Reports of impersonation scams targeting people over 60 have quadrupled since 2020, with losses topping $445 million in 2024.
The Federal Trade Commission (FTC) reported a significant rise in impersonation scams targeting older adults, with incidents quadrupling since 2020. In 2024, people aged 60 and over reported losing more than $10,000 in a single scam at record rates, sometimes their entire life savings.
Losses exceeding $100,000 increased eightfold over four years—climbing from $55 million in 2020 to $445 million in 2024. While younger people have also been targeted, older adults are far more likely to face these substantial financial losses.
The schemes often involved false claims that a consumer’s account had been compromised, personal information was being used for criminal activity, or there was a security problem with their computer. Scammers may pose as officials from banks, companies such as Amazon, technology firms, or even the FTC itself, urging victims to move funds to “protect” them and sometimes directing transfers to cryptocurrency ATMs or handing over cash to couriers.
The FTC advised to never transfer money in response to unsolicited messages, verify contacts through trusted sources, and use call-blocking tools. The agency stated, “The FTC will never demand money, make threats, tell you to transfer money, or promise you a prize.“
As the Lord Leads, Pray with Us…
- For Chair Andrew Ferguson to seek God’s direction as he heads the Federal Trade Commission.
- For the members of the FTC as they seek to prevent senior citizens from becoming victims of financial scams.
Sources: Federal Trade Commission
