New analysis from the Federal Trade Commission shows a more than four-fold increase since 2020 in reports from older adults who say they lost $10,000 or more—sometimes their entire life savings—to scammers who impersonate trusted government agencies or businesses to convince consumers to transfer money to protect it, when in reality the scammers want to steal it.
The FTC’s latest Consumer Protection Data Spotlight shows a huge jump in losses reported by people 60 and over to these types of impersonation scams in the last four years. Most notably, combined losses reported by older adults who lost more than $100,000 increased eight-fold, from $55 million in 2020 to $445 million in 2024. While younger consumers also have reported these scams, older adults were much more likely to report these extraordinarily high losses.
The scams generally involve someone contacting consumers to alert them to a fake and urgent problem and then proceeding to try to persuade them to transfer their money to “keep it safe” or for some other false reason. In reality, the money is being sent to the scammers.
The lies these scammers tell generally take three forms:
- Lie #1: Someone is using your accounts: The scammers claim to be from your bank or a well-known company like Amazon and are contacting you to flag suspicious activity on your account;
- Lie #2: Your information is being used to commit crimes: Scammers claim to be a government officer warning that your Social Security number or some other information is being used to commit a crime such as drug smuggling or money laundering; or
- Lie #3: There’s a security problem with your computer: These scams often start with a fake on-screen security alert that looks like it’s from Microsoft or Apple with a number to call. If you call, they say your online accounts have been hacked.
Ironically, some scammers even pretend to be with the FTC and tell people to transfer money out of their accounts, deposit cash into Bitcoin ATMS, and even hand off stacks of cash or gold to couriers—actions the FTC would never ask people to do. Regardless of the fake story, the goal is generally the same: to get your money. To avoid such scams, the FTC recommends:
- Don’t move money to “protect it.” Never transfer or send money to anyone, no matter who they say they are, in response to an unexpected call or message.
- Hang up and verify. If you are contacted by someone claiming to be from a government agency or business, contact the company or agency using a phone number or website you know is real. Don’t trust the phone number or name they provide.
- Block unwanted calls. Learn about call blocking options to stop many of these scammers before they reach you.