Scammers Cost Seniors Nearly $5B Last Year

Americans lost a record $16.6 billion to online scams last year, according to new data highlighting a surge in cybercrime targeting older adults and cryptocurrency investors. This is up from $12.5 billion in 2023, according to new findings on cybercriminals via the FBI's annual Internet Crime Complaint Center report, per NBC News. However, the figures are likely an undercount, reflecting only cases reported to the FBI.

The agency received 859,532 complaints about scams and cybercrime last year. More than 250,000 people reported actual financial losses. Fake toll scams spurred 58,271 complaints and $129,624 in reported losses. Some victims lost their entire savings. Older Americans were the hardest-hit group: People ages 60 and older reported losing more than $4.8 billion, including $2.8 billion in cryptocurrency-related scams and $1.8 billion in investment scams. Losses from investment scams have grown from $3.3 billion in 2022 and $4.6 billion in 2023 to $6.6 billion last year. (This content was created with the help of AI. Read our AI policy.)