Seniors losing billions to scammers

Older Americans are losing billions of dollars each year to scams, and experts say the problem is only getting worse. From phone calls and emails to text messages and even traditional mail, fraud schemes are becoming more sophisticated, often targeting seniors who may be less familiar with rapidly changing technology. While scams affect people of all ages, older adults tend to suffer the greatest financial losses. According to the Federal Trade Commission (FTC), adults age 60 and older reported losing more than $2.4 billion to fraud in 2024. However, officials warn that the real number is likely much higher due to underreporting. The FBI’s Internet Crime Complaint Center reports that seniors lost an estimated $3.4 billion in 2023 alone, with average losses significantly higher than those of younger victims.