{"id":19250,"date":"2025-08-09T23:20:26","date_gmt":"2025-08-09T23:20:26","guid":{"rendered":"https:\/\/finderica.com\/?p=19250"},"modified":"2025-08-09T23:20:26","modified_gmt":"2025-08-09T23:20:26","slug":"imposter-scams-cost-older-adults-700-million-in-2024-ftc","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=19250","title":{"rendered":"Imposter scams cost older adults $700 million in 2024: FTC"},"content":{"rendered":"
<\/span><\/p>\n
\n
\n
\n

10’000 Hours | Digitalvision | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n

\n

Criminals are increasingly pilfering the retirement and other financial accounts of older Americans via so-called “imposter” scams, the Federal Trade Commission reported<\/a> Thursday.<\/p>\n

The frauds tend to go like this: Scammers conjure a fake crisis and pose as trustworthy sources \u2014 perhaps a representative for a bank or companies like Amazon, Apple or Microsoft, or workers at a federal agency like the Social Security Administration or FTC \u2014 who can supposedly help them fix it.<\/p>\n

In the process, they persuade unsuspecting victims to transfer their money to “keep it safe” or for another bogus reason, the FTC said.<\/p>\n

In 2024, the FTC received 8,269 reports from adults age 60 and older, claiming to have lost at least $10,000 to an imposter scam. That figure is up 362% from 1,790 reports in 2020, according to FTC data.<\/p>\n

Total losses among older Americans amounted to $700 million<\/a> in 2024 \u2014 a more than fivefold increase from $122 million in 2020, the FTC said.<\/p>\n<\/div>\n

\n
\n
\n
\n
<\/span><\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n

Sometimes, financial loss amounts to households’ entire life savings.<\/p>\n

“Some people 60+ have reported emptying their bank accounts and even clearing out their 401ks,” the FTC wrote.<\/p>\n<\/div>\n

<\/a>Losses over $100,000 swell 700%<\/h2>\n
\n

Losses among those older adults <\/strong>who lost at least $100,000 have swelled to $445 million in 2024 from $55 million in 2020, according to the FTC.<\/p>\n

The increase in imposter scams tracks an increase in overall elder fraud reported by the Federal Bureau of Investigation.<\/p>\n

Internet crime led to $4.9 billion in losses from 147,127 consumer complaints in 2024. Those figures represent a 43% increase in losses, and a 46% jump in complaints from 2023, according<\/a> to the FBI’s Internet Crime Complaint Center.<\/p>\n

More from Personal Finance:<\/strong>
What private assets in 401(k) plans mean for investors
Credit card debt reaches $1.21 trillion, near all-time high
Why the U.S. job market has soured<\/p>\n

“The reported losses are most likely much higher because older Americans are less likely to report fraud because they either don’t know how to report it, are embarrassed, or don’t know they have been scammed,” the FBI wrote in June.<\/p>\n

Losses over $100,000 were three times as likely to be reported by adults 60 years and older compared with younger households, according to the FTC’s 2024 data.<\/p>\n<\/div>\n

<\/a>How to avoid imposter scams<\/h2>\n
\n

Here are a few ways the FTC suggests to avoid falling victim to imposter scams<\/a>:<\/p>\n