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 Skyrocketing

The Federal Trade Commission (FTC) has reported a significant surge in imposter scams targeting older Americans, leading to substantial financial losses and devastating consequences. Here’s a breakdown of the alarming trends:

• 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.
• Devastating Impact: Scams have resulted in some seniors emptying their bank accounts and even liquidating their 401(k)s.
• Significant Losses: Losses of $100,000 or more have increased dramatically, reaching $445 million in 2024, up from $55 million in 2020.
• How the Scams Work: Criminals pose as trustworthy sources (bank reps, Amazon, Apple, Microsoft, Social Security Administration, or FTC) to create a fake crisis and persuade victims to transfer money “for safety.”
• Underreporting: The FBI notes that actual losses are likely much higher due to underreporting by older adults.
• FBI Data: Internet crime led to $4.9 billion in losses from 147,127 consumer complaints in 2024.

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