FTC: Older Adults Reported $3 Billion in Fraud Losses in 2025

Older adults reported about $3 billion in fraud losses in 2025, according to the Federal Trade Commission's report to Congress, "Protecting Older Consumers 2025–2026," released on 19 October 2026. That is about five times the roughly $600 million reported in 2020.

Those numbers need careful reading. They are reported losses — money that people told the FTC they lost. They are not the total cost of all fraud, and they are not a prediction about any individual reader. But they do show a clear pattern: fewer older adults report losing money than younger adults do, yet when older adults do lose money, the losses are often much larger.

Quick answer

• Reported fraud losses for adults aged 60 and older: about $3 billion in 2025, up from about $600 million in 2020.
• The largest category: investment scams, up 42% in one year.
• The median reported loss was about $900 for adults 60 and older, and about $2,000 for adults 80 and older. A median means half of reported losses were smaller and half were larger — it is not an average, and it is not what any individual person will lose.
• The FTC's estimate of total cost, including fraud that was never reported, is much larger: $13.3 billion to $119.5 billion. Those are estimates under different methods, not documented losses. Do not quote $119.5 billion as "the amount lost."

What the report actually measured

The FTC report is based on reports people made to the FTC and to other agencies. That matters for two reasons.

First, most fraud is never reported. The FTC estimates that only a small share of fraud is reported, which is why its total-cost estimate is a wide range. A wide range is honest here: it reflects uncertainty, not imprecision in the reported figures.

Second, a small number of very large losses can move the total a great deal. The report notes that the rise since 2020 is driven largely by very large individual losses — often over $100,000 — in investment, romance, and impersonation scams. That is why the total can rise sharply even though older adults, as a group, report losing money less frequently than younger adults.

Investment scams drove the rise

Investment scams were the largest category of reported losses for older adults in 2025, up 42% from the previous year. The FTC describes a common pattern: the scam often starts on social media, through a message, post, or advertisement, and leads to a fake investment platform — frequently involving cryptocurrency — that looks professional and shows fake profits at first.

Warning signs that appear again and again in these reports include:

• An investment opportunity that arrives unsolicited, especially through social media or a messaging app.
• Pressure to act quickly, or secrecy — "do not tell your bank or family."
• A platform or adviser you cannot verify through an independent, official source.
• Requests for payment by cryptocurrency, wire transfer, gift card, or other methods that are hard to reverse.
• Early "profits" that you can see on screen but cannot withdraw without paying more fees or taxes first.

No legitimate investment can guarantee a return, and no legitimate adviser needs you to keep the investment secret from your bank or family. If either is true, stop and check independently before sending anything.

Other patterns in the report

Older adults were more likely than younger adults to report losses from:

• Tech-support scams (a pop-up or call claiming your computer is infected).
• Romance scams.
• Lottery and prize scams.
• Government and business impersonation scams.
• Family impersonation scams ("grandparent scams"), where the caller pretends to be a relative in trouble.

Government impersonation deserves a special note. A caller who claims to be from Social Security, Medicare, the IRS, or your bank, and who demands immediate payment or personal details, should be treated as suspicious. Real agencies do not demand payment by gift card, wire, or cryptocurrency, and they do not threaten immediate arrest or loss of benefits in a first, unexpected call.

Reported losses vs. estimated total cost — why the distinction matters

News coverage of this report sometimes quotes the largest number. That is misleading. Here is the distinction in plain language:

Figure	What it is	What it is not
About $3 billion (2025)	Fraud losses that older adults reported	The total cost of all fraud
About $600 million (2020)	Fraud losses that older adults reported in 2020	A directly comparable "fraud rate" — reporting habits also change
$13.3–$119.5 billion	FTC estimates of total cost, including unreported fraud, under different methods	Documented losses, or a single precise total
About $900 (60+) / $2,000 (80+)	Median reported loss	An average, or a prediction for any individual

Use the reported figures when you talk about what people reported. Use the estimate range only with the word "estimated," and only with the explanation that it includes unreported fraud.

What to do if you are targeted — or if money was lost

If you are contacted by someone you suspect is a scammer:

1. Pause. Do not send money, do not share personal details, and do not let urgency override that pause.
2. Hang up or close the message. Then contact the organisation directly, using a number or website you find yourself — not one given in the suspicious message.
3. If you shared personal information, our guide on what to do if you shared personal information explains the next steps in order, including freezing your credit.
4. Report the scam to the FTC at ReportFraud.ftc.gov, and to your bank if money or account details were involved. Reporting helps others, even if the money cannot be recovered.

Do not pay anyone who claims they can recover lost money for a fee. Recovery scams are a second scam aimed at people who have already been targeted once.

Frequently asked questions

Does this mean older adults are more likely to fall for scams?
No — not on the evidence in this report. Older adults reported losing money less frequently than younger adults, but with larger losses when they did. The report's point is about the size of losses, not about older adults being less careful.

Why are the FTC's total-cost estimates so wide ($13.3–$119.5 billion)?
Because most fraud is never reported, the FTC must estimate the unreported share. Different reasonable methods give very different totals. The wide range is a sign of that uncertainty, and it is why the reported $3 billion figure is the safer number to quote.

I lost money to a scam. Should I be embarrassed?
No. These scams are designed by professionals, they use real-looking platforms and real employee names, and they target people of every age. The useful response is to stop contact, protect your accounts, and report — not to stay silent out of embarrassment, which only helps the scammer.

Official resources

• FTC report: Protecting Older Consumers 2025–2026 (PDF)
• Report fraud: ReportFraud.ftc.gov

Related reading: Scams Targeting Seniors: Warning Signs

Conclusion

The 2025 FTC figures are a warning, not a verdict on any individual reader. Reported losses for older adults have risen sharply, investment scams now account for the largest share, and a small number of very large losses drives much of the total. The practical lesson is the same as ever: pause, verify independently, never pay by an irreversible method under pressure, and report what you find.

This article is general education only. It is not personal financial or legal advice. If you have lost money, contact your bank and the FTC promptly, and consider speaking to a trusted professional about your own situation. See our Financial Disclaimer.