Reports of financial losses by older adults to impersonation scams have risen sharply over the past four years, according to a new analysis from the Federal Trade Commission (FTC). The agency’s Consumer Protection Data Spotlight shows that since 2020, there has been a more than four-fold increase in reports from people aged 60 and older who say they lost $10,000 or more to scammers posing as trusted government agencies or businesses.
The FTC found that combined losses reported by older adults who lost more than $100,000 grew eight-fold—from $55 million in 2020 to $445 million in 2024. While younger consumers have also reported falling victim to these schemes, the data indicate that older adults are far more likely to report especially large losses.
These scams typically involve someone contacting consumers with urgent warnings about supposed problems. The scammers then try to persuade victims to transfer money under false pretenses such as protecting their accounts. In reality, the funds are being sent directly to the fraudsters.
According to the FTC, these scams usually rely on one of three main lies:
Lie #1: Someone is using your accounts—Scammers claim they are representatives from your bank or companies like Amazon and alert you about suspicious activity.
Lie #2: Your information is being used for crimes—Fraudsters pose as government officers and warn that your Social Security number or other personal details are linked to criminal activity.
Lie #3: There’s a security problem with your computer—Victims receive fake on-screen alerts appearing to be from Microsoft or Apple, instructing them to call a number where they’re told their online accounts have been hacked.
Some scammers even pretend to represent the FTC itself, urging individuals to move money out of their accounts or deposit cash into Bitcoin ATMs—a request the FTC says it would never make.
To help prevent such frauds, the FTC recommends several steps:
“Don’t move money to ‘protect it.’ Never transfer or send money to anyone, no matter who they say they are, in response to an unexpected call or message.”
“Hang up and verify. If you are contacted by someone claiming to be from a government agency or business, contact the company or agency using a phone number or website you know is real. Don’t trust the phone number or name they provide.”
“Block unwanted calls. Learn about call blocking options to stop many of these scammers before they reach you.”
The FTC emphasizes its role in promoting competition and protecting consumers through education efforts. The commission states: “The FTC will never demand money, make threats, tell you to transfer money, or promise you a prize.” More information for consumers can be found at consumer.ftc.gov and reports can be filed at ReportFraud.ftc.gov.
For updates on consumer issues and scam alerts from the agency, individuals can follow its social media channels and sign up for news alerts.
