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Imposter Scams Drain $700 Million From US Seniors in 2024

UNITED STATES, AUG 8 – Reports of older adults losing at least $10,000 to imposter scams rose 362% from 2020 to 2024, with total losses reaching $700 million, the FTC said.

  • The Federal Trade Commission revealed on Thursday that individuals aged 60 and above suffered $700 million in losses due to imposter scams in 2024, reflecting a substantial rise compared to previous years.
  • Losses have surged to $700 million in 2024, rising sharply from $122 million in 2020, largely due to scammers pretending to be government agencies or businesses to deceive victims into sending money.
  • The FTC received 8,269 reports in 2024 from older adults losing at least $10,000, a 362% increase since 2020, with losses over $100,000 jumping from $55 million to $445 million.
  • The FTC cautions against sending money or making transfers when contacted unexpectedly and recommends verifying the identity of callers through official phone numbers or websites. Additionally, using call blocking features can help reduce the risk of scam attempts.
  • This upward trend suggests growing financial harm to older Americans, who often suffer devastating losses and emotional distress, while fraud losses overall continue to hit record highs nationwide.
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Federal Trade Commission broke the news in on Monday, August 4, 2025.
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