Fraud Losses for Older Americans Jump Fivefold as Holiday Scams Ramp Up

Fraud aimed at older Americans is rising fast, and the holiday season is prime time for it. Losses reported to the Federal Trade Commission by adults 60 and older grew about fivefold between 2020 and 2025, from roughly $600 million to about $3 billion, the agency told Congress this fall. Because most victims never report what happened, the FTC estimates the true cost to older adults in 2025 may have been as high as $119.5 billion. Knowable Magazine, a science news outlet, detailed the trend this week in a report carried by television stations around the country, including Boston 25 News.

One case in that report shows how fast it can happen. Jane Isay, an 81-year-old former book editor, saw a pop-up warning on her computer about a problem with her bank account. Following a caller's instructions, she set out to withdraw $35,000. A bank teller recognized the scheme and quietly passed her a note saying she was being scammed. She was the third intended victim that teller had seen in one day.

Several schemes are making the rounds this month. Callers posing as FTC agents threaten to shut off your phone number and demand money or personal details. The real FTC says it will never threaten your phone service or ask you to send money. Other callers claim you must pay a fee to activate Social Security's 3.6 percent raise for 2027. Social Security's inspector general says the increase is automatic, and no one needs to register, apply, or pay anything. Suspicious contacts can be reported at ssa.gov/scam or by calling 1-800-269-0271.

Fake package delivery texts also spike before Thanksgiving. The U.S. Postal Inspection Service says the Postal Service does not send texts unless you requested tracking, and even then the message will not contain a link. You can forward scam texts to 7726.

The warning signs repeat across all of these: someone contacts you out of the blue, claims there is an urgent problem, demands secrecy, or asks for payment by gift card, wire transfer, or cryptocurrency. Slowing down and calling a trusted family member or your bank directly is the simplest defense.