Fraud losses reported by Americans ages 60 and older climbed to approximately $3 billion in 2025, representing a 25% increase from $2.4 billion in 2024 and a 400% rise since 2020, according to data released by the Federal Trade Commission. The FTC noted that while only 6% of older fraud victims reported losses of $100,000 or more, these high-value cases accounted for 70% of all reported losses in the age group. The number of victims reporting six-figure losses increased nearly sixfold to 6,769 in 2025 compared to 1,136 in 2020.
When accounting for underreporting, the FTC estimates that actual losses in 2025 could have ranged between $13.3 billion and $119.5 billion. Investment scams emerged as the costliest fraud category, with reported losses exceeding $1 billion, a 42% increase from 2024. These schemes frequently originate through social media advertisements or messages from individuals posing as financial advisors and often direct victims to fraudulent trading platforms. Government impersonation scams ranked second with $448 million in reported losses, followed by business impersonation schemes at $422 million.
Scammers increasingly employ artificial intelligence to generate convincing fraud schemes that are difficult to detect and simple to produce, according to the FBI. Many impersonation scams involve criminals posing as bank or government representatives who falsely warn that a consumer’s money faces theft, then instruct victims to transfer funds, mail cash, or deposit money into cryptocurrency ATMs.
Congress is considering multiple legislative measures to address fraud victimization. The bipartisan Tax Relief for Fraud Victims Act, passed by the House in September with a 408-17 vote, would eliminate restrictions on deducting fraud losses and waive early withdrawal penalties for certain retirement account distributions. The Financial Exploitation Prevention Act, which cleared the House in June by 414-2, would allow financial institutions to temporarily delay transactions when financial exploitation is suspected. The bill awaits Senate consideration, with uncertain prospects for passage.
Experts emphasize the importance of approaching suspected fraud victims with care and compassion. Scammers frequently attempt to isolate targets by instructing them not to disclose relationships or winnings, and victims typically experience significant self-blame after losing money to fraud schemes.
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