The Federal Trade Commission reported that scams targeting adults older than 60 have continued to increase exponentially, according to an agency analysis.
The combined losses reported by those who lost more than $10,000 to fraud increased eight-fold over the last four years, to $455 million in 2024 from $55 million in 2020.
Seniors are typically targeted with romance scams and other forms of fraud, as criminals look to capitalize on their vulnerability, said Frank McKenna, chief fraud strategist of Point Predictive, which specializes in financial fraud. In December 2024, the Social Security Administration warned that seniors were increasingly being targeted with romance scams.
According to McKenna, elderly people are frequently targeted because they are more likely to have more retirement savings and because they are considered less technologically savvy.
Legislators, aware of the risks seniors face, proposed legislation earlier this year to remove the withdrawal penalty that an account holder would normally face in qualified retirement accounts, if the withdrawal was a result of fraud.
Total losses due to fraud for individuals older than 60 climbed to nearly $700 million in 2024 from about $122 million in 2020. The losses have grown each year since 2020, the report found.
The FTC recommended that seniors could successfully avoid most fraud attempts by never transferring or sending money to anyone following an unexpected call or message; by verifying the authenticity of any caller who claims to be a government official; and by blocking unwanted calls.
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