The FTC reports a dramatic surge in high-dollar impersonation scams targeting older adults—particularly those aged 60 and above—with losses escalating sharply: combined reports of losses over $100,000 rose eightfold from $55 million in 2020 to $445 million in 2024, while total losses by that age group climbed from $122 million to nearly $700 million in the same period. Scammers commonly impersonate trusted entities—like the FTC, banks, the SSA, Microsoft or Apple—using fake security alerts, claims of criminal misuse of personal information, or warnings of suspicious account activity to pressure victims into moving money, depositing cash into Bitcoin ATMs, or handing funds to couriers—all tactics the FTC would never employ. The FTC urges older adults to never transfer money in response to unexpected contacts, to hang up and verify via trusted contact channels, and to block unwanted calls.
Prevention Recommendations
Never transfer funds to “protect” them, even if someone claims to be from a trusted agency.
Always hang up and verify by calling the agency or company using known phone numbers—not ones provided in pop-ups, texts, or emails.
Use call-blocking tools to minimize exposure to scam calls.
Scrutinize unsolicited alerts, especially pop-ups that mimic tech companies or warn of urgent security issues.
Educate yourself on common scam narratives, such as suspicious account activity, criminal misuse of personal details, or fake tech alerts.
Encourage a slow response mindset—pause, think, and consult someone before acting.
Trusted Online Resources
FTC Consumer Advice & Data Spotlight: Find guidance on spotting scams, reporting fraud, and protecting life savings.
FTC Press Releases & Blog Posts: For deeper insights into trends and impersonation scam patterns Federal Trade Commission.
PLANADVISER: Coverage of total losses and legislative responses, including discussions around easing early withdrawal penalties due to fraud PLANADVISER.
Advice for Caregivers of Elderly Parents
Explain the nature of the threat: Clarify that scammers often pose as trusted agencies and ask for money under false pretenses, urging urgency and fear.
Teach verification steps: Show them how to “hang up and call back” using official numbers from bills, statements, or the official agency website.
Establish a trusted-check routine: Encourage them to pause and reach out to a family member before acting on any unexpected financial requests.
Help set up defenses: Assist with call-blocking, spam filters, and recognizing suspicious pop-ups.
Role-play scenarios: Practice with them—e.g., someone claiming their Social Security number was used in a crime—and coach on appropriate responses.
Be available for support: Let them know they’re not alone, and it's OK to ask for help if something feels off.
Offer to report on their behalf: Help them file reports with the FTC if they've been contacted or lost money to a scam.
