The agency estimates the real number is $81.5 billion when including unreported cases.
Investment firms can pause a redemption (a withdrawal) from certain funds for up to 15 days if they suspect an older adult or disabled person is being financially exploited. If the firm confirms exploitation, it can extend the pause another 10 days. The CEO of Weokie Federal Credit Union, Jeff Carpenter, says pausing is key.
"Whenever there's a sense of urgency … you have to pause," he said. Scammers often push victims to act fast, he noted. "If they can create a sense of urgency and get you to move the money quickly, it could be hard to get it back."
Large scams are driving the numbers. About $1.6 billion of the 2024 losses - 68% - came from individual scams of $100,000 or more.
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The problem is even bigger when unreported fraud is counted. Across all ages, fraud losses reported to the FTC hit a record $15.9 billion in 2025, up 27% from $12.5 billion in 2024 and 430% since 2020.
Rep. Ann Wagner, R-Mo., the bill's lead sponsor, said the measure is a commonsense step. "Many seniors and vulnerable adults need that extra layer of defense from fraud that has become tragically common in today's world," she said. In one case, scammers aided a 76-year-old woman in opening a crypto account, then convinced her to transfer $50,000 by falsely claiming her credit union account was compromised and that this move would safeguard her funds. Authorities reached out to the victim's daughter, who was a joint account holder, the police were notified, and the funds were retrieved the following day.
Whether or when legislators will consider the House-approved bill or its Senate counterpart, S. 2840, currently awaiting action in the Banking Committee, remains uncertain. A similar bill passed the House in 2023 with a 419-0 vote but expired because the Senate never took it up.
Furthermore, the legislation directs the Securities and Exchange Commission, working alongside other designated federal agencies, to produce a Congressional report within a year exploring regulatory and legislative approaches to lessen financial exploitation of vulnerable adults. Firms that join the program must request that customers designate a trusted person to alert if exploitation is suspected. Currently, the Financial Industry Regulatory Authority requires brokerages to try to include a trusted contact on accounts, though investors are not obligated to provide one.
Jeff Carpenter also warned about scam tactics. "Any time someone says, 'Don't tell anyone this,' or they're encouraging you to be secretive or asking you to make up a story … that's got to be suspect," he said.
The Senate's next move will determine if this bill becomes law, giving fund companies a new way to protect older investors.
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