Older Americans reported nearly $4.9 billion stolen through fraud last year, with an average loss of $83,000, according to an annual FBI report released in April. That’s a stunning 43 percent increase in one year. Americans of all ages reported a record $16.6 billion stolen through internet scams and fraud in 2024, up 33 percent over 2023’s losses, with an average loss of just over $19,000.
Scams
The FBI’s report “shows that fraud affects people of all ages, but when older adults are victimized, the impact is often catastrophic,” says Kathy Stokes, AARP’s director of fraud prevention programs. Investment scams took the largest financial toll on victims 60 and older last year, with more than $1.8 billion in total reported losses.
Cryptocurrency investment fraud is a growing concern, notes Christopher Delzotto, section chief for financial crimes, FBI Criminal Investigations Division. Last year the FBI received more than 41,000 complaints, with $5.8 billion reported stolen. Scammers use financial grooming, also known as pig butchering: They pretend to be the victim’s friend or romantic interest before suggesting a “sure-bet” investment opportunity.
Call the free AARP Fraud Watch Network Helpline (877-908-3360) for information and support.