Seniors Lose More Money to Investment Scams Than Any Other Fraud

According to a recent report by the Federal Trade Commission, older adults are losing significantly more money to investment scams than any other type of fraud. In 2025, adults aged 60 and over reported losing $3 billion to fraud, a fivefold increase from the $600 million reported in 2020. This surge in investment scam losses was primarily driven by large individual losses, with a 42% rise in 2025 to over $1 billion.

The report, titled "Protecting Older Consumers 2025-2026," reveals that fraud losses due to investment scams are predominantly occurring on social media platforms. Older adults, particularly those 80 and over, are facing the most substantial financial losses, with a median reported loss of $2,000. Scams targeting older adults often involve tech support, prize, sweepstakes, romance, government impersonation, and imposter scams involving friends or family members.

The FTC has taken various law enforcement actions to protect seniors, including consumer education initiatives and collaborations with government, academic, and private-sector partners. They also coordinate with law enforcement to connect victims experiencing significant financial losses with resources like the Department of Justice's National Elder Fraud Hotline. The FTC's "Never Ever" campaign aims to educate seniors by highlighting red flags that indicate a scammer rather than a legitimate government agency or bank.

One notable case involves a 77-year-old widow and retired nurse, Mary Ellen Strange, who lost over $400,000 to cyber scammers over seven weeks in 2024. The scammers impersonated FTC officers and FBI agents, visiting her home multiple times to take her money. A recent survey by CNET Group found that scams are a weekly nuisance for many, with 80% receiving scam calls and emails, and 76.5% receiving scam texts every week. CNET offers guidance on avoiding the top seven scams and minimizing damage if scammed.