Imposter scams cost older adults $700 million in 2024, FTC finds: Some victims are ‘clearing out’ their 401(k)s

## Imposter Scams Targeting Seniors Are Soaring

Imposter scams, where criminals impersonate trusted sources to steal money, are becoming increasingly prevalent and devastating, especially for older Americans. The Federal Trade Commission (FTC) has reported a significant surge in these fraudulent activities, leading to substantial financial losses for seniors.

• Dramatic Increase in Reports: The FTC received 8,269 reports from adults aged 60+ in 2024 who lost at least $10,000 to imposter scams, a 362% increase from 2020.
• Massive Financial Losses: Total losses among older Americans reached $700 million in 2024, a more than fivefold increase from $122 million in 2020. Some victims have lost their entire life savings.
• Significant Losses Over $100,000: Losses of $100,000 or more have skyrocketed to $445 million in 2024, up from $55 million in 2020.
• How the Scams Work: Scammers pose as representatives from banks, tech companies (Amazon, Apple, Microsoft), or government agencies (Social Security Administration, FTC) to create a fake crisis and persuade victims to transfer money.
• Underreporting: The actual losses are likely much higher because many seniors don’t report the fraud due to embarrassment or lack of knowledge.
• FBI Data: The increase in imposter scams aligns with a broader rise in elder fraud reported by the FBI. Internet crime led to $4.9 billion in losses in 2024, a 43% increase from the previous year.

For more details on how to protect yourself from these scams, you can read the original article here: [Insert Article Link Here]