Chicago, IL – Older adults across Illinois and nationwide are reporting staggering losses to impersonation scams, with new data showing a more than four-fold increase in cases since 2020.
According to the Federal Trade Commission, reports from adults 60 and older who lost $10,000 or more surged in 2024, with total losses in some cases wiping out life savings. The FTC noted that older adults were especially vulnerable to scammers posing as trusted government agencies, banks, and businesses.
Losses among victims who reported losing more than $100,000 skyrocketed from $55 million in 2020 to $445 million in 2024, the agency reported Thursday. While people of all ages were affected, older adults were significantly more likely to experience extraordinarily high-dollar losses.
The scams often involve urgent calls, texts, or emails designed to convince people to “protect” their money by transferring it to scammers. Common tactics include claims that a person’s bank account has been compromised, that their Social Security number is tied to criminal activity, or that their computer has been hacked.
Officials say scammers may even impersonate the FTC itself, pressuring people to move money into cryptocurrency, wire funds, or hand over cash to couriers. The agency stressed it never makes such requests.
The FTC urges consumers to protect themselves by never moving or sending money in response to unsolicited communications, verifying suspicious contacts through official phone numbers or websites, and blocking unwanted calls.
For more information or to report fraud, consumers can visit ReportFraud.ftc.gov or call trusted agencies directly before taking action.
This article was produced by a journalist and may include AI-assisted input. All content is reviewed for accuracy and fairness.
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