FBI: Americans Over 60 Lost $7.7 Billion to Fraud in 2025 — and One Password Mistake Opens the Door

Older Americans are often the targets of online and digital scammers. Last year, people age 60 and older filed 201,266 complaints and saw roughly $7.7 billion in losses — up 59% from 2024, according to the Federal Bureau of Investigation's 2025 internet crime report. The average loss was $38,500, but 12,444 complainants lost more than $100,000.

As technology becomes more sophisticated, there are plenty of ways that cyber criminals can access your personal information. But one tactic is easily preventable: password stealing. While it's convenient to use one password for several accounts, doing so also comes with significant risk. If a hacker is able to steal your password for email, they may also have access to your banking, Medicare, Social Security accounts and more if you don't use a unique password for every new account. A strong password strategy is key to keeping your information safe.

Why password reuse is especially dangerous in retirement

When you use the same password for many of your accounts, the weakest link can create substantial vulnerability risks. While financial institutions and corporations invest heavily in cybersecurity, hackers are still able to obtain password information.

It may not be a big deal if your password for one site gets hacked and you don’t use the same password anywhere else. You can make sure your information and money is secure, report the situation if not and change the password. However, if you use that same password for all of your accounts, a hacker may be able to get into your bank account, make changes to your Social Security benefits, make purchases or take out a loan under your name and infiltrate other accounts.

You’re definitely not alone if you have been using the same password for all of your accounts, but it’s time to change your passwords. You can start by changing passwords for your most important accounts and moving down the list. Keep in mind that if a hacker gets into your email account, they may be able to reset passwords for banks, brokerages, retirement plans, credit cards, health care portals and anything else.

The Federal Trade Commission (FTC) has identity theft resources that can help people who become victims. However, it’s best to avoid becoming a victim at all by taking the extra time to protect your accounts.

What retirees should do instead

It’s best to give all your accounts unique, strong passwords — unpredictable sequences of letters, numbers and characters. Password manager tools can store passwords on your behalf so you have unique passwords without any issues with logging into accounts.

You can also boost your online security with multi-factor authentication. A hacker who obtains your username and password would then have to type a code sent to your smartphone, email or authentication app. Receiving a code without attempting to log into your account may indicate that your account is compromised. Change your password right away.

Retirees can share account access instructions with trusted contacts. That way, a friend or family member can access your account in the event of an emergency.