Scams Are at an All-Time High. Here's What Families Need to Know Right Now.

Just weeks ago, the Federal Trade Commission shared a number that’s hard to ignore: Americans lost a record $15.9 billion to scams in 2025, up from $12.5 billion the year before. Reported fraud losses have increased nearly 430% since 2020, and that’s only what’s been reported. The FTC estimates the true cost could be significantly higher.

Behind these numbers are real people and real families, many of them older adults, facing unexpected financial loss and disruption. And these scams aren’t isolated to the past. They’re ongoing, evolving, and becoming more difficult to recognize.

Here’s what the latest data shows about the risks people are facing today and a few practical ways to stay one step ahead.

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Investment Scams: The costliest scam category by far

Investment scams continue to be the most financially damaging form of fraud. In 2025, consumers reported over $7.9 billion in losses, with the average loss exceeding $10,000.

These scams often present themselves as legitimate opportunities promising outsized or guaranteed returns, often tied to trends like cryptocurrency, artificial intelligence, or real estate. Many begin on social media, where scammers can easily build trust and credibility over time.

Older adults are especially impacted. Among those 60 and older, reported losses reached $744 million, significantly higher than any other scam category. In many cases, scammers initiate contact through social platforms and gradually build a relationship before introducing an “investment” opportunity.

One of the most dangerous variations is called "pig butchering." In these scams, criminals spend weeks or even months building a fake friendship or romantic relationship before gradually steering the victim into a fraudulent investment. By the time someone realizes what's happened, the money is gone. University of Texas researchers estimate this type of scam has cost victims at least $75.3 billion globally since 2020.

Who may be most at risk:

Adults 60 and older, particularly those who are active online,  may be more frequently targeted. Notably, a large share of reported investment scams result in financial loss, underscoring how convincing these schemes can be.

Imposter Scams: The most frequently reported scam type

Whether someone is pretending to be the IRS, Social Security, your bank, or even a family member, imposter scams are the most commonly reported form of fraud in the country. In 2025, the FTC received over 1 million reports about imposter scams, with consumers reporting more than $3.5 billion in losses. 

In 2025, there were more than 330,000 complaints, a 25% increase from the prior year, with agencies like the Social Security Administration among the most commonly impersonated.

Among older adults, losses from impersonation scams involving amounts over $100,000 grew eightfold between 2020 and 2024 increasing from $55 million to $445 million.

Who may be most at risk:

Older adults are more likely to report financial loss from government impersonation scams compared to younger individuals. Adults 80 and over had a median reported individual loss exceeding $1,600.

Romance Scams: When Trust Is Exploited

Romance scams, where someone pretends to build a real relationship, often online, to gain trust and eventually ask for money, remain one of the most emotionally and financially damaging forms of fraud. In the first nine months of 2025 alone, consumers reported losing over $1.16 billion.

These scams often begin with a seemingly innocent message, sometimes appearing to be a wrong number, and evolve slowly into a relationship. As trust builds, so does the sense of connection. By the time money is introduced, it can feel like helping someone you genuinely care about.

Who may be most at risk:‍

Older adults were nearly twice as likely as younger adults to report a six-figure loss to romance scams, according to the FTC. Romance scams disproportionately impact divorced, single, and widowed individuals, with seniors facing the largest financial losses. 

Business Impersonation Scams: Familiar brands, fake messages

Scammers impersonating well-known companies like Amazon, Best Buy, or PayPal continue to fool millions. Among adults 60 and older, losses to business impersonation scams reached $377 million in 2024, the second-highest loss category behind investment scams. 

These scams typically arrive as emails or texts warning of suspicious account activity or unexpected charges, with a link or phone number that connects victims to the scammer rather than the real company.

Who may be most at risk:

Individuals who are active on text messaging and social media may be more likely to encounter scams. In 2025, text messages were the most commonly reported contact method, while scams that began on social media led to the highest total losses exceeding $2 billion. 

Job Scams: Targeting people looking for extra income

With economic uncertainty continuing into 2026, job scams generated 110,653 complaints and $518.2 million in reported losses in just the first nine months of 2025. Scammers post realistic job listings, often for remote or flexible work, then request personal information, bank account details, or upfront fees before disappearing.

A newer variation called the "task scam" — where victims are paid small amounts early on to build trust before being defrauded of much larger sums — is growing quickly. Job scam losses among older adults jumped nearly 300% compared to 2023, driven largely by these task scams. 

Who may be most at risk:

People actively searching for part-time or remote work, including retirees seeking supplemental income.

Tech Support Scams: Fake warnings, real losses

Tech support scams often begin with a sudden warning like a pop-up or message claiming your device is infected or at risk. It may urge you to call a number right away. From there, the person on the other end may ask for remote access to your computer or passwords to accounts. Once access is granted, they can view sensitive information, install software, or request payment for issues that aren’t real.

In 2024 alone, older adults reported more than $159 million in losses tied to tech support scams.

Who may be most at risk:‍

Older adults are more likely to report financial loss from tech support scams compared to younger individuals, highlighting how convincing and urgent these situations can feel in the moment.

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The Big Picture

Total fraud losses reported by older adults (ages 60 and over) skyrocketed from about $600 million in 2020 to $2.4 billion in 2024, and because most fraud goes unreported, the FTC estimates the real losses experienced by older adults in 2024 may be as high as $81.5 billion. 

The common thread across every scam type: urgency, emotion, and impersonation. Scammers are getting better at making their messages look and sound real and AI is accelerating that trend. The best defense is slowing down, verifying independently, and knowing the warning signs before you're in the middle of one.

Carefull helps families stay ahead of scams by monitoring financial accounts for unusual activity, screening suspicious messages with our AI-powered ScamCheck tool, and alerting you when something doesn't look right. If you want extra peace of mind for yourself or a loved one, start your 30-day free trial of Carefull today.

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