Fraud and older adults – what’s your story?

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Every year millions of people report fraud, scams, and bad business practices to the FTC. Your stories help us better understand how fraud affects every community. During National Consumer Protection Week, we’re offering information and advice for some of these communities, and today we’re focusing on scams that have an impact on older adults.

• Scammers are using social media for investment, romance, and online shopping scams. More than one in four people who reported losing money to fraud from 2020 - 2021 said it started on social media with an ad, a post, or a message. The most money was lost to investment and romance scams.

• Romance scammers pursue people on dating apps and social media with fake tales of love, then demand payments with gift cards, wire transfers, and cryptocurrency. The median reported loss across all romance scam reports was $2,400 last year, but the amount was higher among older adults. People 70 and over reported the highest median losses at $9,000.

• Imposters posing as Amazon workers tricked people with messages about suspicious activity or unauthorized purchases on their accounts. Among people age 60 and over who reported the calls in 2020-2021, the median reported loss was $1,500, compared to $814 for people under age 60.

If you spot one of these — or another — scam, please tell us at ReportFraud.ftc.gov. It’s easy to report and the information you give helps protect your community. Want more consumer protection news? Read common scams and sign up for email updates.