Fraud losses among older Americans hit $3 billion in 2025, FTC reports

Reported losses rose 25% from 2024, driven by a surge in six-figure scams and investment fraud

By LineZotpaper

Published22 October 2026

Read Time2 min

Older Americans reported losing about $3 billion to fraud in 2025, a 25% increase from $2.4 billion in 2024, according to a Federal Trade Commission report to Congress released Monday. The figure has risen 400% from $600 million in 2020. The FTC estimates actual losses may be far higher, ranging from $13.3 billion to $119.5 billion, because many scams go unreported.

The FTC report highlights that while only 6% of older fraud victims reported losses of $100,000 or more, those losses accounted for 70% of the age group's total reported losses. The number of victims reporting such large losses rose nearly sixfold, from 1,136 in 2020 to 6,769 in 2025.

Investment scams were the costliest fraud type, with reported losses exceeding $1 billion, a 42% jump from 2024. These scams often start with social media ads or messages from people posing as financial advisors, directing victims to fraudulent trading platforms, the FTC said.

Government impersonation scams ranked second with $448 million in reported losses, followed by business impersonation scams at $422 million. Scammers increasingly use artificial intelligence to make schemes harder to detect, according to the FBI.

“The numbers and the increases are staggering,” said Bob Blancato, national coordinator for the Elder Justice Coalition. “Part of it is that the perpetrators are always ahead. They seem to be one step ahead of everybody.”

Lawmakers are considering two bipartisan bills. The Tax Relief for Fraud Victims Act, which passed the House 408-17, would restore the ability to deduct fraud losses and waive early-withdrawal penalties on retirement accounts tapped by scammers. The Financial Exploitation Prevention Act, which passed the House 414-2, would allow financial institutions to temporarily delay transactions if they suspect exploitation. Both bills face uncertain futures in the Senate.

Experts stressed the importance of approaching suspected fraud victims with care. “You never say 'you're being scammed,' because they'll throw their guard up,” said Marti DeLiema, an associate professor at the University of Minnesota. Scammers often try to isolate targets, she added. “We really need to move away from the shame, because I guarantee you, they're already doing that to themselves.”

Analysis

Why This Matters

Older Americans are losing life savings at a growing rate, with total reported losses tripling since 2020 and actual losses likely much higher.
Victims face a double hit: they lose the money and may still owe income taxes and penalties on amounts withdrawn from retirement accounts.
Congressional action could provide relief and strengthen financial protections, but legislation faces an uncertain path in the Senate.

Background

Fraud targeting older adults has become more sophisticated with the rise of AI-generated impersonation schemes. Scammers often pose as bank or government representatives, fabricating emergencies to convince victims to transfer funds or deposit money into crypto ATMs. Investment scams, particularly those promoted via social media, are now the leading cause of large losses. Financial institutions are increasingly encouraged to offer “trusted contact” options, which allow a designated person to be alerted if exploitation is suspected.

Key Perspectives

Federal Trade Commission and law enforcement: The FTC report underscores the scale of the problem and calls attention to the need for prevention and victim support. The FBI notes that AI is making scams harder to detect. Elder justice advocates and experts: Bob Blancato and Marti DeLiema highlight the emotional and financial toll on victims, the difficulty of intervention, and the unfair tax burden. They urge compassionate, nonjudgmental responses. Lawmakers: The House has passed two bills with overwhelming bipartisan support to improve victim relief and allow financial institutions to pause suspicious transactions. Senate action remains uncertain.

What to Watch

Whether the Tax Relief for Fraud Victims Act or the Financial Exploitation Prevention Act advances in the Senate before the current session ends.
Adoption of “trusted contact” programs by more financial institutions and their effectiveness in preventing losses.
Continued growth in investment and impersonation scams as AI tools become more accessible to criminals.

Sources

Reported fraud losses among older Americans hit $3 billion in 2025 as big losses surge: FTC report · US Top News and Analysis

Checked

12 claims in this story checked against 1 source: 10 supported.

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SupportedThe headline says older Americans’ reported fraud losses hit $3 billion in 2025, according to an FTC report.US Top News and Analysis: “Americans ages 60 and older reported losing about $3 billion to fraud last year, a 25% increase from $2.4 billion in 2024, according to the FTC's annual report to Congress”
Partly supportedThe summary says reported losses rose 25%, driven by a surge in six-figure scams and investment fraud.US Top News and Analysis: “Fraud losses reported by older Americans jumped in 2025, driven largely by an increase in victims losing sums of at least six figures”
SupportedReported losses were about $3 billion in 2025, up 25% from $2.4 billion in 2024.US Top News and Analysis: “Americans ages 60 and older reported losing about $3 billion to fraud last year, a 25% increase from $2.4 billion in 2024”
SupportedThe FTC estimates actual 2025 losses may have ranged from $13.3 billion to $119.5 billion because many scams go unreported.US Top News and Analysis: “because many scams go unreported, the FTC estimates actual losses in 2025 could have been anywhere from $13.3 billion to $119.5 billion.”
SupportedSix percent of older fraud victims reported losses of $100,000 or more, accounting for 70% of the age group’s reported losses.US Top News and Analysis: “Just 6% of older fraud victims reported losing $100,000 or more last year, but those losses accounted for 70% of the age group's total reported losses.”
SupportedThe number reporting losses of at least $100,000 rose nearly sixfold, from 1,136 in 2020 to 6,769 in 2025.US Top News and Analysis: “The number reporting losses of that magnitude rose nearly sixfold to 6,769 in 2025 from 1,136 in 2020.”
SupportedInvestment scams were the costliest reported fraud type among older Americans, with losses exceeding $1 billion, up 42% from 2024.US Top News and Analysis: “investment scams were the costliest fraud type reported by older Americans last year, with losses exceeding $1 billion, a 42% jump from 2024”
SupportedThe FBI says AI is making scams harder to detect.US Top News and Analysis: “AI-generated scams are also increasingly difficult to detect and easier to produce, according to the FBI .”
SupportedBob Blancato said, “The numbers and the increases are staggering,” and, “Part of it is that the perpetrators are always ahead. They seem to be one step ahead of everybody.”US Top News and Analysis: “"The numbers and the increases are staggering," said Bob Blancato, national coordinator for the Elder Justice Coalition, an advocacy group for ending elder abuse. "Part of it is that the perpetrators are always ahead. They seem to be one step ahead of everybody."”
SupportedMarti DeLiema said, “You never say 'you're being scammed,' because they'll throw their guard up.”US Top News and Analysis: “"You never say 'you're being scammed,' because they'll throw their guard up," DeLiema said.”
SupportedDeLiema said, “We really need to move away from the shame, because I guarantee you, they're already doing that to themselves.”US Top News and Analysis: “"We really need to move away from the shame, because I guarantee you, they're already doing that to themselves," DeLiema said.”
Partly supportedLawmakers are considering two bipartisan bills.US Top News and Analysis: “The bipartisan Tax Relief for Fraud Victims Act”