FTC Warns of Surging High-Dollar Impersonation Scams Hitting Older Americans
InvestmentNews reports that older adults are suffering a sharp rise in large dollar losses from government and business impersonation scams. The Federal Trade Commission says that reported losses of more than $100,000 by people over 60 climbed from $55 million in 2020 to $445 million in 2024. Reports from older adults who lost $10,000 or more rose more than four fold during that period, and for the $100,000 plus loss category, reports were nearly seven times higher and combined losses were eight times higher by 2024.
The FTC says the scams usually begin with a false alarm and one of three familiar pitches: suspicious activity on a bank or retailer account, an identity tied to a crime and used as a pretext for government impersonation, or a pop up warning that a computer is compromised. Victims are then pressured to move money “to keep it safe,” often through Bitcoin ATMs, wire transfers, or even cash and gold hand offs. The FTC emphasizes that it will never ask consumers to move funds in these ways.
In 2024, 41 percent of older adults who lost more than $10,000 said the scam began with a phone call, with online ads and email following behind. Among payments, cryptocurrency was the most common for losses over $10,000 at 33 percent, followed by bank transfers at 20 percent and cash at 16 percent. For losses greater than $100,000, bank transfers were most common.
The broader picture is equally troubling. The FBI’s Internet Crime Complaint Center reported almost $5 billion in losses from more than 147,000 complaints by victims over 60 in 2024, a 43 percent increase in losses compared with the prior year. The average loss was more than $83,000, and over 7,500 older victims lost more than $100,000. The FTC’s tallies show total fraud losses across all ages reached $12.5 billion in 2024, with older adults bearing a disproportionate share of the dollar impact.
Consumer advocates urge that any request to move money “for protection” be treated as a red flag. They advise hanging up immediately, verifying independently through known phone numbers or websites, and ignoring contacts listed in suspicious messages. Advisers are encouraged to coach clients on resisting isolation during phone calls and to adopt a pause and verify habit. Blocking unwanted calls, warning against Bitcoin ATMs, and reminding clients that regulators will not demand transfers of cash or crypto are key preventive steps. Quick reporting to ReportFraud.ftc.gov and the FBI’s IC3 can also aid recovery and enforcement.
Sources: InvestmentNews: “Seniors face surge in high-dollar impersonation scams, FTC warns,” Aug. 13, 2025 (headline figures; $445M in 2024). (InvestmentNews), FTC Press Release: “More Than Four-Fold Increase in Reports of Impersonation Scammers Stealing Tens and Hundreds of Thousands from Older Adults,” Aug. 7, 2025. (Federal Trade Commission), FTC Data Spotlight: “False alarm, real scam: how scammers are stealing older adults’ life savings,” Aug. 7, 2025 (tactics, channels, payment mix). (Federal Trade Commission), FBI / IC3: Elder fraud losses $4.885B (2024) and complaint stats. (Internet Crime Complaint Center, Federal Bureau of Investigation)This article is provided for industry awareness and does not constitute legal or investment advice.