FTC Report Reveals Senior Fraud Losses Hit $3 Billion in 2025
New federal data show reported fraud losses for Americans over 60 jumped from $600 million in 2020 to $3 billion in 2025, with investment scams surging.
Key points
- Reported fraud losses for seniors rose from $600 million in 2020 to $3 billion in 2025.
- Investment scams increased by 42 percent in 2025, leading all fraud categories for older adults.
- The FTC estimates total 2025 costs could reach $119.5 billion due to significant underreporting.
The Federal Trade Commission released a new report Monday detailing a sharp increase in fraud targeting Americans aged 60 and older. According to the data, reported financial losses for this demographic jumped from $600 million in 2020 to $3 billion in 2025.
The report, mandated by Congress under the Elder Abuse Prevention and Prosecution Act of 2017, highlights that investment scams alone increased by 42 percent in 2025. While reported losses rose significantly, the FTC notes that actual figures are likely much higher because most fraud incidents go unreported.
Context and Background
The agency estimates that the overall cost of fraud against seniors in 2025 could range from $13.5 billion to $119.5 billion, depending on the methodology used. This represents an increase of up to 47 percent over 2024 figures. The FTC states that these figures reflect considerable uncertainty because the scale of underreporting, particularly for high-loss cases, is not well understood.
From 2020 to 2025, combined losses by older adults who reported losing over $100,000 increased nearly sevenfold. Although these high-value reports accounted for only 6 percent of all loss reports from older adults in 2025, they represented 70 percent of the aggregate reported losses. This suggests that a small number of severe incidents drive the majority of the financial impact.
Who Is Affected
Older adults reported the highest individual losses compared to younger Americans, which aligns with wealth distribution in the United States. Baby Boomers, aged 62 to 80, hold about 51 percent of national wealth, while Gen-X holds 26 percent and Millennials hold 11 percent. Those over 80, known as the Silent Generation, hold 11 percent of wealth but reported the largest individual losses, with a median reported loss of $2,000.
The most common fraud types reported were investment scams, impersonation of government officials, and business-impersonation scams. While social media was the most common initiation method, phone calls resulted in much higher median individual losses. Older adults were 324 percent more likely than younger people to report losing money to tech support scams and 48 percent more likely to report losses from romance scams.
What should you do?
Security professionals should monitor for increased investment scam activity targeting older demographics. Organizations should review current fraud detection rules for phone-based social engineering, as these channels yield higher losses than social media initiations. Awareness campaigns should emphasize that tech support and romance scams disproportionately affect older adults.
Background: Social engineering
Look for urgency, secrecy, and deviation from standard channels. Verify identity through a separate, known communication path before acting. Isolate suspicious interactions immediately to prevent lateral movement within your network environment.
Read the full guide: Social Engineering Warning Signs and How to Respond
What to do and how to stay safe: FTC
- Verify the identity of anyone requesting financial information via phone or social media before taking action.
- Monitor bank and investment accounts for unauthorized transactions, especially those involving large sums.
- Educate older family members about common scam tactics, including government impersonation and tech support fraud.
- Report suspected fraud to the Federal Trade Commission to help track emerging trends and methodologies.
General security guidance from the Threat Times newsroom. It is not confirmed advice from the organisations named in this story.
Frequently asked questions
How much did reported fraud losses for seniors increase between 2020 and 2025?
Reported losses jumped from $600 million in 2020 to $3 billion in 2025.
What is the most common type of fraud reported by older adults?
Investment scams were the most common type of fraud reported to the FTC among older adults.
How does the FTC estimate the true cost of fraud against seniors?
The FTC estimates the total 2025 cost could be between $13.5 billion and $119.5 billion, accounting for unreported cases.
