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.
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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.
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