Scam Report: FTC Says Older Adults Targeted

The Federal Trade Commission says more money is being taken from older adults by scams involving social media, cryptocurrency and texts.

older woman looking at a screen
(Image credit: Getty images)

 Crooks succeeded in taking significantly more money from older adults in 2021 than the year before through investment, business impersonation and government impersonation scams, according to a new report to Congress from the Federal Trade Commission.

According to the report, consumers 60 and older filed 467,340 fraud reports with reported losses of more than $1 billion. This was an increase of nearly 40 percent in the number of fraud reports in 2020 when people in that age group filed  334,411 fraud reports with reported losses of more than $600 million. The FTC says the vast majority of frauds are not reported, adding that these numbers include only a fraction of older adults harmed by fraud.

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Senior Retirement Editor,

Elaine Silvestrini has worked for Kiplinger since 2021, serving as senior retirement editor since 2022. Before that, she had an extensive career as a newspaper and online journalist, primarily covering legal issues at the Tampa Tribune and the Asbury Park Press in New Jersey. In more recent years, she's written for several marketing, legal and financial websites, including and, and the newsletters Auto Insurance Report and Property Insurance Report.