FTC finds spike in reported losses from fraud among seniors, reaching $2.4 billion in 2024: Report

Spike in scams targeting seniors

A report from the Federal Trade Commission shows a spike in reported losses from fraud among seniors. FOX 13's Kylie Jones reports. 

LARGO, Fla. - A report from the Federal Trade Commission showed a spike in reported losses from fraud among seniors.

The FTC released its Protecting Older Consumers 2024-2025 report last month. Law enforcement officers in the Tampa Bay area are now warning of a rise in scams targeting seniors.

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By the numbers:

According to the FTC's report, there was a spike in reported losses from fraud among people 60 years and older. The FTC reported a rise from $600 million in losses in 2020, to $2.4 billion in losses in 2024.

The report said this was largely driven by reports of losses over $100,000. However, the FTC said a lot of fraud goes unreported, so it estimates the total fraud among older adults could range from $10.1 billion to $81.5 billion.

According to the report, older adults reported losing far more money to investment scams than to any other type of fraud, specifically scams through social media.

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What they're saying:

In the Tampa Bay area, the Largo Police Department is warning people about a rise in different types of scams, particularly government impersonation scams.

"Going into the new year, this is an opportunity for them to look at the next cycle," said Officer Joel Quattlebaum with the Largo Police Department's Senior Services. "We're going to go into tax season. So, you're going to start seeing issues with the IRS pop-up, government impersonation scams."

These scams can involve wire transfers, gift cards, and, recently, cryptocurrency and gold bars.

"What we encounter is transnational fraud," Quattlebaum said. "Typically, the money gets funneled out of the United States and so recovery is very difficult, if not impossible, as far as trying to get funds back to folks once it's sent."

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Dig deeper:

Quattlebaum said seniors are typically the most common victims of these scams. He said some most recently have lost as much as $60,000.

"The grandparents scam, coupled with the cryptocurrency and the gold conversion, that we're seeing currently nowadays, but the grandparents scam is tried and true," he said.

Police said from January to September 2025, there were about $12 million in losses from government impersonation scams in Pinellas County.

"We've had folks as old as 94 out on the streets, homeless because of the frauds," Quattlebaum said.

Protecting yourself from scams

Experts said scammers will capitalize on emotions and isolation, trying to convince victims there's an urgent situation.

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"If somebody is forcing you to make a decision financially right now, at this minute, that should put up the little hairs in the back of your neck," Keith Ludwick, a private investigator with The Ludwick Agency, said.

Ludwick said no official agency will ask for payment through many of the forms that scammers use.

"If somebody is requesting payment for something in an unconventional way — gold, precious metals, gems, gift cards, Bitcoin, that should be your first big red flag," he said. "No government agency out there will ever ask for Bitcoin or gold bullion."

What you can do:

Experts encourage people to take the time to verify information and ask questions, especially if a situation sounds suspicious. You can also report fraud directly to the FTC by clicking here.