Older Americans lost $2.4 billion to scams in 2024

The Federal Trade Commission is out with a new report showing a sharp rise in the money older adults say they’re losing to scams, and where those scams are coming from.

The FTC defines “older adults” as people 60 and older, and said protecting this group remains a top priority. Over the past year, the agency reports it has used a three-part approach: bringing enforcement actions to stop illegal conduct, returning money when possible, and pushing out practical anti-scam education designed to help people spot and avoid fraud.

FTC complaint data show older adults reported nearly $2.4 billion in fraud losses in 2024, up from about $1.9 billion in 2023, and up dramatically from about $600 million in 2020. While the number of “I lost money” reports rose more modestly, the report says the surge is being driven by more people reporting very large losses, including six-figure losses.

Life-changing losses

Those losses can be life-changing. The FTC notes that because most fraud never gets reported, the estimated total cost of fraud to older adults in 2024 could be anywhere from $10.1 billion to $81.5 billion, depending on the method used.

Older adults reported losing far more money to investment scams than any other fraud type. The report says many victims describe being lured to fake “investment” opportunities – often involving cryptocurrency – after being targeted on social media.

That matters because the FTC also found that, in 2024, social media was the top starting point for scams linked to the highest total losses and the highest number of loss reports among older adults. But there’s another warning sign: while social media scams were most common by volume, phone-call scams had the highest median reported loss, meaning the “average” phone scam victim often loses more per incident.

How scammers get paid is a red flag

When older adults reported how they paid scammers, bank transfers/payments and cryptocurrency transfers were associated with the highest total reported losses. Meanwhile, credit cards and gift cards were the most frequently reported payment methods—gift cards showing up heavily in impersonation-style schemes.

The FTC report highlights a long list of cases and actions that it says likely affected older adults, including:

• Debt relief and impersonation tactics: a lawsuit over an “Accelerated Debt” program accused of promising big debt reductions while impersonating banks and government agencies.
• Tech support scams: a settlement with a payment processor (Paddle) over allegations it facilitated deceptive tech-support telemarketing using fake alerts and brand impersonation (with money set aside for consumer refunds).
• Hidden fees in housing: a case filed with the state of Colorado accusing Greystar of advertising rents that didn’t reflect mandatory monthly fees.
• Health and “pain relief” marketing: a case involving Gravity Defyer shoes, alleging unsupported pain-relief claims aimed at older adults with arthritis and joint pain.
• Money transfer fraud pressure points: a settlement with Walmart tied to allegations that its money transfer services were used for scams that hit older adults particularly hard.

Consumer relief

Sometimes, the scammers get caught. On refunds, the agency says that in fiscal year 2025, FTC enforcement actions resulted in more than $311 million in consumer relief across all ages. 

The report also describes multiple refund programs that sent checks to hundreds of thousands of consumers in cases involving sweepstakes marketing, tech-support scams, financing for in-home products, and debt relief schemes.

The FTC also points to rule changes: in late 2024, it finalized amendments to the Telemarketing Sales Rule expanding coverage to include inbound tech-support calls, important because many tech-support scams try to trick people into calling a number from a deceptive online ad. The report notes that in 2024, consumers 60+ were five times more likely than younger adults to report losing money to a tech-support scam, with reported losses of $159 million.

The FTC’s anti-fraud education campaign for older adults, Pass It On, now covers 13 common scam categories—from impostors and romance scams to home repair and “you’ve won” schemes. Materials are free and designed to be shared with friends and family. The FTC also promotes reporting through ReportFraud.ftc.gov, which can help law enforcement spot trends and sometimes trigger fast action in high-dollar wire cases.

Practical takeaways (worth taping to the fridge)

• Be extra skeptical of “investment” opportunities that come through social media, especially anything involving crypto, “guaranteed” returns, or pressure to act fast.
• Don’t move money “to protect it.” Requests to transfer funds, wire money, or deposit cash into Bitcoin ATMs are a major red flag.
• Treat unexpected tech alerts as scams. If a pop-up or email says you must call “Microsoft,” “Norton,” or any brand, don’t use the number provided—find the official number independently.
• If you’ve sent money, report it quickly. Speed can matter—especially with wires and bank transfers.