Fraud losses among older adults reached $3.4 billion last year

Fraud losses among older adults reached $3.4 billion last year
McKnight's Senior Living; by Kimberly Bonvissuto; 9/20/24
The types of scams being reported to the federal government haven’t changed much from last year, but losses are on the rise, with the Federal Trade Commission reporting $10 billion in losses to consumers in 2023, $1 billion more than 2022 losses and the highest losses ever reported, according to a new fraud book. During a Thursday hearing on fighting fraud held by the Senate Special Committee on Aging, US Sen. Bob Casey (D-PA), committee chairman, released the group’s ninth annual fraud book, “Fighting Fraud: Scams to Watch Out For,” capturing the most common scams targeting older adults and resources to protect against fraud reported to various sources. FBI data show that fraud losses among older adults reached $3.4 billion in 2023, Casey said.