Overview
- The agency estimates the real 2024 losses for people 60 and older ranged from $10.1 billion to $81.5 billion due to underreporting.
- Reported losses quadrupled from about $600 million in 2020 to $2.4 billion in 2024, and losses tied to social-media-initiated scams increased nearly ninefold since 2020.
- Cases with individual losses above $100,000 rose more than fivefold and now account for roughly 68% of total reported dollars.
- Investment schemes were the costliest for seniors at about $744 million, followed by $329 million in romance scams and $159 million in tech support scams.
- Phone-initiated scams produced the highest median loss at $2,210, and the FTC reports expanding prevention outreach by distributing nearly 1.7 million Pass It On items in FY2025.