Older Americans reported $3 billion in fraud losses in 2025, FTC tells Congress

What's happened

Older Americans reported losing about $3 billion to fraud in 2025, according to the Federal Trade Commission's latest annual report to Congress on protecting older adults, published on October 19, 2026. That's roughly five times the $600 million people aged 60 and over reported losing in 2020.

The FTC says the rise was driven largely by very large individual losses. Reported losses to investment scams among older adults rose 42% in 2025 to over $1 billion, and people often said the scammer first reached them on social media. Most fraud is never reported, so the FTC estimates the true cost to older adults in 2025 could be as high as $119.5 billion.

The report sits alongside the FTC's figures for all ages, which it gave to Congress in March 2026: 3 million fraud reports and $15.9 billion in reported losses in 2025, up from 2.6 million reports and over $12 billion in 2024. The FBI's Internet Crime Complaint Center (IC3) counted nearly $20.9 billion in reported losses in 2025, with people 60 and over filing about 201,000 complaints and losing nearly $7.75 billion.

Who's affected

Everyone can be targeted, but the pattern is different with age. Older adults reported losing money less often than younger adults, the FTC found, yet when they did lose money the amounts were bigger. The median loss for people 80 and over was $2,000.

The scams where older adults were more likely than younger people to report losing money were:

• Tech support scams, such as a pop-up saying your computer is infected.
• Prize, sweepstakes and lottery scams.
• Romance scams.
• Government impersonation, such as fake IRS or Social Security calls.
• Friend or family impersonation, such as a "grandchild" who needs bail money.

The report's figures also show how the money was paid. Bank transfers and payments accounted for the most lost by older adults, about $1.03 billion, followed by cryptocurrency at about $603 million. Gift cards accounted for about $139 million and were the payment method most often reported in tech support, romance, family impersonation and prize scams.

What it means in dollars: a worked example

This is an illustration, not a real case.

Ruth, 74, gets a pop-up on her laptop saying it's locked and to call "Microsoft support." The "technician" says her bank account has been hacked and that a "government agent" will help her move $18,000 to a safe account. She sends it by bank transfer.

Because Ruth authorized the payment herself, it's far harder to get back than a fraudulent charge on a credit card, where federal law caps your liability for unauthorized charges at $50. If she calls her bank within minutes, it may be able to stop or recall the transfer. After a day or two, the money has usually been moved on.

Had she hung up and called her bank on the number on her card, she'd have lost nothing.

What to do now

1. Know the payment red flags. No real government agency, bank or tech company will ask you to pay with gift cards, cryptocurrency, a wire transfer, a payment app, or cash handed to a courier. If anyone does, it's a scam.
2. Hang up and call back. If a call, text or pop-up says there's a problem with your account, end it and contact the company using a number you find yourself, such as the one on your card or statement.
3. Add a trusted contact. Many banks and brokerages let you name a trusted contact person they can call if they're worried about activity on your account.
4. Act fast if money has gone. Call your bank or card company straight away and ask it to stop or reverse the payment, then report it at ReportFraud.ftc.gov and to the FBI at ic3.gov.
5. Get help with a big loss. The Justice Department's National Elder Fraud Hotline, 1-833-FRAUD-11 (1-833-372-8311), helps people 60 and over report fraud and find support.

FAQs

Why are losses rising if older adults lose money less often?

Because the losses that do happen are larger. The FTC says the growth since 2020 has been driven largely by very large individual losses.

Where does the $119.5 billion figure come from?

It's an FTC estimate, not money that was reported lost. Only a small share of fraud victims ever report it, so the FTC adjusts the reported figures for underreporting. It's the top of its estimated range for 2025.

Can a bank refuse to refund a transfer I was tricked into making?

Often, yes. Federal rules on electronic transfers mainly protect you against transfers you didn't authorize. If you made the payment yourself, even because you were deceived, a refund usually depends on how fast you act and on your bank's own policy. Ask anyway, and ask quickly.

Sources: FTC: annual report to Congress on protecting older adults (October 19, 2026), FTC: Protecting Older Consumers 2025-2026, FTC: testimony to the Joint Economic Committee (March 25, 2026), FBI IC3: 2025 Internet Crime Report, FTC: using credit cards and disputing charges, CFPB: Regulation E, section 1005.6, Justice Department Office for Victims of Crime: National Elder Fraud Hotline