Review FTC Report on Rising Fraud Losses Targeting Seniors

The Federal Trade Commission released a report on Monday detailing a sharp rise in fraud targeting Americans aged 60 and older. According to the agency, reported financial losses for this demographic grew from $600 million in 2020 to $3 billion in 2025.

This surge reflects a broader trend of increasing sophistication and volume in scams aimed at older adults. The FTC notes that the actual financial impact is likely several times higher than reported figures because most fraud incidents go unreported. The agency estimates the total cost in 2025 could range from $13.5 billion to $119.5 billion.

Context and Background

The report, mandated by Congress under the Elder Abuse Prevention and Prosecution Act of 2017, highlights significant uncertainty in these figures. The FTC states that the scale of underreporting, particularly for high-loss cases, is not well understood. Despite this uncertainty, the data indicates a 47 percent increase in estimated costs over 2024.

Investment scams were the most common type of fraud reported by older adults in 2025. According to Gizmodo, investment scams alone jumped 42% in 2025. Other prevalent schemes included impersonation of government officials and business-impersonation scams. The FTC found that older adults reported the highest individual losses compared to younger Americans.

Who Is Affected

Wealth distribution plays a role in these losses, as Baby Boomers hold about 51 percent of U.S. wealth. Those aged 62 to 80 reported significant losses, but the Silent Generation, aged 80 and older, reported the largest individual losses. The median reported loss for those 80 and older was $2,000.

High-value losses are driving aggregate totals. Combined losses by older adults who reported losing over $100,000 increased nearly sevenfold from 2020 to 2025. While these reports represented only 6 percent of older adults’ loss reports in 2025, they accounted for 70 percent of their aggregate reported losses.

What to watch

Monitor communication channels for unsolicited contact. The most common initiation method for these scams was social media, but phone calls resulted in higher median individual losses. Text-based frauds were categorized separately from phone frauds. Older adults were 324 percent more likely than younger people to report losses from tech support scams.

Romance scams and lottery or sweepstakes schemes also showed higher prevalence among older demographics. Older people were 48 percent more likely to report losing money to romance scams. Vigilance across all communication types is necessary given the varied entry points for these fraudulent schemes.

What made it possible

Attackers exploit trust and urgency to bypass standard verification processes. This class of technique relies on social engineering rather than technical vulnerabilities. It serves the initial access stage of an intrusion by convincing victims to voluntarily transfer funds or disclose sensitive data. Teams usually encounter this when users are manipulated into ignoring security protocols. Check whether employees or family members have received unsolicited requests for immediate action. This approach depends on the victim’s willingness to comply with perceived authority or emotional appeals, allowing attackers to gain control without exploiting software flaws.

What to do and how to stay safe: FTC

• Verify the identity of anyone requesting money or sensitive information through a separate, trusted communication channel.
• Educate family members about common scam tactics, including investment, romance, and tech support schemes.
• Monitor financial accounts regularly for unauthorized transactions or unexpected withdrawals.
• Report any suspected fraud to the Federal Trade Commission to help track emerging trends.

Step-by-step guide: Multi-Factor Authentication Setup for Small Teams

General security guidance from the Shell Bulletin newsroom. It is not confirmed advice from the organisations named in this story.

Frequently asked questions

How much did fraud losses for seniors increase in 2025?

Reported losses jumped from $600 million in 2020 to $3 billion in 2025.

What was the most common type of scam reported?

Investment scams were the most common type of fraud reported to the FTC among older adults.

How does the FTC estimate the total cost of fraud?

The FTC estimates the overall cost in 2025 could be between $13.5 billion and $119.5 billion, accounting for underreporting.