If you think scams only happen to other people, think again. The Federal Trade Commission recently shared some shocking news: in just the last four years, the amount of money lost by older adults to imposters has skyrocketed.
Specifically, the number of older adults who lost more than $100,000 — each — has increased eightfold since 2020. That's hundreds of millions of dollars gone to scammers pretending to be from trusted places like the government or big companies.
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Why Are Older Adults Being Targeted?
Scammers know older adults often have savings and might be more trusting or less familiar with the latest scam tricks. While younger people also get targeted, the FTC says it's the older folks who report the really big losses — sometimes their entire life savings.
In fact, total losses over $100,000 went from $55 million in 2020 to a staggering $445 million in 2024.
The Scams Tell the Same Three Lies
Most of these scams follow familiar patterns. The FTC reports three things that scammers typically say:
- "Someone is using your accounts." You get a call or message saying they're from your bank or a company like Amazon, warning you that someone's messing with your money.
- "Your information is being used to commit crimes." They claim they're government officials and say your Social Security number or other details are being used in illegal activities like drug trafficking or money laundering.
- "There's a security problem with your computer." You might see a fake alert pop up on your screen telling you to call a number because your computer has been hacked.
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Sometimes, scammers even pretend to be with the FTC itself. They'll tell you to send money to Bitcoin ATMs or hand cash or gold to couriers — something the real FTC would never ask you to do.
How to Stay Safe
The good news? There are simple steps the FTC recommends to protect yourself:
- Don't move your money just because someone tells you to. No matter how official they sound, don't transfer or send money after an unexpected call or message.
- Hang up and check. If you're contacted by someone claiming to be from a government agency or company, call the official number listed on their website — not the one they gave you.
- Use call blocking tools. These can help stop scam calls before they even reach you.
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Remember, the FTC will never call and demand money, threaten you, or ask you to transfer funds. If you think you've been targeted, report it at ReportFraud.ftc.gov.
What This Means for You
Scammers are getting bolder, and the losses are getting bigger, especially for older adults. Staying alert and knowing the common tricks can help you protect your money and peace of mind. If a call or message sounds fishy or urgent, take a moment to verify it before doing anything. Your savings — and your sanity — are worth it.
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