FTC report shows older Americans' fraud losses climb as six-figure cases surge

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FTC: older Americans fraud losses

Highlights

Consumers age 60 and older reported about $3 billion in fraud losses in 2025, up 25% from $2.4 billion in 2024, per FTC data.
Large cases surged as 6,769 older Americans reported losses of at least $100,000 in 2025, accounting for 70% of total reported losses.
Investment scams drove over $1 billion in reported losses for older Americans in 2025—up 42%—while relevant bipartisan fraud-relief bills await Senate action.

Fraud losses accelerate in FTC findings

As reported by CNBC, citing the Federal Trade Commission, consumers age 60 and older reported about $3 billion in fraud losses in 2025, up 25% from $2.4 billion in 2024 and five times the $600 million reported in 2020.

A key driver is the jump in large losses. While only 6% of older fraud victims reported losing at least $100,000 last year, those cases accounted for 70% of the age group's total reported losses. The number of victims reporting losses of that size rose to 6,769 in 2025 from 1,136 in 2020.

The FTC also says underreporting means the real toll is likely much higher. It estimates actual fraud losses among older Americans in 2025 range from $13.3 billion to $119.5 billion, compared with an estimated $10.1 billion to $81.5 billion in 2024.

Scammers are increasingly targeting retirement savings by impersonating banks, businesses and government agencies. In many cases, victims are told their money is at risk and are instructed to transfer funds, mail cash or deposit money into crypto ATMs to supposedly protect their assets.

Investment scams lead losses as Congress weighs response

Investment scams are the costliest fraud category for older Americans, with reported losses exceeding $1 billion in 2025, a 42% increase from 2024. The FTC says these schemes often start with social media ads or messages from people posing as financial advisers before victims are directed to fraudulent trading platforms.

Government impersonation scams rank second in total reported losses at $448 million, followed by business impersonation scams at $422 million. Bob Blancato, national coordinator for the Elder Justice Coalition, says the scale of the increases is severe and reflects how perpetrators keep adapting faster than safeguards.

On Capitol Hill, at least two bipartisan bills aimed at easing the impact on fraud victims are awaiting Senate action after passing the House earlier this year. The Tax Relief for Fraud Victims Act, approved by the House in September, would remove some deductibility restrictions and waive the 10% penalty where applicable, while the Financial Exploitation Prevention Act would let certain financial institutions delay transactions when they reasonably suspect financial exploitation.

Our earlier article on SEON’s expansion in the Philippines explained how accelerating digital payments and tighter compliance requirements are driving stronger demand for fraud and risk-management tools. It outlined SEON’s strategy to broaden beyond fintech into traditional banks, remittance providers, and commerce-focused clients through its partnership with Exist Software Labs and an increased focus on remittance-related fraud use cases.

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