Retirement Living takes an unbiased approach to our reviews. We may earn money when you click a partner link. Learn More

› Retirement News

Fraud losses among older Americans climb to $3 billion, FTC reports

Annual report highlights investment scams and efforts to recover consumers’ money

Scam Alert
Avatar photo
By:
Avatar photo

Mark Huffman
Reporter

Mark Huffman has covered consumer issues since 2004, with a special focus on protecting and empowering older adults. A former news correspondent for the Associated Press Radio Network, Westwood One, and ConsumerAffairs, Mark brings decades of journalistic experience to RetirementLiving.com. He is passionate about giving consumers a voice and helping them make informed decisions. Mark has also created educational content, including Senior Scam Alert, a video resource designed to help seniors recognize and avoid fraud. He holds a B.A. from the University of Kentucky and lives with his family in Richmond, Virginia.

Updated:

key insights:

  • Adults 60 and older reported approximately $3 billion in fraud losses in 2025, about five times the amount reported in 2020.
  • Investment scams accounted for more than $1 billion, with reported losses rising 42% in one year.
  • Older adults reported losing money less frequently than younger adults, but their losses tended to be larger.

Older Americans are reporting sharply higher losses to fraud, with a relatively small number of devastating financial hits helping drive the increase, according to a new Federal Trade Commission (FTC) report to Congress.

Consumers ages 60 and older reported approximately $3 billion in fraud losses in 2025, compared with about $600 million in 2020. Investment scams accounted for more than $1 billion, and victims frequently reported that scammers contacted them through social media.

Among adults 80 and older who reported losing money, the median loss reached $2,000. Older consumers were also more likely than younger adults to report losses to tech support, romance, lottery, and government impersonation scams.

The agency’s Protecting Older Consumers 2025–2026 report says losses exceeding $100,000 were a major factor behind the increase. Those cases often involved investment schemes, romance scams, or impersonators.

The reported totals also substantially understate the damage. Depending on the methodology used, the FTC estimates that fraud actually cost older adults between $13.3 billion and $119.5 billion in 2025. Those figures account for unreported fraud; they are estimates rather than documented losses.

Enforcement and refunds

The report outlines cases involving deceptive debt relief, health insurance fraud, and tech support schemes, along with consumer education and partnerships designed to prevent losses.

Across its enforcement work, the FTC returned more than $513 million to consumers of all ages in fiscal year 2026.

One case involved an alleged tax relief operation that used threatening letters impersonating tax authorities. A settlement requires the individual defendants to surrender nearly $10 million in cash and other assets and bars them from debt relief services and nearly all telemarketing. Litigation against other defendants remains ongoing.

For consumers, the agency also emphasizes a warning about impersonators using its own name. The FTC will never demand money, threaten consumers, tell them to transfer funds, or promise a prize. 

Consumers can report suspected fraud at ReportFraud.ftc.gov.