Imposter scams targeting older Americans are on the rise, according to a recent report from the Federal Trade Commission (FTC). These scams involve criminals posing as trustworthy sources, such as representatives from banks, tech companies like Amazon and Apple, or government agencies like the Social Security Administration, in order to convince victims to transfer their money under false pretenses.
In 2024, the FTC received over 8,000 reports from adults aged 60 and older who claimed to have lost at least $10,000 to imposter scams. This marked a 362% increase from 2020, with total losses among older Americans amounting to $700 million in 2024, a more than fivefold increase from $122 million in 2020.
Some victims have reported losing their entire life savings to these scams, with individuals over 60 emptying their bank accounts and even clearing out their 401(k) accounts at times.
The FTC also noted a significant increase in losses among older adults who lost at least $100,000, which rose from $55 million in 2020 to $445 million in 2024. This trend aligns with a broader increase in elder fraud reported by the Federal Bureau of Investigation (FBI), with internet crime resulting in $4.9 billion in losses from 147,127 consumer complaints in 2024.
To avoid falling victim to imposter scams, the FTC offers several recommendations. These include refraining from moving money to “protect” it in response to unexpected calls or messages, verifying the legitimacy of any requests to transfer money quickly, and contacting companies or agencies directly using known contact information to confirm the validity of any requests.
Additionally, blocking unwanted calls and learning about call blocking options through your carrier can help prevent scammers from reaching you. By staying vigilant and following these guidelines, older Americans can reduce their risk of falling prey to imposter scams and protect their financial security.
