FBI: Elder fraud tops $7.7B in 2025

FBI warns of surging elder fraud: 201,000+ victims over 60 lost $7.7B in 2025, primarily to investment schemes, phishing, and government impersonation scams.

The FBI reported a dramatic 59% increase in financial losses from elder fraud in 2025, with victims over 60 accounting for more than $7.7 billion in losses across 201,000 complaints. Investment schemes remained the costliest attack vector at $3.5 billion, while cryptocurrency-related scams ensnared 42,000 seniors for $4.3 billion in losses. Phishing and spoofing attacks were the most prevalent, affecting over 48,000 seniors—nearly a quarter of all elder fraud complaints.

A case study from FBI Special Agent Ron Miller illustrates the sophistication of these operations: a criminology professor with expertise in victimology lost over $500,000 to a government impersonation scam originating from an Indian call center. The scammer posed as a DEA agent, claimed her identity was linked to drug trafficking, and convinced her to transfer her life savings—including home equity—to a fictitious "federal locker" for safekeeping. The scammer enforced strict secrecy, warning the victim not to trust other law enforcement and creating urgency through threats of arrest.

The FBI emphasizes that recovery of funds, especially from overseas operations, is extremely unlikely. Red flags include unsolicited contact, demands for secrecy, requests for payment via gift cards or wire transfers, and impersonation of government officials requesting cash. The Bureau urges seniors to ignore unsolicited communications, never engage with unknown callers, and immediately report suspected fraud to IC3.gov and their financial institutions.

Source reporting: https://www.fbi.gov/news/stories/scammers-target-older-adult-victims