FTC reports $3 billion lost by older Americans to fraud in 2025

The Federal Trade Commission (FTC) has reported a massive surge in fraud targeting older Americans. In 2025, individuals aged 60 and older reported losing $3 billion to scams, a fivefold increase from the $600 million reported in 2020.

Investment scams are the primary driver of these losses, accounting for over $1 billion in 2025—a 42% increase from the previous year. Many victims are targeted via social media. While large-scale individual losses (exceeding $100,000) represent only 6% of reported cases, they account for 70% of the total reported financial impact.

Other prevalent tactics include impersonating government officials, banks, or family members. Scammers often demand payment through cryptocurrency, gift cards, or gold. The FTC notes that actual losses may be significantly higher than reported, estimating the true cost to older adults could range between $13.3 billion and $119.5 billion.

Beyond seniors, law enforcement in California has noted a rise in cryptocurrency scams targeting Gen-Z via platforms like TikTok and Instagram. Officials warn that criminals are increasingly using generative AI and deepfakes to facilitate these digital asset thefts.