Americans aged 60 and older lost a staggering $700 million to online scams in 2024, marking a sharp rise in fraud targeting seniors, according to the Federal Trade Commission.
This figure, presented in the agency's latest Consumer Protection Data Spotlight, represents an increase over all three categories of loss compared to previous years.
Most notably, the amount of losses for those who lost over $100k recorded an eightfold jump compared to 2020.
Below is an analysis of the amounts:
Losses above $100k: $445 million
Losses between $10 and $100k: $214 million
Losses under $10k: $41 million
In 2020, the total losses were $121M, so the 2024 figure of $700M represents a sixfold increase.
Compared to the previous year, 2023, where $542M in losses for people over 60 years of age were logged, 2024 represented a notable increase of about 30%.
Annual losses to scams from 60+ year olds
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