Older adults lost a reported $1.9 billion… yes, BILLION… to fraud last year.
A new report from the Federal Trade Commission, says, because most cases of fraud are not reported, the actual number is likely much higher. The report says older adults were:
- more than five times more likely than younger groups of people to report losing money to a tech support scam.
- almost three times as likely to report a loss to a prize, lottery or sweepstakes scam.
- approximately 53% more likely to report losing money to a friend or family impersonation scam.
“Seniors who live alone, have memory issues or don’t understand technology are especially vulnerable. It’s shameful,” said said Austin Blilie, Chief Operating Officer at Tudor Oaks Home Care’s parent organization, ABHM. “Scammers are becoming increasingly sophisticated, so it’s important that we help our senior loved ones understand the risks and take steps to avoid becoming a victim.”
According to the National Institute on Aging, these are the most common scams that target older adults. Continue reading Keeping Older Loved Ones Safe From Scams