For older Americans , financial fraud can be a very costly mishap.

Last year, scams reported to the Federal Trade Commission by adults age 60 and older reached $2.4 billion, up 26.3% from $1.9 billion in 2023 and 300% from $600 million in 2020, according to the FTC's annual report to Congress , released earlier this month. The increase is driven by scams that involve individual losses of $100,000 or more, accounting for $1.6 billion, or 68%, of the total amount.

However, because most fraud goes unreported, the agency estimates the real losses experienced by older adults in 2024 may be as much as $81.5 billion. The bulk of money lost was due to investment scams.

These significant losses can contribute to financial insecurity at a time when many consumers are already struggling to

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