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Retirees Over 60 Lost Billions to Scams - 5 Fraud Types Americans Should Watch The Closest

Retirees lost billions to scams as fraud cases surged in 2025.

By Jordan Major , Edited by Laura Hohenstein

Updated June 1, 2026

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For millions of Americans, retirement is built on decades of saving and careful planning. But a growing wave of scams is putting that financial security at risk, and the losses are adding up quickly.

New data from the FBI shows that adults aged 60 and older reported $7.7 billion in losses to internet fraud in 2025, a sharp increase from the year before. The scale of those losses shows scams are becoming a serious threat to a stress-free retirement.

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Growing threat

Fraud is rising across all age groups, but older Americans are facing the biggest financial impact.

Total reported losses across the U.S. reached $20.9 billion last year. Seniors accounted for a disproportionate share, with 201,266 complaints filed by people over 60, up 37% year over year. Americans in their 30s and 40s reported about $4.6 billion in losses, significantly less than older adults.

Higher savings levels, combined with more complex financial accounts, could make retirees more appealing targets. Once money is lost, recovering it is often difficult, especially for those living on fixed incomes.

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1. Investment scams

Investment fraud remains the most financially damaging category for older Americans. These scams often promise strong returns, exclusive opportunities, or insider access to high-performing assets. Victims may be convinced to move large sums of money into accounts that appear legitimate but are controlled by criminals.

Among retirees, investment scams alone accounted for $3,519,296,354 in losses, making them the most costly category reported to federal authorities.

2. Tech support scams

Tech support scams continue to target older adults with alarming effectiveness. These schemes usually begin with a phone call, email, or pop-up message warning that a device has been compromised. The scammer poses as a technician and requests access to the victim's computer or financial accounts.

The FBI's report shows that seniors lost $1,040,730,043 to tech and customer support scams, making it one of the most expensive fraud categories after investment schemes.

Once access is granted, criminals could install malicious software, steal sensitive data, or convince victims to send payments to "fix" problems that never existed.

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3. Romance scams

Romance scams rely on emotional manipulation rather than technical tricks. Scammers build relationships over weeks or months, often through social media or dating platforms. Once trust is established, they begin asking for money, usually citing emergencies, travel costs, or medical issues.

Among older Americans, romance and confidence scams led to losses of $929,287,469, reflecting how damaging these long-term schemes have become.

These scams have the potential to be particularly damaging because victims may continue sending money over long periods, sometimes draining significant portions of their savings.

4. Identity theft

Criminals use stolen personal information to open accounts, access existing funds, or commit other forms of fraud. Older adults may be especially vulnerable if they are less likely to monitor accounts frequently or recognize warning signs early.

Tens of thousands of identity theft and personal data breach complaints were reported in 2025, with losses for identity theft alone totaling $185,832,657. In many cases, victims do not discover the issue until significant financial damage has already occurred.

The financial damage may extend beyond immediate losses, as victims often spend months resolving fraudulent accounts and repairing their credit.

5. Government impersonation

Government impersonation scams have become increasingly common in recent years. Fraudsters pose as representatives from agencies like the IRS or Social Security Administration, claiming the victim owes money or must verify personal information. These scams often create a sense of urgency, pressuring victims to act quickly.

Seniors reported over $413,206,251 in losses tied to government impersonation schemes, highlighting the effectiveness of these tactics.

Payments are typically requested through unusual methods, such as gift cards or wire transfers, making it difficult to recover funds once they are sent.

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Average losses

Among older victims, the average reported loss was $38,500, with many cases far exceeding that amount. Approximately 12,444 complainants reported losses of more than $100,000.

These figures reflect more than isolated incidents. They represent retirement savings, emergency funds, and long-term financial security disappearing in a matter of weeks.

Hardest-hit states

States with large populations and high levels of financial activity reported the highest total losses.

California led the nation with $1,403,975,910 in losses among seniors, followed by Florida with $709,823,172 and Texas at $678,564,081. New York and Arizona also ranked among the top five, reporting losses of $408,741,632 and $343,984,935, respectively.

While these states have larger populations, the data also suggests that scammers often focus on areas with higher concentrations of wealth and retirees.

Protecting savings

Preventing fraud starts with awareness. Recognizing common tactics, verifying unexpected requests, and avoiding pressure to act quickly could help reduce the risk.

Financial institutions and government agencies continue to emphasize the importance of reporting suspicious activity as soon as possible.

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Bottom line

The data underscores that the financial stakes are higher than ever for older Americans. As digital scams continue to evolve, staying informed may be just as important as any investment strategy when it comes to preserving long-term financial security.

Understanding the most common types of scams could help you avoid money mistakes and protect your savings.

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