Consumers overall lost $10 billion to scams in 2023, a record high, according to the FTC.

Summary

Reports of older adults losing over $100,000 to scams have tripled since 2020, per the FTC, with 4,600 cases in 2023 compared to 1,300 in 2020.

Older Americans lost $1.9 billion to fraud last year, with the actual losses likely closer to $62 billion due to underreporting.

Common scams include romance, investment (notably fake cryptocurrency), and imposter scams. The psychological and financial toll is severe, especially for retirees.

Experts urge vigilance against red flags like urgent demands, social isolation tactics, and unusual payment requests like gift cards or cryptocurrency.