From data included in Visa’s fall 2024 threat report and FTC consumer sentinel reports spanning 2017-2024, we identified several worrying trends in online scams targeting the elderly, and how AI is increasing the threat.

The data shows that while the overall number of reports has not grown as dramatically as in previous years, the average dollar loss per incident is rising sharply. Scammers are becoming more sophisticated, focusing on higher-value targets and more convincing narratives.

Leading scam types

The ten most common categories of consumer fraud reveal both long-standing threats and rapidly emerging risks:

• Imposter scams: 845,806 reports, $2.95 billion in losses, median loss around $800.
• Online shopping scams: 383,441 reports, $432 million in losses, median loss $130.
• Job and business opportunity scams: 126,217 reports, $751 million in losses, median loss $2,250.
• Investment scams: $5.7 billion in losses, median loss $9,200, highest total losses of any category.
• Tech support scams: 118,261 reports, $164 million in losses, median loss $300.
• Prize and sweepstakes scams: 97,350 reports, $351 million in losses, median loss $1,000.
• Additional top categories include phone and telecom fraud, health care and Medicare scams, travel/timeshare scams, and mortgage or debt relief fraud.

Total reported losses by scam type

Key trends in scam tactics

Several long-term patterns are reshaping the fraud landscape:

1. Losses growing faster than reports: For example, job scams saw losses rise from $90 million in 2020 to $501 million in 2024, a growth rate of more than 450 percent.
2. Digital contact dominates: Social media is now one of the most common entry points for scams. The FTC reported $1.9 billion in total losses via social media contact in 2024 across all scam types. Text message scams caused $470 million in losses, five times the amount in 2020.
3. Targeting of older adults: Seniors are disproportionately affected by tech support, prize scams, and Medicare-related fraud. Adults over 60 are five times more likely to report losing money to tech support scams compared with younger adults.
4. Shift toward high-value scams: Investment fraud, particularly involving cryptocurrency, now accounts for the single largest share of total reported losses.
5. Persistent pandemic-era scams: Fraud schemes that emerged during the pandemic, such as fake job offers, travel cons, and health care scams, remain widespread but have adapted to new consumer behaviors.

Total reported losses by contact method

Cost to the US public

Median losses vary significantly by scam type, indicating that not all fraud has the same financial impact on victims:

• Online purchase scams often involve small sums but have high success rates, with 76 percent of victims reporting a loss.
• Investment scams target large amounts, often wiping out significant savings in a single transaction.
• Job and business opportunity scams carry some of the highest median losses due to upfront “fees” and fraudulent check schemes.

These differences are important for prioritizing consumer protection and education efforts.

Median loss by scam type

The 2024 data confirms that fraudsters are opportunistic and adaptable. They exploit current events, economic pressures, and technological trends to refine their tactics. Consumers face risks whether shopping online, responding to a text message, engaging on social media, or answering the phone.

Regulatory agencies such as the FTC, FBI Internet Crime Complaint Center, and Better Business Bureau continue to stress that awareness and prompt reporting are the most effective tools for reducing losses. No legitimate organization will demand payment via cryptocurrency, gift cards, or wire transfer for urgent matters.

The challenge for 2025 and beyond will be closing the gap between scam awareness and consumer behavior, ensuring that more people recognize red flags before money changes hands.