For older Americans, financial fraud can be a very costly mishap. Last year, scams reported to the Federal Trade Commission by adults age 60 and older reached $2.4 billion, up 26.3% from $1.9 billion in 2023 and 300% from $600 million in 2020, according to the FTC’s annual report to Congress, released earlier this month. The increase is driven by scams that involve individual losses of $100,000 or more, accounting for $1.6 billion, or 68%, of the total amount. However, because most fraud goes unreported, the agency estimates the real losses experienced by older adults in 2024 may be as much as $81.5 billion. The bulk ... (full story)