In the United States, the losses suffered by elderly people due to scams are becoming increasingly alarming. The Federal Trade Commission (FTC) released a report on Monday, October 19, revealing that individuals aged 60 and above reported scam losses exceeding $3 billion last year, approximately five times higher than in 2020. Notably, cases involving losses of over $100,000 saw a significant increase.
The report indicates that in 2020, there were 1,136 reported cases of individuals aged 60 and above losing over $100,000 to scams, a number that rose to 6,769 by 2025, marking a staggering 496% increase. While these high-value scam cases accounted for only 6% of reported financial losses among the elderly last year, they represented 70% of the total losses.
Investment fraud emerged as the leading type of scam causing losses among the elderly. In 2025, individuals aged 60 and above reported investment scam losses exceeding $1 billion, marking a 42% increase from the previous year.
Some scammers utilize social media to approach victims, enticing them to invest money in fake cryptocurrency platforms. Other common tactics include impersonating government officials, bank representatives, or prominent company representatives to convince victims that their accounts have security issues, thus tricking them into transferring funds to so-called “secure accounts,” or even requesting cash deliveries or transfers through Bitcoin ATMs.
Furthermore, the report noted that the older the victims were, the higher the losses they incurred from scams. In 2025, the median reported loss amount for victims aged 60 and above was around $900, while individuals aged 80 and above reported losses amounting to $2,000, representing a 21% increase from 2024.
The FTC emphasized that the $3 billion reported to the agency is likely just the tip of the iceberg in terms of scam losses suffered by the elderly. Depending on different estimation methods, the total scam losses endured by individuals aged 60 and above in the United States in 2025 could range anywhere from $13.3 billion to $119.5 billion.