(ReclaimingAmerica.net) – In an appalling crisis going mostly unnoticed by the public, fraudsters are relentlessly preying on America’s seniors, costing them their hard-earned retirement savings at an alarming rate.
See more information on how to avoid scams in the tweets below!
With fraud losses among adults 60 and older skyrocketing, this crisis threatens their financial stability and independence.
In 2023, older Americans reported losing over $1.9 billion to scams and fraud, marking a sharp increase from $1.6 billion the previous year.
However, the Federal Trade Commission (FTC) suggests the actual losses could be much higher, potentially exceeding $60 billion, due to widespread underreporting.
The scamming methods vary from tech support scams to more deceitful traps like romance and investment frauds.
The fraudsters’ tactics contribute significantly to the devastation. They often impersonate trustworthy entities, manipulating their victims through urgency or isolation tactics.
For instance, some scammers pose as officials from government agencies, deceiving seniors into handing over their financial information.
Though older Americans are typically less likely to report fraud, those aged 60 and above have reported significantly higher financial losses, with average losses surpassing $800 for those in their 70s and $1,400 for those in their 80s.
The number of seniors reporting losses over $100,000 has shockingly more than tripled since 2020.
Seniors face overwhelming challenges in recovering their stolen funds as they rely heavily on fixed incomes and savings that aren’t easily replenished.
An increasingly digital world compounds this risk, with the FBI noting a jump in internet crimes against older adults, with average losses exceeding $34,000 in 2023.
Older adults are also particularly vulnerable to troubling investment scams, especially fake cryptocurrency opportunities, which accounted for $538 million in losses in the past year.
It’s a staggering fraud that further endangers their remaining years of financial stability.
To combat these rampant scams, the FTC and National Institute on Aging provide resources and information aimed at spotting and avoiding these frauds.
They also recommend consumers use payment options offering reimbursement protection, like major credit cards, to safeguard against unauthorized transactions.
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
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