In 2023, about 4,600 adults age 60 and older reported being defrauded of a six-figure sum, according to a report the FTC issued in October.
Such thefts can be especially devastating to older adults, who have less opportunity to earn back what they've lost, greatly impacting their quality of life in old age, experts said.
Common scams targeting older AmericansConsumers overall lost $10 billion to scams in 2023, a record high, according to the FTC.
Older adults were 60% more likely than younger ones to report losses exceeding $100,000 last year, according to the FTC.
Criminals commonly stole such vast sums from older adults via romance scams, investment frauds and imposter scams, the FTC said.
Persons:
Karl, Josef Hildenbrand, That's, they've, John Breyault, Breyault, Crypto
Organizations:
Getty, Federal Trade Commission, National Consumers League, FTC, Finance, A.I, underreporting, Gallup, Microsoft, Publishers Clearing, Social Security Administration, Federal Bureau of Investigation, FBI