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.
21 Articles
21 Articles
Fraud Losses Among Seniors See Steepest Increase in Four Years
Reports from the Federal Trade Commission show that people aged 60 and over lost a combined $700 million to scams in 2024. The number is the highest the agency has recorded for this group. Four years earlier, the losses were about $121 million, so the jump has been steep. Compared to 2023’s total of $542 million, the latest figure is roughly a third higher. Biggest Losses in the Six-Figure Range A large part of the 2024 total came from those who…
FTC: Impersonation Scam Losses Among Older Adults Soared to $445 Million in 2024
The Federal Trade Commission (FTC) announced on Aug. 7 that scammers posing as government officials or business representatives stole a total of $445 million from Americans over the age of 60 in 2024—an eightfold increase from the $55 million lost in 2020. Individually, older adults admitted to being swindled out of $10,000 or more, sometimes their entire life savings, by these scammers. Reports of this high-tech theft have quadrupled in the pas…
FTC Reports Sharp Rise in Senior Impersonation Scams
WASHINGTON — New Federal Trade Commission data reveals a more than four-fold increase since 2020 in reports from adults 60 and older who lost $10,000 or more to impersonation scams, with combined losses for those reporting over $100,000 jumping eight-fold from $55 million in 2020 to $445 million in 2024. These schemes, where fraudsters pose […]
FTC: Funds stolen from seniors in 'imposter' scams on the rise
Scams aiming to trick older Americans into giving money to strangers impersonating companies, government agencies and other entities have increased significantly since 2020, the Federal Trade Commission reported.
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