Older Americans Under Attack

(TheRedAlertNews.com) – In a time when older Americans find themselves increasingly targeted by financial scams, the statistics reveal a crisis demanding urgent attention.

See more information on how to avoid scams in the tweets below!

Older adults, often living on fixed incomes, fell victim to nearly $2 billion in scams and fraud in 2023 alone.

As this unfortunate trend grows, it’s clear that a furious backlash is required to protect these valuable members of our community.

Older Americans lost nearly $2 billion to scams and fraud in 2023, a staggering statistic that underscores an alarming reality.

According to CNBC, the number of adults aged 60 and over reporting financial losses exceeding $100,000 has more than tripled since 2020.

Unfortunately, due to significant underreporting, the actual loss figure could exceed $60 billion.

The FBI reported a significant increase in internet crime targeting older Americans, with average losses exceeding $34,000 in 2023.

Older adults remain 60% more likely than their younger counterparts to report six-figure losses.

Transformative life savings are vanishing, leaving these individuals in financially devastating predicaments.

Older victims tend to report higher financial losses, with people in their 70s losing an average of $800 and those in their 80s losing an average of $1,400.

Such losses are particularly catastrophic given their limited opportunities to recover financially.

These financial storms upset lives, breeding anxiety and insecurity at a time when they should be enjoying their golden years.

Imposter scams, tech support scams, and romance scams emerge as the most common traps for older adults.

Fraudsters utilize tactics such as creating urgency and promoting social isolation.

Many scams further request unusual payment methods to ensure victims remain unaware of their deceit until it’s too late.

Scammers exploit older adults through various techniques, including phishing schemes, investment frauds, and using crypto scams to target their victims.

In 2023 alone, older Americans lost $538 million through falsified cryptocurrency offers.

The need for education and prevention initiatives, such as those offered by the FTC and the National Institute on Aging, becomes increasingly clear.

With the elderly population growing and seniors racking up more than $3 billion in losses annually, elder fraud has remained a growing problem.

Find info on what these scams look like, how to report them, and how to protect yourself and loved ones at: https://t.co/Jcod78IZf1 pic.twitter.com/MYQbNIEtpm

— FBI Philadelphia (@FBIPhiladelphia) October 26, 2024

Did you know older adults (people age 60+) lose more than $36 billion to financial fraud every year?💸 Research shows that older adults are targeted more frequently and lose more money on average than younger victims. Check out more on this topic: https://t.co/5OgoO3iJar #WEAAD pic.twitter.com/bculP5NRLw

— National Institute of Justice (@OJPNIJ) June 10, 2024