People 60 and over told the Federal Trade Commission they lost about $3 billion to fraud in 2025, five times the roughly $600 million they reported in 2020, according to the agency's annual report to Congress, released Monday, Oct. 19 . Investment scams were again the costliest type by far, with losses up 42% to more than $1 billion, and victims often said the scammers first reached them on social media, CNET reported .

The FTC said the increase was driven largely by growing reports of extraordinarily large individual losses. Combined losses over $100,000 rose nearly sevenfold, from $306 million in 2020 to $2.1 billion in 2025, according to the 58-page report, Protecting Older Consumers 2025-2026 .…