Imposter scams targeting older Americans have surged, with $700 million in losses reported in 2024, up from $122 million in 2020. FTC data shows a 362% increase in reports of adults over 60 losing at least $10,000 to scams, prompting warnings to avoid transferring money to supposed “trustworthy” sources. Losses over $100,000 jumped 700%.

Elder fraud complaints, including imposter scams, led to $4.9 billion in losses in 2024, a 43% increase from 2023. The FBI’s Internet Crime Complaint Center reported a 46% rise in complaints from the previous year. Older adults are less likely to report fraud, with losses over $100,000 three times as likely to be reported by those 60 and older.

To avoid imposter scams, the FTC advises against transferring money to protect it, believing urgent requests to move money, and trusting unexpected calls or messages. Verify the legitimacy of requests with known contact information and consider call blocking options to prevent scammers from reaching you.

Read more at CNBC: Imposter scams cost older adults $700 million in 2024: FTC