Americans Lost Over $10 Billion to Scams in 2023; Nearly $600,000 Stolen from One Victim, $2 Billion from Seniors

In 2023, Americans lost over $10 billion to scams, with older adults particularly affected. A significant case involved a woman who was deceived into believing she was an FBI asset, resulting in the theft of nearly $600,000 from her retirement account. This scam was orchestrated by an impersonator who contacted her daily, using personal information to gain her trust. The Federal Trade Commission (FTC) reported that fraudsters scammed older Americans out of nearly $2 billion last year, and the number of seniors losing $100,000 or more to fraud has tripled since 2020. While there is a common belief that seniors are the primary targets of financial fraud, data indicates that individuals in their 20s are actually scammed at higher rates than older adults, with more than two in five young adults reporting financial losses from scams in the past year. The FTC is actively working to address these issues and provide resources for protection against such frauds.