Losses from impersonation scams targeting older adults skyrocket

A troubling trend targeting older Americans is getting worse, according to new federal data.

Reports from adults 60 and older who lost $10,000 or more to impersonation scams have increased more than four-fold since 2020, sometimes wiping out victims’ entire life savings.

While younger consumers also reported these scams, older adults were far more likely to suffer the largest losses.

The FTC says losses of more than $100,000 by older adults jumped from $55 million in 2020 to $445 million in 2024 — an eight-fold increase.

Officials said the scams typically involve someone posing as a trusted government agency or business, claiming there is an urgent problem with the victim’s accounts, personal information or computer. Victims are persuaded to transfer money “to keep it safe,” when in re