Elder fraud in the United States

Financial fraud targeting Americans aged 60 and older has seen a significant rise. According to the FBI’s Internet Crime Complaint Center, total fraud losses for this demographic reached $7.7 billion in 2025, representing a 59% increase from 2024. The average loss per victim was reported at $38,500. Scammers utilize various tactics, including imposter, romance, gift card, and cryptocurrency scams. Vulnerabilities are often exacerbated by social isolation and loneliness. Specific methods involve impersonating officials, such as Federal Trade Commission officers, to coerce victims into converting savings into assets like gold or cryptocurrency. Legal experts have characterized the situation as a “public health crisis,” noting the vast amount of assets held by retirees. In response to these threats, some family members are taking on roles as “Family Security Guardians” to manage digital safety for older relatives. Recent data from the Federal Trade Commission (FTC) highlights a massive surge in these activities. While the FBI reported $7.7 billion in total losses, the FTC specifically noted that individuals aged 60 and older reported losing $3 billion to scams in 2025, a fivefold increase from the $600 million reported in 2020. Investment scams are a primary driver, accounting for over $1 billion in 2025—a 42% increase from the previous year. While large-scale individual losses exceeding $100,000 represent only 6% of reported cases, they account for 70% of the total reported financial impact. The FTC estimates the true cost to older adults could be significantly higher than reported, potentially ranging between $13.3 billion and $119.5 billion. As fraud tactics evolve, the phone has been identified by the FTC as a primary contact method for reported scams. The increasing sophistication of AI tools has made scam messages more convincing, leading to heightened anxiety.