Seniors are constantly targeted by a wide range of scams.
New data from the Federal Trade Commission shows that reported losses to financial fraud among older Americans will skyrocket to billions of dollars in 2024.
Wide variety of scams all the time targeted seniorsthe FTC found in a report to Congress. In its annual report to the Senate and House Judiciary Committees, the FTC said that “consumers reported losing an estimated $12.8 billion to fraud in 2024,” and that seniors accounted for a significant portion of those losses, including large individual losses. Older consumers often reported the biggest dollar losses. People age 80 and older reported an average loss of about $1,600 in 2024, higher than for younger groups.
Most often the elderly reports investment fraud lossesbusiness scammers, government impersonators and romance scams, and social media was a common method of initial contact for investment scams, the FTC said. However, there are steps consumers can take to avoid becoming victims of fraud.
Federal and consumer advocacy resources offer clear guidance. The Consumer Financial Protection Bureau and the FTC jointly advise consumers on safe financial practices.
- Do not charge. Connecting money is like sending cash. Once you send it, you usually can’t get it back.
- Don’t pay with gift cards, as gift cards give scammers instant control of the money.
- Do not pay in cryptocurrency, as the currency has no legal protection and is difficult to move around.
- Research all potential business entities or business partners.
Both agencies also provide advice report suspicious contacts and defrauding government agencies.
“Report fraud to the FTC at … ReportFraud.ftc.gov,” they wrote, noting that the information helps protect the broader community from scams and bad business practices.
Furthermore, independent organizations also emphasize awareness and education. The Better Business Bureau advised that a key step in preventing scams is to become familiar with common scams targeting seniors and encourage seniors to ignore suspicious calls or texts.
Additional support is available available through AARP Fraud Watch Network, which provides free assistance services to help detect and avoid fraud. AARP’s online resource encourages people to seek guidance when they see signs of a scam and offers “tips on how to spot a scam” as well as steps to take once you spot one.
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