Eighty-one point five billion dollars. Gone. In one year. From the people least able to recover it.
The FTC reported $81.5 billion in fraud losses by adults over 60 in 2024. Reports increased 14% year-over-year, with average individual loss exceeding $33,000. For someone on a fixed income, $33,000 is not a setback. It is a catastrophe.
Romance and relationship scams: $1.3 billion. Largest category. Victims groomed through social platforms and AI-enabled interactions. Investment fraud: $800 million. Cryptocurrency opportunities and fake trading platforms. Tech support scams: $540 million. Pop-ups claiming infection. Government impersonation: $380 million. IRS, Social Security, Medicare.
It is not cognitive decline. The majority of victims are cognitively intact. They are targeted because they have accumulated savings, own homes, have good credit, and are more trusting of authority. They also have fewer people checking in daily who might notice warning signs. That last factor is the one families can address.