Americans aged 60+ reported record fraud losses of $3bn in 2025, a 25% year-on-year rise, driven by a surge in six-figure losses and AI-enabled investment scams.
01Summary
- 01Americans 60 and older reported $3bn lost to fraud in 2025, up 25% from $2.4bn in 2024 and 400% from $600m in 2020.
- 02Only 6% of older victims lost $100,000 or more, but those losses accounted for 70% of the total $3bn reported.
- 03Investment scams were the costliest fraud type at over $1bn in losses, a 42% jump from 2024.
- 04FTC estimates actual losses in 2025 could be between $13.3bn and $119.5bn due to widespread underreporting.
- 05The Tax Relief for Fraud Victims Act, passed by the House, would restore deductibility of fraud losses and waive early-withdrawal penalties.
02Why it matters
If you are over 60 or care for someone who is, these figures show that impersonation and investment scams are becoming more sophisticated and costly, often draining life savings. New legislation in Congress could affect whether victims can recoup losses through tax deductions or get help from financial institutions.
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