Senior Scams Soar: $700M Vanished in 2024—Protect Your Wallet!
In 2024, online scams cost Americans aged 60 and older a whopping $700 million, highlighting a surge in fraud targeting seniors. Common tactics include impersonation and fake crisis scenarios. The Federal Trade Commission advises skepticism, as scammers often masquerade as the FTC itself, demanding actions the real agency would never request.
Hot Take:
The only thing scarier than growing old is growing old and losing your life savings to Internet scams. In 2024, it seems that digital fraudsters decided to throw a senior citizen-themed party, and the RSVP list was appallingly long. If your grandma suddenly claims she’s buying Bitcoin, it might be time for an intervention!
Key Points:
- Seniors in the USA lost $700 million to online scams in 2024, a sixfold increase from 2020.
- Losses over $100k skyrocketed to $445 million, an eightfold increase since 2020.
- Common scam tactics include impersonation, fake crises, and urgent phone calls.
- Scammers often pose as government agencies or well-known companies.
- Total fraud losses in the US reached $12.5 billion in 2024, up 25% from 2023.
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