Scams are on the rise. Total fraud losses reported by adults ages 60 and older have surged about fourfold between 2020 and 2024, according to the Federal Trade Commission. Imposter scams have been the most reported type of fraud, with losses in the billions.
"There was a dramatic increase in the number of older adults reporting losses of over $100,000, and that was often to investment scams, romance scams, and imposter scams," says Christopher Brown, an attorney at the Federal Trade Commission.
