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Older Americans reported nearly $4.9 billion stolen through fraud last year, with an average loss of $83,000, according to the latest annual FBI report. That’s a stunning 43 percent more

than last year. Adults 60 and older also submitted the most complaints of any age group (more than 147,000). Americans of all ages reported a record $16.6 billion stolen through scams and

fraud in 2024, up 33 percent over 2023’s losses, with an average loss of just over $19,000. The fact that the overall average loss is so much less than the average loss reported by older

people “underscores that fraud affects people of all ages, but when older adults are victimized, the impact is often catastrophic,” notes Kathy Stokes, AARP’s director of fraud prevention

programs. And that figure likely represents just a fraction of the actual amount, for a few reasons. Some victims who submit reports to the FBI’s Internet Crime Complaint Center at IC3.gov

don’t include their ages. And many victims are reluctant to come forward to report these crimes because they’re embarrassed or think there’s no point because their money is gone for good

(see more on this below).  The category that took the biggest financial toll on victims 60 and older last year was investment scams, with more than $1.8 billion in total reported losses. 

That was followed by: TECH SUPPORT SCAMS: $982 million CONFIDENCE/ROMANCE SCAMS : $389 million BUSINESS EMAIL COMPROMISE (where criminals impersonate leaders of an organization to get

employees to send money or data): $385 million  Cryptocurrency investment fraud, in particular, 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 (often based in Southeast Asian scam centers) use

financial grooming, known as pig butchering. They pretend to be the victim’s friend or romantic interest before suggesting a “sure-bet” investment opportunity. Scams where the victims were

directed to use a cryptocurrency ATM have also skyrocketed. (AARP is pushing for state laws to regulate this type of ATM and protect consumers from scams.) “It’s just mindboggling how much

it’s grown and continues to grow,” says Delzotto, regarding these crimes.