Fraud Education and Prevention Articles

Scammers Target Victims By Age. How Your Risk Changes Every Decade.

May 15, 2025 (updated Sep 05, 2025)

In 2024, financial advice columnist Charlotte Cowles penned an essay for New York Magazine's The Cut called "The Day I Put $50,000 in a Shoe Box and Handed It to a Stranger."1 Cowles was duped by an elaborate government imposter scam despite defying the fraud victim stereotype of an overly trusting grandmother. She was educated, financially savvy (professionally!), and, well, young.

Cowles isn't an outlier. Across the pond, an internet-savvy British fitness influencer in her 30s lost $7,400 in an online investment scam.2 According to Investopedia, many young adults are falling victim to influencer scams, wherein fraudsters offer aspiring social media personalities the chance at a lucrative sponsorship — after paying some upfront costs.3

As it turns out, the stereotype of the typical fraud victim is flat wrong. A recent Federal Trade Commission (FTC) report found that 20-somethings were twice as likely to report fraud or identity theft in 2023 as those 80-plus.4

Age does matter when it comes to fraud, just not in the way we often think. According to FTC data, older victims lose significantly more money per incident, despite filing fewer reports. According to FBI data, those older than 60 lost the most money ($4.8 billion) with 147,127 complaints filed.5 Phishing and spoofing complaints were more than double of the next type of grievance (extortion.)

The most common types of fraud vary by age as well. Here's what fraud and cybercrime look like across different age groups, according to the FTC's 2024 Consumer Sentinel Network report and the FBI's 2024 Internet Crime Report.


20s: Lots of Small Losses via Payment Apps

The 2024 FTC Consumer Sentinel Network reported that 44% of all 20-somethings claimed losses in 2023.4 That's a lot. But Gen Zers (those age 16-27) spend an average of seven hours on screens every day — so they have ample opportunity to encounter scams.6 It makes sense that the top frauds they fall for involve online shopping, like a recently reported trend of AI-generated TikTok videos scamming users into buying fake wellness products.7 

Twenty-somethings are the only age category to lose money most often via payment apps. They also fall for job scams more frequently than older age groups, such as sharing sensitive information with a scammer posing as an employer or recruiter. 

Tip for 20-somethings: Question everything you see and hear on the internet — and never pay for an item without vetting the seller. Read "How Deepfake Scams Use Familiar Faces to Scam Victims" to learn more.


30s and 40s: Slightly More Loss, Slightly Less Often

People in their 30s and 40s can be lumped together, as their data is extremely similar. About 40% of 30-somethings and 38% of 40-somethings reported fraud or identity theft to the FTC.4

The most standout data is that 30-somethings have a notably higher rate of identity theft than those in their 20s and 40s. There may be a correlation between identity theft and major life events that often happen in people's 30s.8 It's unclear, however, whether this connection is due to increased vulnerability when getting married, earning higher income, home buying, or making other major purchases, or if people just happen to be checking their credit reports during these events and discover existing identity theft in the process.

people icon
Twenty-somethings were twice as likely to report fraud or identity theft as those 80-plus. But older victims lose much more money per incident.

Tip for 30- and 40-somethings: Your sensitive information can be most at risk during your prime earning years — which start now. Check out "7 Ways to Protect Yourself From Identity Theft" to learn how to stay safe.


50s and 60s: Losses Get Big and Romance Scams Enter the Chat

So much for love being wasted on the young. While just 35% of 50-somethings and 29% of 60-somethings reported fraud in 2024, a new fraud crept into both of their top five: romance scams.4 These scams are rampant and costly. In most states, romance scams are among the top two most costly frauds.9

The 50s and 60s are when losses really start to get eye-popping. FBI data from 2023 showed the average cost of a reported cybercrime for 50-somethings rose to $25,787, up nearly $8,800 from the 40s — the largest jump yet by decade.15 Losses grow again to an average of $33,640 per incident in the 60s and beyond.

Tip for 50- and 60-somethings: Don't look for love in all the wrong places. Read "Could You Fall in Love with a Fraudster? How to Spot Romance Scams" to recognize the signs of this heartbreaking imposter scam.


70s, 80s, and Beyond: Elderly Victims Report Less, But Lose (Much) More

Despite the lower frequency of fraud reports among the elderly, there's good reason entities like the Department of Justice and the Consumer Protection Bureau are putting extra effort into fighting elder fraud: Older victims lost massive amounts of money to scammers.10,11 According to the FBI's 2024 Elder Fraud Report, reported losses from victims older than 60 increased 11% between 2022 and 2023, after rising 84% the previous year.12,13

And while only 24% of 70-somethings and 21% of people 80-plus reported fraud, it's important to note the difference between reported crime and total crime.4 "We know that the vast majority of elder abuse cases go unreported and that their victims remain unseen," asserted the U.S. Attorney General's 2023 report to Congress, which includes neglect, financial exploitation and fraud as forms of elder abuse.14

Two new fraud types appeared in the top-five categories for the oldest victims in the FBI's 2023 Internet Crime Report. Tech support scams were common for everyone 70 and older, and prizes, sweepstakes and lottery scams were common for those 80 and older. The FBI reported that 58% of all losses to tech support scams are those 60-plus.15 In the FBI's latest report for 2024, tech support scams raked in $1.4 billion in losses.

Tip for folks 70 and older: Elder fraud is scary, but consumers have some powerful resources in their corner. Read "Elder Financial Abuse Is on the Rise: Trending Frauds and Resources" to access education and support.

Yes, elderly folks have a unique vulnerability to fraud. But the data clearly shows that every age group has its own distinct vulnerabilities as well. No matter your age, it's critical to be aware of your fraud risk and take steps to protect yourself and your family. If you believe you have been a victim of fraud, follow the steps outlined in our article "What to Do if You Are a Victim of Fraud."

Recent

Important disclosure information

This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Charlotte Cowles, "The Day I Put $50,000 in a Shoe Box and Handed It to a Stranger," The Cut, published February 15, 2024. Accessed May 12, 2025. Back
  2. Ryan Browne, "This influencer was scammed out of thousands in crypto — and has a tip to help you avoid fraud," CNBC, published October 15, 2024. Accessed May 12, 2025. Back
  3. Tobi Opeyemi Amure, "The Surprising Truth About the Age Group Most Likely to Fall for Financial Fraud," Investopedia, updated April 17, 2025. Accessed September 5, 2025. Back
  4. Federal Trade Commission, "Consumer Sentinel Network Data Book 2024," published March 2025. Accessed May 12, 2025. Back
  5. Internet Crime Complaint Center, "Internet Crime Report 2024," Federal Bureau of Investigation, published April 2025. Accessed May 12, 2025. Back
  6. DCDX, "Gen Z Screen Time Report," published December 2024. Accessed May 12, 2025. Back
  7. Olivia Little, "Scammers seem to be using deepfake and AI-generated influencers on TikTok to sell you wellness products," Media Matters, published March 4, 2025. Accessed May 12, 2025. Back
  8. Emily Lockwood, "Why you should be concerned about identity theft," LifeLock by Norton, published January 14, 2025. Accessed May 12, 2025. Back
  9. Federal Trade Commission, "FTC Consumer Sentinel Network Fraud Report Subcategories by State," Tableau Public, published March 7, 2025. Accessed May 12, 2025. Back
  10. U.S. Department of Justice, "Elder Justice Initiative (EJI)," accessed May 9, 2025. Back
  11. Consumer Financial Protection Bureau, "Preventing elder financial abuse: Guide for family and friends of people living in nursing homes and assisted living communities," published November 2021. Accessed May 12, 2025. Back
  12. Internet Crime Complaint Center, "Elder Fraud Report 2023," Federal Bureau of Investigation, published May 2024. Accessed April 22, 2025. Back
  13. Internet Crime Complaint Center, "Elder Fraud Report 2022," Federal Bureau of Investigation, published 2023. Accessed April 22, 2025. Back
  14. Office of the Attorney General, "Annual Report to Congress on Department of Justice Activities to Combat Elder Fraud and Abuse," U.S. Department of Justice, published October 18, 2023. Accessed May 12, 2025. Back
  15. Internet Crime Complaint Center, "Internet Crime Report 2023," Federal Bureau of Investigation, published May 2024. Accessed May 12, 2025. Back