FTC: older adults reported about $3 billion in fraud losses in 2025

On October 19, 2026, the Federal Trade Commission sent Congress its ninth annual report on older consumers, Protecting Older Consumers 2025–2026. Based on reports to its Consumer Sentinel Network, people 60 and over reported losing more than $3 billion to fraud in 2025, up from about $2.4 billion in 2024 and about $600 million in 2020. Because most fraud goes unreported, the FTC estimates the overall cost to older adults at between $13.3 billion and $119.5 billion, depending on the method, figures it says carry considerable uncertainty.

What the 2025 numbers show

Of the more than 3 million fraud reports Sentinel received in 2025, about 46% included the person's age. Of those, 469,597 came from people 60 and older, and about 123,000 of these reported a loss. The FTC notes it didn't take reports from consumers from October 1 to November 13, 2025, during a lapse in funding; for its cost estimates it filled that gap using average losses from the surrounding 30 days.

• Losses grew about fivefold from 2020, driven largely by extraordinarily large individual losses. Reports of losses over $100,000 made up 6% of older adults' loss reports in 2025 but 70% of the money they reported losing.
• Older adults who reported a loss reported larger ones. The median reported loss held at about $900 for people 60 and over, while for people 80 and over it rose 21% to $2,000, far above any other age group.
• They reported losing money less often. About 74% of their fraud reports showed no loss, and adjusted for population, they reported losing money at a 14% lower rate than younger adults.
• About 17% of reports for people 80 and over were filed by another person on their behalf, such as an adult child, spouse or caretaker.

Why the true cost is higher

The FTC calls the losses in Sentinel the "tip of the iceberg": research indicates most people who are defrauded don't report it to anyone but family and friends. Its low estimate assumes everyone who lost $10,000 or more filed a report; the high one uses reporting rates from a study that matched FTC law enforcement cases to consumer reports. The agency says both figures carry considerable uncertainty.

Which scams cost the most

Investment scams cost older adults far more than any other type. Reported losses jumped 42% in 2025, to more than $1 billion, and many people said scammers found them on social media and drew them to fake cryptocurrency investment platforms. Government impersonation came second, with the largest share lost to scammers posing as the FTC, the FBI and the Social Security Administration. Business impersonation was third, led by bank impersonators. In these, the FTC says, people are often convinced their accounts are at risk and told to transfer money, mail cash or put cash into Bitcoin ATMs to keep it "safe".

Adjusted for population, older adults were over four times more likely than younger people to report losing money to tech support scams and over two times more likely for prize, sweepstakes and lottery scams. They were 48% more likely to report a romance scam loss, and 15% more likely for government impersonation and for scams impersonating a friend or family member.

How scammers reach older adults, and how they get paid

• Social media led on both the number of loss reports and total losses. Older adults' reported losses to scams that started there were about twelve times higher in 2025 than in 2020.
• Phone calls cost more per person: a median reported loss of $3,000, compared with $599 for fraud that began on social media. For people 80 and over, phone calls led on both losses and reports.
• Text-scam losses rose 61% from 2024; the texts most often impersonated well-known businesses, particularly Amazon, Apple and banks.
• Bank transfers and cryptocurrency led in total dollars lost. Credit cards were the payment method reported most often, and gift cards were the most common payment in tech support, romance, family and friend impersonation, and prize scams.

How to protect yourself or a parent

The FTC's consumer advice covers the scams the report highlights:

• Government agencies will never tell you to move your money to protect it, keep a conversation secret, or pay for a government grant. Those are three of the bright-line rules from the Never Ever campaign, which the FTC co-led.
• Anyone who says you must quickly move your money to "protect" it is a scammer, the FTC says.
• Never let someone you met on social media direct your investment decisions.
• No real business or government agency will tell you to pay them with a gift card.
• Don't click links or call numbers in unexpected messages. Use contact details you know are real, and talk it over with someone you trust.
• Share the FTC's Pass It On materials (ftc.gov/passiton), short explainers of common scams to pass on to family and friends.

If money is already gone

The FBI's Internet Crime Complaint Center (IC3) recommends these steps:

• Contact your bank and other financial institutions. If you sent a wire transfer, ask for a recall and a hold harmless letter; acting quickly may reduce or eliminate the loss.
• Contact the three major credit bureaus to protect your credit.
• Report it to local authorities and at ic3.gov, and at IdentityTheft.gov if you believe your identity was stolen.
• For help filing with the IC3, call the Justice Department's Elder Fraud Hotline at (833) FRAUD-11 or (833) 372-8311, weekdays from 10 a.m. to 6 p.m. ET.

You can also report fraud to the FTC at ReportFraud.ftc.gov. According to the report, older adults who call the FTC about significant fraud and need more support are connected directly with the Justice Department's National Elder Fraud Hotline, and the FTC refers some high-loss reports, with the person's consent, to the IC3's Recovery Asset Team, which works with banks to try to freeze money sent to scammers.

The costliest scams start with trust: a friendly investment tip, an urgent call about your bank account. Anyone who tells you to move your money to keep it safe is a scammer.