On August 7, 2025, the FTC published its latest Consumer Protection Data Spotlight, which shows a more than four-fold increase since 2020 in reports from older adults who say they lost $10,000 or more to scammers who impersonate trusted government agencies or businesses. These scams generally involve someone contacting consumers to alert them to a fake and urgent problem and then proceeding to try to persuade them to transfer their money to “keep it safe” or for some other false reason.
According to the FTC’s report, combined losses reported by older adults who lost more than $100,000 increased eight-fold, from $55 million in 2020 to $445 million in 2024. Younger consumers have reported scams, but older adults reported much higher losses. There are typically three main lies that scammers use to deceive their victims:
“Someone is using your accounts.” Scammers pose as banks or a reputable company like Amazon, claiming to alert the victim about suspicious account activity.
“Your information is being used to commit crimes.” Scammers impersonate government officials, claiming that the victim’s Social Security number or personal information is being used in crimes like drug smuggling or money laundering.
“There’s a security problem with your computer.” Scams often begin with a fake security alert from Microsoft or Apple, displaying a number to call. If contacted, they claim the victim’s online accounts have been hacked.
The FTC issued reminders to consumers on how to protect themselves from these types of scams.
Read the FTC’s press release here.
The full data spotlight can be found here.
