC believes many of you may recognize trouble sooner, or you’re more willing to report a scam even if the criminal didn’t get your money. That honesty helps everyone.
The agency also highlighted its enforcement work — everything from shutting down fake debt-relief programs to stopping companies that hide fees in senior housing contracts. And it reminded us about Pass It On, the FTC’s outreach effort that gives seniors materials they can share with neighbors, church friends, or family members who might not know what to watch for.
Much of this work comes from the Stop Senior Scams Act, which created a national advisory group focused entirely on protecting older adults. It’s heartening to know someone is paying attention — but it’s also a reminder that we need to keep talking to each other.
If you’ve spotted something fishy, or if you’ve stopped a scam in its tracks, sharing that story might save someone else from a painful loss.
