Fraud Losses Reported by Older Americans Rose Sharply in 2025

Older Americans reported losing much more money to fraud in 2025, according to CNBC, which reported on a new Federal Trade Commission report. Americans ages 60 and older reported losing about $3 billion to fraud last year. That is up from $2.4 billion in 2024.

The increase is even larger when compared with 2020. Reported fraud losses by older Americans in 2025 were up 400% from $600 million in 2020.

Most of the money came from a small number of victims. Just 6% of older fraud victims reported losing $100,000 or more last year, but these losses made up 70% of the age group's total reported losses. The number of older victims reporting losses of $100,000 or more rose to 6,769 in 2025, from 1,136 in 2020.

The Federal Trade Commission also estimates that actual losses could be much higher than what people reported. It estimates that 2025 losses could range from $13.3 billion to $119.5 billion. For 2024, its estimated range was $10.1 billion to $81.5 billion.

Investment scams were the costliest type of fraud reported by older Americans last year, with losses exceeding $1 billion. Investment scam losses reported by older Americans rose 42% from 2024. Other common scams included government impersonation scams, which caused $448 million in reported losses, and business impersonation scams, which caused $422 million in reported losses among older consumers.

Tax rules also play a part in how victims can recover money. The Tax Cuts and Jobs Act of 2017 temporarily restricted victims' ability to deduct fraud losses in certain cases. President Trump's "Big Beautiful Bill" law made this fraud loss deduction change permanent. An IRS memorandum issued in March 2025 said that money lost to some scams is not deductible.

Lawmakers have also taken steps in Congress. The bipartisan Tax Relief for Fraud Victims Act passed the House in September by a 408-17 vote and was referred to the Senate Finance Committee. The Financial Exploitation Prevention Act cleared the House in June by a 414-2 vote and was referred to the Senate Banking Committee.

Brokerage firms have some rules that can help protect investors. FINRA requires brokerages to make a reasonable effort to add a trusted contact to accounts. Investors, however, are not required to provide a trusted contact under FINRA rules.