Rights and Benefits
$ 12.5 Billion Reported Lost to Scams and Fraud in 2024, Older Adults Hit Hard The FTC announces record losses as the scam epidemic shows no sign of abating.
Age of Victims Among people who reported losing money to fraud, older adults reported losing the most: Victims in their 60s claimed a jaw-dropping total of $1.18 billion stolen through fraud. In comparison, those in their 30s reported losing $810 million—even though about the same number of fraud reports were submitted by each group. Again, investment scams were the most financially damaging to victims of all ages, but particularly for older people. Those in their 70s reported losing a median of $20,000 to investment scams, compared to the median of $1,551 stolen from victims in their 20s. Unfortunately, these numbers may only reveal a fraction of actual losses to fraud, which is notoriously underreported because victims may feel ashamed or doubt that authorities can help them. However, experts say reporting scams is crucial, allowing law enforcement to target its efforts and help reveal the full scope of the problem. (See below for information on where to report these crimes.) Other Report Highlights • The FTC received about the same number of fraud reports in 2024 as in 2023—2.6 million—but with far higher losses per victim. • There were around 1.14 million reports of identity theft last year; about 450,000 were related to credit card fraud.
AARP’s director of fraud prevention programs. “The impact on older adults is often catastrophic.” Stokes points to “emotional and health harms, fraught family dynamics and, in many cases, the reality that despite having saved for a secure retirement, they are left to survive on local, state and federal safety nets.” Common Scams The most commonly reported scams were imposter scams, in which criminals pretend to be government officials, police, businesses like Amazon or Paypal, a relative in trouble, celebrity, bank or tech support professional. Their goal is to steal money or personal data (or both). Government imposter scams, in particular, grew significantly—from $171 million in 2023 to $789 million in 2024. Following impostor scams were online shopping scams, business and job opportunity scams; investment scams; and internet services-related scams. Although investment scams were the fourth-most-reported kind of scam, they also were the most lucrative kind of scheme for criminals in 2024, with $5.7 billion in reported losses, up from $4.6 billion last year. These scams often involve bogus cryptocurrency investments.
By Christina Ianzito, AARPComments Published March 12, 2025 Among the millions of Americans who lost money to scammers in 2024, older adults lost the most, according to newly released numbers from the Federal Trade Commission (FTC). And the losses are astronomical: a record $12.5 billion was reported stolen through scams and fraud last year, up 25 percent from $10 billion in 2023. The overall cost of these crimes continues to skyrocket: Just four years ago, in 2020, Americans lost far less, $3.5 billion, to fraud, including identity theft. The amount of money victims lose through fraud increases with age, partly because older people tend to have more to lose. The FTC found that among the victims who included their ages in their complaints, adults in their 70s reported losing a median of $1,000, compared with a median of about $417 reported by those in their 20s. The median reported losses for all ages in 2024 was $497. (The numbers are based on reports sub- mitted to the FTC’s Consumer Sentinel Network directly by consumers or through law enforcement and other organizations.) “The seismic growth of reported fraud continues unabated,” says Kathy Stokes,
Page 12 | May & June 2025, Never Too Late
Pima Council on Aging
Made with FlippingBook - Share PDF online