FTC reports Increase on impersonation scammers on older adults who lost $445million in 2024!

The Federal Trade Commission (FTC) reported “more than four-fold increase since 2020 in reports from older adults who say they lost $10,000 or more—sometimes their entire life savings—to scammers who impersonate trusted government agencies or businesses to convince consumers to transfer money to protect it, when in reality the scammers want to steal it.”  The August 7, 2025 news release included these comments about “The lies these scammers tell generally take three forms”:

Lie #1: Someone is using your accounts: The scammers claim to be from your bank or a well-known company like Amazon and are contacting you to flag suspicious activity on your account;

Lie #2: Your information is being used to commit crimes: Scammers claim to be a government officer warning that your Social Security number or some other information is being used to commit a crime such as drug smuggling or money laundering; or

Lie #3: There’s a security problem with your computer: These scams often start with a fake on-screen security alert that looks like it’s from Microsoft or Apple with a number to call. If you call, they say your online accounts have been hacked.

Be careful out there!