The FTC says losses reported by adults 60 and older jumped from $600 million to $3 billion in five years, driven by a wave of very large losses.
Older Americans reported losing $3 billion to fraud in 2025. That is five times the $600 million reported in 2020, the Federal Trade Commission (FTC) said on Monday, Oct. 19. The figures cover adults 60 and older. They come from the FTC's report to Congress, titled "Protecting Older Consumers 2025-2026."
The FTC says the jump came mostly from a growing number of "extraordinarily large individual losses." In its report, the agency said the increase was "largely driven by reports of losses over $100,000, often to investment scams, romance scams or impersonations."
In plain terms, the rise is not mainly about more small thefts. It is about a smaller number of people losing very large sums, often their savings. The material does not say how many people were affected or how the dollars split across scam types.
Any adult 60 and older, and the family members who help look after them. The FTC notes that older adults report losing money to fraud at lower rates than younger adults. So most older people are not being cleaned out. But when they do lose money, certain scams hit them more often.
Reported losses are only what people tell the government. The FTC does not claim to count every case. Still, the pattern is clear enough that Congress is acting. In September, the House approved the GUARD Act. It would let state and local police use existing federal grant money to investigate financial fraud. It would also allow federal agencies to help them use blockchain-tracing tools, which follow money moved through crypto.
Rep. Josh Gottheimer, D-N.J., who co-led the bill, said scammers drain savings "often with a single phone call or a fake investment scheme." PYMNTS also reported in 2024 that as more older people bank online, they have become targets.
The alert box above lists specific steps. The short version: slow down, verify who is asking, and talk to someone you trust before money moves. A calm conversation with a parent or grandparent about fake investments and urgent calls is a good place to start.
The GUARD Act passed the House, and the material does not say whether it has become law. FTC Bureau of Consumer Protection director Christopher Mufarrige said the agency will take "every action necessary to shut down fraud operations." The report also lists law enforcement, education, market monitoring and work with public and private partners.
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