Financial fraud cost older adults up to $81.5 billion in 2024, FTC estimates — more are losing at least $100,000

Financial fraud cost older adults up to $81.5 billion in 2024, FTC estimates — more are losing at least $100,000

From 2020 to 2024, the 60-plus age group's reported losses have jumped 300% to $2.4 billion from $600 million, according to the Federal Trade Commission.

Retirees Are Losing Billions to Financial Fraud and the Threat Is Growing

Retirement is meant to be a season of stability, freedom, and peace of mind. But for a growing number of older Americans, those expectations are being shattered by financial scams that drain savings, disrupt lives, and leave lasting emotional damage. A recent report highlighted by CNBC, based on new data from the Federal Trade Commission, shows that seniors are losing more money to fraud than ever before. While younger Americans may report a hig…