Americans aged 60 and older lost a staggering $700 million to online scams in 2024, marking a sharp rise in fraud targeting seniors, according to the Federal Trade Commission.

This figure, presented in the agency's latest Consumer Protection Data Spotlight , represents an increase over all three categories of loss compared to previous years.

Most notably, the amount of losses for those who lost over $100k recorded an eightfold jump compared to 2020.

Below is an analysis of the amounts:

Losses above $100k: $445 million

Losses between $10 and $100k: $214 million

Losses under $10k: $41 million

In 2020, the total losses were $121M, so the 2024 figure of $700M represents a sixfold increase.

Compared to the previous year, 2023, where $542M in losses for people over 60 years of age were

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