Older adults are the main target and the victims with the biggest losses, according to newly released numbers from the Federal Trade Commission (FTC). And the losses are astronomical: a record $12.5 billion was reported stolen through scams and fraud last year, up 25 percent from $10 billion in 2023.
The overall cost of these crimes continues to skyrocket: Just four years ago, in 2020, Americans lost far less, $3.5 billion, to fraud, including identity theft.
The amount of money victims lose through fraud increases with age, partly because older people tend to have more to lose. Victims in their 60s claimed a jaw-dropping total of $1.18 billion stolen through fraud in 2024 alone.
The FTC found that among the victims who included their ages in their complaints, adults in their 70s reported losing a median of $1,000, compared with a median of about $417 reported by those in their 20s. The median reported losses for all ages in 2024 was $497.
These scams get my blood boiling and I have had a lot of folks lose money whether its romance scams, the 10-million-dollar Jamaican scam, or scammers pretending to be everything from a threatening government aging and your grandkids.
You may know someone whose been scammed. Maybe it was you? I’ve been a victim of identity theft. This is something that impacts all of us. Talking about fraud isn’t exactly fun. But staying informed? That’s empowering. And in 2025, being informed is more important than ever. Because of scams today? They aren’t just shady phone calls from someone claiming to be a prince. They’re smart. High-tech. And they’re after all of us.
🔑 For help, visit https://www.NancyCogar.com
🎙️ Listen to the Boomer Time with Nancy Cogar podcast on Spotify, Apple Podcasts and on YouTube
🎙Listen to Boomer Time with Nancy Cogar on Spotify: https://open.spotify.com/show/0fxgUg1FwgfazDEDWnqnoS
🎙Listen to Boomer Time with Nancy Cogar on Apple Podcasts: https://podcasts.apple.com/us/podcast/boomer-time-with-nancy-cogar/id1725555845
✨Follow on Instagram: https://www.instagram.com/nancy.cogar
Disclaimer: The information provided on this website and on the podcast is not intended to be considered as legal advice or constitute an attorney/client relationship as provided under the Tennessee Rules of Professional Conduct.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
My Favorite Murder with Karen Kilgariff and Georgia Hardstark
My Favorite Murder is a true crime comedy podcast hosted by Karen Kilgariff and Georgia Hardstark. Each week, Karen and Georgia share compelling true crimes and hometown stories from friends and listeners. Since MFM launched in January of 2016, Karen and Georgia have shared their lifelong interest in true crime and have covered stories of infamous serial killers like the Night Stalker, mysterious cold cases, captivating cults, incredible survivor stories and important events from history like the Tulsa race massacre of 1921. My Favorite Murder is part of the Exactly Right podcast network that provides a platform for bold, creative voices to bring to life provocative, entertaining and relatable stories for audiences everywhere. The Exactly Right roster of podcasts covers a variety of topics including historic true crime, comedic interviews and news, science, pop culture and more. Podcasts on the network include Buried Bones with Kate Winkler Dawson and Paul Holes, That's Messed Up: An SVU Podcast, This Podcast Will Kill You, Bananas and more.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.