Criminals are increasingly pilfering the retirement and other financial accounts of older Americans via so-called “imposter” scams, the Federal Trade Commission reported Thursday.
Scam Tactics and Impact
These scams often involve fraudsters creating a fake crisis and posing as trustworthy sources, such as bank representatives or employees of companies like Amazon, Apple, or Microsoft. They may also impersonate federal agency workers from organizations like the Social Security Administration or FTC, convincing victims to transfer money for supposed safety.
Rising Reports and Financial Losses
In 2024, the FTC received 8,269 reports from adults aged 60 and older, each claiming losses of at least $10,000 due to imposter scams. This marks a 362% increase from 1,790 reports in 2020. Total losses among older Americans reached $700 million in 2024, a more than fivefold increase from $122 million in 2020.
Insight for Readers
The significant rise in imposter scams highlights the need for increased awareness and protective measures for older adults.
