Older adults total up to $61.5 billion in fraud loss, per FTC

According to the Federal Trade Commission’s annual report to Congress, more than $1.9 billion in fraud loss was reported by older Americans in 2023. However, due to most fraud not being reported, the FTC estimates between $7.1 billion to $61.5 billion was lost.

The report revealed that investment scams were the leading cause of fraud for older adults, including those 60 years and older. But for those 80 years old and over, prize, sweepstakes and lottery scams remained the most costly fraud losses. Median losses were higher for older adults compared to other age groups, with individuals aged 60-69 reporting a median loss of $500, those aged 70-79 reporting $806, and those aged 80 and above reporting a median loss of $1,450.

See the FTC’s Protecting Older Consumers annual report here.