FTC: Imposter Scam Losses Among Seniors Surge 362% Since 2020
Main Idea
The FTC reports a 362% surge in imposter scam losses among seniors since 2020, with fraudsters often posing as government agencies to steal life savings, while crypto scams also contribute significantly to financial losses.
Key Points
1. FTC data shows seniors’ imposter scam losses reached $700 million in 2024, a 362% increase since 2020.
2. Losses exceeding $100,000 surged over 700%, with many victims losing their entire life savings.
3. In 2024, the FTC received 8,269 reports from seniors aged 60+ who lost at least $10,000 each to such scams.
4. Seniors lost over $4.8 billion to fraud in 2024, with AI voice cloning and phishing scams being common tactics.
5. Crypto scams also contributed to significant losses, with one victim losing $3.05 million in Tether (USDT) to a phishing attack.
Description
Older Americans are losing money to imposter scams at an alarming rate, with losses and case numbers surging to record highs, according to new data from the Federal Trade Commission (FTC) . Key Takeaways: FTC data shows seniors’ imposter scam losses hit $700M in 2024, up 362% since 2020. Scammers pose as trusted officials or companies and trick victims into moving funds for “safety.” Losses over $100K surged more than 700%, with many cases wiping out entire life savings. The scams often begin wi...
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