Older Americans faced unprecedented financial losses to scams in 2024, with the Federal Trade Commission (FTC) reporting that those aged 60 and above were defrauded of $700 million (approximately Rs. 6100 Crores), the highest figure ever recorded. The data marks a nearly 30% jump from the $542 million (Rs. 4700 Crores approximately) lost in 2023 and a sixfold surge compared to 2020.
Losses Soar Across All Categories
The most dramatic spike was seen among seniors who lost more than $100,000 (Rs. 87 Lakhs) each, totalling $445 million (Rs. 3897 Crores), an eightfold increase over 2020 levels. Mid-range losses between $10,000 (Rs. 8 Lakhs) and $100,000 (Rs. 87 Lakhs) reached $214 million (Rs. 1874 Crores), while smaller losses under $10,000 (Rs. 8 Lakhs) accounted for $41 million (Rs. 359 Crores).
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In 2020, total losses for older Americans stood at $121 million (Rs. 1059 Crores). The FTC says the trend shows a troubling escalation in both the sophistication of scams and the vulnerability of older targets. Overall, Americans lost $12.5 billion (Rs . 1,07,721 Crore) to fraud in 2024, up 25% from the previous year.
Impersonation and Urgency-Driven Schemes Dominate
According to the FTC, the most prevalent scams involved impersonation of government officials, law enforcement, or major corporations. Criminals frequently posed as representatives from agencies like the FTC itself or companies such as Microsoft and Amazon, claiming to address alleged security breaches, suspicious account activity, or criminal investigations tied to the victim’s Social Security number.
Tactics often involved urgent instructions to move funds, from withdrawing cash and depositing it into Bitcoin ATMs to physically handing over cash or gold to couriers. The FTC stressed that such requests are never legitimate. Scammers also blended online outreach with follow-up phone calls, heightening emotional pressure on victims. Many targeted individuals, the agency noted, were persuaded to part with their life savings or retirement accounts.
The FTC attributes older adults’ susceptibility to their generally greater financial resources, trust in authority figures, and lower familiarity with evolving digital threats.
Safety Recommendations: Officials advise never sending money or sharing sensitive financial information to unverified sources. Instead, individuals should hang up and independently confirm any claims using official contact details from legitimate websites or agencies. The agency urges the public to treat unsolicited communications, whether by phone, email, or text, as potential red flags