10/28/2026
Per the National Academy of Elder Law Attorneys, the FTC Estimates Older Adults Lost Up to $119.5 Billion in Scams Last Year
In a new report, the U.S. Federal Trade Commission estimated adults 60 years and older lost between $13.3 billion and $119.5 billion to scams in 2025.
The report highlights the dramatic increase in older adults’ reported aggregate fraud losses, which have skyrocketed from about $600 million in 2020 to approximately $3 billion in 2025. This increase was largely driven by reports of losses over $100,000, often to investment scams, romance scams, or impersonations. Total reported fraud losses by older adults to investment scams jumped 42% in 2025 to over $1 billion, with consumers reporting that scammers often reach them on social media.
The top payment methods used in fraud, as measured by total dollars lost, are bank transfers and cryptocurrency. Older adults most often reported paying scammers with credit cards. Additionally, gift cards were the most frequent payment method reported by older adults on several common fraud types, including tech-support scams, romance scams, family and friend-impersonation scams, and prize, sweepstakes, and lottery scams.
