Imposter scams were the most-reported fraud for a fifth consecutive year in 2025, and federal data show the fallout is increasingly concentrated among a small number of victims who lose very large sums. That pattern pushed total reported fraud losses to a record level, making the issue urgent for anyone with bank accounts, retirement savings or online accounts.
Record losses driven by high-dollar schemes
The Federal Trade Commission’s 2025 data show roughly 1 million imposter-scam reports last year. About 80% of people who filed a report said they did not lose money, but the remaining 20% reported losses that together totaled roughly $3.5 billion. Overall, consumers reported about $15.9 billion in fraud losses in 2025 — a near 27% rise from 2024 and the highest amount on record.
Those headline numbers reflect a steep increase in very large frauds. Since 2020, reported losses have climbed nearly 430%, driven in part by scams that strip victims of $100,000 or more.
Older adults hit hardest by the biggest losses
According to the FTC, victims 60 and older appear more likely to report six-figure losses. In filings for 2024, scams that cost at least $100,000 made up about 68% of the $2.4 billion in losses reported by that age group — roughly $1.6 billion. FTC staff warn that while typical losses are modest — the median loss reported was about $700 — a small share of cases involve losses in the high six figures or above.
“We’re seeing a subset of consumers losing extraordinary amounts,” said Patty Hsue, chief of staff for the FTC’s Division of Marketing Practices, noting that some victims report losses exceeding $1 million.
How imposter scams are evolving
Business and government impersonators account for the biggest shares of imposter-related losses. In 2025, scammers posing as companies collected about $1 billion, with bank impersonators topping that category. Government impersonators accounted for roughly $920 million, both figures up from 2024.
Scammers are combining techniques. The FTC describes a hybrid approach that begins with a plausible alert — an email, text or call claiming an account compromise — and then funnels the victim to someone posing as a government official. The fake agent instructs the person to move funds to a so-called safe account; believing they are protecting their money, victims may transfer checking, IRAs or 401(k) balances.
Hsue compared the tactic to a confidence trick that intentionally convinces people to relinquish control of all their assets in the name of protection.
Why scams are harder to spot now
Tools powered by artificial intelligence are making scam messages more polished. “We used to recommend looking for typos and bad grammar,” said Amy Nofziger, senior director of victim support at the AARP Fraud Watch Network. “Those giveaways don’t work as reliably anymore — criminals can make messages look professional and convincing.”
Nofziger also pointed out a reporting gap: while men and women are victimized at similar rates, women tend to report fraud more often. In some cases, a female relative will report a scam after discovering a male family member’s loss.
Practical red flags and what to do
- Unexpected contact: Messages or calls that come out of the blue and demand immediate action are classic scam behavior.
- Pressure or secrecy: Requests to keep a matter confidential or to act quickly are major warning signs.
- Requests for money or personal data: Any ask to send funds, gift cards, account credentials or Social Security numbers should raise alarms.
- Spoofed caller IDs and emails: Displayed names can be faked; verify by contacting the company or agency directly using a known phone number or website.
- Too-good-to-be-true offers: Promises of large sums, prizes, or urgent legal threats are typical manipulation tactics.
If you suspect you’ve been scammed, report it quickly. The FTC and some financial institutions may be able to intervene if contacted within 24–48 hours; after that window it becomes much harder to recover funds. File a report with the FTC online and notify your bank immediately if accounts have been compromised.
Public awareness remains critical. A CFP Board of Standards survey found that about 62% of people say they’ve encountered financial fraud or know someone who has in the past three years. Experts emphasize that scams exploit emotion more than intelligence — anyone can be targeted when a fraudster triggers fear or excitement at the right moment.
For now, the combination of more sophisticated impersonation, AI-assisted messaging and persistent pressure tactics means consumers should treat urgent requests for money or private information with skepticism and verify independently before taking action.
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Jordan Keller specializes in analyzing the US financial markets. With concrete recommendations, he helps you secure and boost your investments by providing strategies that adapt to market fluctuations.