Financial scams are on the rise, and older Americans are especially at risk. The number of Americans aged 60 and older who reported being victims of financial scams has quadrupled since 2020, according to the Federal Trade Commission. Even more striking, losses for individuals scammed out of at least $100,000 have skyrocketed from $55 million in 2020 to $445 million in 2025.
Unfortunately, these numbers likely understate the real problem, since they only include cases reported to the FTC, according to Suze Orman's blog.
