In 2025, Americans over the age of 60 reported losses totaling approximately $3 billion due to scams, a staggering increase from the $600 million reported in 2020, as outlined in a recent report from the Federal Trade Commission (FTC).
The federal agency released these findings on Monday in its annual report to Congress titled "Protecting Older Consumers 2025-2026," which examines fraud reports and the measures taken to safeguard this demographic.
The report highlights a notable rise in financial losses reported by older individuals, particularly in cases where exceptionally large sums were involved.
Data was gathered from the Consumer Sentinel Network, a system that collects citizens' reports on fraud and other issues related to commercial practices.
Investment Scams Pose a Major Threat
Among the most concerning findings are investment scams, which accounted for over $1 billion in reported losses among older adults in 2025.
This type of fraud saw a 42% increase compared to the previous year and has become a leading cause of the surge in reported losses.
According to the FTC, many victims reported that scammers first reached out to them via social media, where they advertised supposed investment opportunities to lure potential targets.
These schemes can take various forms, ranging from businesses promising profits to individuals attempting to build trust before requesting money.
Impact Varies by Age
The report also highlights significant differences in the amounts lost based on the age of the victims. For those aged 80 and older, the median individual loss reported was $2,000 in 2025, much higher than that reported by younger consumers.
Older adults continued to report higher individual financial losses compared to younger people, though they reported losing money less frequently overall.
Additionally, seniors submitted a higher proportion of reports of attempted fraud where they did not incur financial losses.
Common Fraud Tactics Targeting Seniors
Some of the scams particularly affecting this group include fake tech support, lottery and prize frauds, fraudulent romance schemes, and impersonation of government officials.
Scammers also often masquerade as family members, friends, or acquaintances to solicit money under false pretenses.
In such cases, perpetrators may exploit concerns over alleged accidents, medical emergencies, or legal issues to pressure the contacted individual into handing over money without verifying the information.
Impersonation of government institutions is another significant risk. Scammers might falsely claim to be representatives of federal agencies, police, or other authorities to demand payments or personal information.
The FTC emphasizes that it will never demand money, make threats, order wire transfers, or promise rewards in exchange for payments.
Therefore, if you receive an unexpected call or message requesting money, it is crucial to verify the identity of the caller through official channels and avoid providing bank or personal details without confirmation.
Those suspecting they have fallen victim to a scam can file a report at ReportFraud.ftc.gov, the official portal of the Federal Trade Commission for reporting frauds, scams, and fraudulent business practices.
Efforts to Combat Fraud
The report also details the FTC's efforts to combat these practices, including investigations into companies and individuals involved in alleged debt relief services, insurance fraud, false income opportunities, and tech support scams.
The agency highlighted its consumer education initiatives and collaboration with public entities, non-profit organizations, financial institutions, and tech companies to enhance the prevention of these crimes.
For older adults who have suffered significant losses, the FTC also maintains coordination mechanisms with federal authorities tasked with investigating financial crimes and supporting victims.
Scams in Cuban-American Communities
This issue has specific manifestations in communities with a high Cuban population, such as Hialeah in Miami-Dade County. On Tuesday, the Hialeah Police warned about criminals posing as police officers demanding money from residents under the threat of arrest.
The warning noted that scammers use real officer names, badge numbers, and even manipulated caller IDs to make it appear as if the calls originate from the police department itself.
Scammers falsely claim there are arrest warrants, legal proceedings, or pending bail payments, pressuring victims to hand over money.
The Hialeah Police reminded citizens that they never call to demand payments in exchange for avoiding arrest and advised skepticism toward such communications, especially those involving threats or immediate monetary demands.
Another case highlighting the risks of financial exploitation of seniors occurred in September when a Hialeah man was arrested for allegedly embezzling $86,000 from his parents' bank accounts, aged 90 and 88.
According to the Miami-Dade State Attorney's Office investigation, the accused had made two bank transactions, one for $34,000 and another for $52,000, exploiting his access to the family's finances.
The alleged discrepancies were discovered when a daughter accompanied her parents to the bank to review their accounts and found their savings had drastically decreased.
Frequently Asked Questions on Scams Targeting Seniors
What are the most common scams targeting older adults?
Common scams targeting seniors include fake tech support, lottery and prize frauds, fraudulent romance schemes, and impersonation of government officials.
How can older adults protect themselves from scams?
Seniors can protect themselves by verifying the identity of callers through official channels, avoiding sharing personal or bank information without confirmation, and staying informed about common scam tactics.
Where can victims report scams?
Victims can report scams at ReportFraud.ftc.gov, the Federal Trade Commission's official portal for reporting frauds and deceptive business practices.