Americans age 60 and older have lost more than $745 million to scams in the first three months of 2025, nearly $200 million more than at the same point last year, according to the Federal Trade Commission (FTC).
Newsweek has reached out to the FTC for comment via email on Saturday.
Why It Matters
Scams can take many forms, including romance schemes to investment fraud to warnings about an alleged overdue ticket or toll payment. Fraudsters often target older adults, and last year, adults over 60 years old reported they lost more than $2.3 billion to fraud.
Scammers use a variety of methods, including phone calls, payment apps or service, and social media applications.
So far in 2025, there have been over 677,000 fraud reports across the country, with over $3.18 billion losses, according to the FTC.
What To Know
Between January and March 2025, Americans ages 60 to 69 reported 60,379 fraud incidents, accounting for 16 percent of all fraud reports so far this year, according to the FTC. Those reports resulted in an estimated $355 million in losses, with a median loss of just under $600.
Older adults ages 70 to 79 reported fewer fraud cases, however with higher median losses. More than 45,000 incidents totaling $299 million in losses, with the media loss just under $1,000.
With still fewer cases but much higher median losses, Americans age 80 and older reported just over 12,500 scams from January to March, costing $91 million in total, and around $1,900 in median losses.
Altogether, older Americans have reported more than $745 million in losses to scams in the first quarter of 2025. Last year, the FTC noted that Americans aged 60 and above reported $546 million losses in scams.
What People Are Saying
FBI Miami wrote in a July 21 X post: “Each year, millions of older Americans fall victim to online financial fraud, though many do not report it. If you or a loved one are a victim of fraud, we encourage you to report elder fraud to the FBI through the Internet Crime Complaint Center at http://ic3.gov.”
Kathy Stokes, AARP’s director of fraud prevention programs, said in a May press release: “The seismic growth of reported fraud continues unabated. The impact on older adults is often catastrophic.”
She noted scams can cause “emotional and health harms, fraught family dynamics and, in many cases, the reality that despite having saved for a secure retirement, they are left to survive on local, state and federal safety nets.”
What Happens Next?
The FTC and FBI urge affected individuals to report scams at reportfraud.ftc.gov or ic3.gov, as reporting assists with investigations and helps authorities track emerging patterns. Families are encouraged to talk with older relatives about common scam tactics, verify any unsolicited communications, and consult trusted sources such as the FTC or AARP for guidance.
The FTC is hosting a virtual “Consumer Protection and Older Adults Roundtable” on July 31 at 1 p.m. ET. The roundtable discusses the latest imposter scam trends, tools to protect consumers’ savings, and resources to combat against scams.
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