FTC Report: Older Americans Lost $1.9 Billion to Fraud in 2023

The U.S. Federal Trade Commission (FTC) has issued its latest report to Congress on protecting older adults, revealing that in 2023, older adults in America reported losing over $1.9 billion to fraud. The FTC estimates that the overall cost of fraud to older consumers may be as high as $61.5 billion, as most frauds go unreported.

The report showed that adults aged 60 and over were less likely to report losing money to fraud compared to those aged 18-59. However, when they did report losses, the amounts were often substantially higher. Consumers aged 80 and older reported a median loss of $1,450, while those in their seventies reported a median loss of $804. The number of older adults reporting losses of $100,000 or more has increased more than threefold since 2020.

Adults 60 and older were significantly more likely to report losing money to certain types of scams. They were more than five times as likely as adults aged 18 to 59 to report losing money to a tech support scam. They were nearly three times as likely to report a loss to a prize, lottery, or sweepstakes scam, and 53% more likely to report losing money to a friend or family impersonation scam.

The report also highlighted that older adults lost the most money to investment scams, totaling $538 million—a 34% increase from 2022. Following closely were business imposter scams at $311 million (up 16% from 2022) and romance scams at $277 million (up 16% from 2022).

In terms of payment methods, older adults reported losing the most money through bank transfers and cryptocurrency, with Bitcoin ATM machines often involved in the latter. Gift cards remained the most frequently reported payment method for common fraud types, including tech support scams and family and friend impersonation scams.