Older Adults Losing Big

Since 2024, older adults (60 and over) have reported losing millions to investment scammers, with some victims losing tens of thousands—and in some cases, even their entire life savings.

New analysis from the Federal Trade Bureau (FTB) shows a more than four-fold increase in reports from older adults who have fallen victim to fraudulent investment schemes. These individuals have lost $10,000 or more to scammers posing as legitimate brokers or investment firms, with scammers frequently targeting vulnerable populations, especially seniors. In many cases, the victims lose large portions, or even the entirety, of their hard-earned savings.

The FTB's latest Consumer Protection Data Spotlight reveals a dramatic rise in the financial losses reported by older adults involved in investment scams. The most notable increase is in the number of older victims reporting losses exceeding $100,000, which has surged eight-fold—from $55 million in 2020 to $845 million in 2024. While younger consumers also report falling for these scams, older adults are more likely to experience disproportionately high losses.