In 2024, older Americans reported nearly $4.9 billion in scam losses with an average of $83,000 per person, and with over 7,500 victims losing more than $100,000 each. Every one of those numbers represents a life affected, and far too often, those losses go unspoken.
We’re building this newsletter together from a place of understanding, and I know: scams are not a reflection of weakness. They’re designed to exploit trust, routine, even care.
Let’s walk through what’s real, what’s rising, and what we can do about it.
How Big Is the Problem?
Almost $5 billion was lost through complaints from people aged 60+ in 2024—a 43% increase from the previous year.
Impersonation scams are surging. Older adults reporting losses over $100,000 grew eightfold—from $55 million in 2020 to $445 million in 2024.
The FBI’s Internet Crime Complaint Center (IC3) logged 147,127 complaints from seniors in 2024, a 46% increase in complaints, and a 43% rise in financial losses.
Scammers are getting smarter—and so should we be.
Why Seniors Are Targeted
Many regain financial stability post-retirement, and scammers see both a target and low reporting risk.
Social isolation, trust, and polite tendencies, when mixed with increasingly convincing deepfake calls and AI impersonations, create vulnerability.
Even highly capable, connected seniors can be fooled. Studies show that lower financial literacy, weaker social supports, and declining cognitive function significantly increase scam susceptibility—even without dementia.
Common Scams to Watch For
What You Can Do to Stay Safe
Pause before acting. Scammers thrive on urgency.
Verify, don’t assume. Call back on a number you know is real.
Never share personal data. Your SSN, account numbers, or device access—keep them private.
Talk openly with loved ones. Many older adults don’t report scams due to shame or fear.
Use trusted accounts. Gift cards, wire transfers, and cryptocurrency are red-flag methods often used by scammers.
If something feels off, trust that feeling.
Friends,
You’ve spent a lifetime earning trust, building knowledge, and shaping your family’s story. Scammers bank on the very qualities that make you who you are.
But with awareness, connection, and calm skepticism—that’s our shield. Stay alert, lean on your community, and trust your instincts.
“An ounce of prevention is worth a pound of cure.”
Let’s protect not just our money—but our peace, our confidence, and our independence.
Stay vigilant. Stay supported.
With care,
Mike Bridges
Founder, The O55 Report
That’s it for this week.
Keep your guard up, lean on your community, and never forget: awareness is the best protection. Together, we can outsmart even the cleverest scammers.
P.S.
New here? Start with our Scam Safety Guide and learn how to spot the most common tricks targeting people 55+.
