Record-Breaking Fraud: Older Americans Lost $700 Million to Scams in 2024

In 2024, Americans over the age of 60 lost an astronomical $700 million to online fraud—a record high in the entire history of monitoring by the U.S. Federal Trade Commission (FTC). The latest Consumer Protection Data Spotlight report shows increases across all loss categories—from minor sums to multimillion-dollar cases—compared with previous years, with the sharpest spike occurring in the segment of the largest thefts.

According to the data, the most devastating blow came from incidents where victims lost more than $100,000 in a single episode—amounting to $445 million, eight times higher than in 2020. Another $214 million was lost in the $10,000–$100,000 range, while smaller sums under $10,000 accounted for $41 million. For comparison, total losses in this age group stood at just $121 million four years ago—a figure that has since risen more than sixfold. Even compared to 2023, when losses reached $542 million, the increase was roughly 30%.

The FTC stresses that, as staggering as these numbers are, they represent only part of the larger picture. Total losses for all Americans to fraud in 2024 hit a record $12.5 billion—25% higher than in 2023. This upward trend has continued uninterrupted since official tracking began.

The most common schemes targeting older Americans last year involved impersonation of official agencies and fabricated urgent crises. Victims were told of supposed suspicious activity on their bank accounts, misuse of their Social Security numbers in criminal operations, or infections of their computers with malware. To heighten the pressure, scammers posed as employees of government agencies—including the FTC itself—or major companies such as Microsoft and Amazon, offering to “assist” with the fabricated problem.

Particularly alarming were cases where fraudsters masqueraded as genuine consumer protection officials, using the real names and titles of actual employees. Under this guise, they persuaded victims to transfer funds to a “secure” account, deposit cash via cryptocurrency ATMs, or even hand over bundles of cash and gold bars to couriers. The FTC underscores that none of these actions have any connection to legitimate government procedures.

Most attacks began online—via email, social media, or messaging apps—before shifting to phone calls designed to escalate pressure, create a sense of urgency, and psychologically overwhelm the victim. Older adults are especially vulnerable due to their trust in authority, limited technical literacy, and substantial savings. In some cases, victims lost not only their current funds but also their long-term retirement savings meant to support them in later life.

The FTC advises that in such situations, individuals should immediately end the conversation and verify the claims independently using official contact information. Handing over money or sensitive data to strangers—even those claiming to represent government agencies or corporations—almost invariably leads to catastrophic consequences.