what age group according to the fbi consider the age for getting scammed?

Reports of fiscal crimes confronting the elderly are on the rising:

• Older people are swindled out of more than than $3 billion each twelvemonth.
• More than than iii.5 1000000 older adults are victims of financial exploitation each year.
• Seniors targeted by fraudsters suffer an average loss of $34,200.

People of any age group can exist targeted past scammers. However, those over the historic period of sixty are often more than vulnerable, and victims over 80 report even higher financial losses.

Financial loss by age group

Losses from fraud aren't uniform beyond age groups, and older people tend to lose more money due to fraud than younger people. In 2019:

• People ages 20 to 59 had lower median losses than older people.
• Those who were 70 to 79 suffered a median loss of $600.
• For adults over 80, the median loss is $i,600.

Tiptop financial scams targeting seniors

According to the Federal Trade Commission (FTC), the types of fraud older Americans are most likely to fall victim to are:

1. Online shopping scams
2. Tech back up scams
3. Imposter scams
4. Romance scams
5. Sweepstakes scams
6. Other scams

The Federal Trade Commission as well keeps records of how these scams are carried out:

• Scam phone calls: 16,000 cases reported a loss, with a median cost of $1,500.
• Online theft: 10,000 cases reported a loss, with a median cost of $395.
• Consumer-initiated contact: half dozen,000 cases reported a loss, with a median toll of $300.
• Email scams: four,000 cases reported a loss, with a median cost of $500.
• Mail fraud: 1,000 cases reported a loss, with a median cost of $one,800.

Based on this data, phone calls appear to be the medium of choice for scammers. The Federal Communications Commission (FCC) estimates there are well-nigh 2.4 billion robocalls made each calendar month. Robocalls often utilize spoofed area codes to announced like they are calling from the victim'south local surface area or with the caller ID of a authorities agency. Typically, an automatic message volition and then inform the victim that they owe money or need to accept immediate action on an outcome.

1. Online shopping scams

Although online shopping is the virtually widely reported type of fraud amidst older Americans, people over the age of 60 study fewer dollars lost here than with many other types of fraud. Withal, people over 60 reportedly lost at least $14 million from online shopping scams last year.

While the internet has become many people'south primary means of shopping, it's too become dwelling to scammers posing as online retail stores. Sometimes these websites volition appear legitimate, and the domain name may fifty-fifty be a slight modification of a well-known brand. Consumers are oft lured into these sites by their low prices, only the products they advertise are drastically different from what'southward received — if the buyer gets anything at all.

It can exist hard to place these scams, though. Try reading reviews nearly the company on third-party websites, and be wary if an online merchant asks you to pay in an unconventional way, like with a money club or wire transfer.

2. Reckoner tech back up scams

Tech support scammers tell victims their computers have problems or viruses that they can help resolve. They then make coin by asking victims to pay for services that aren't needed. In 2019, tech support scammers stole $24 million from victims over 60.

Sometimes, these scammers call people directly, warning nigh "reckoner problems," but the most common way tech support scammers connect with victims is online. On certain websites, popular-up warnings may announced, warning users of a virus or security issue on their computers. Though the message sounds urgent and may employ official-looking logos, information technology's just a way to trick the user into making contact and sending coin.

Oft, tech scammers merits they are from a well-known company similar Microsoft or Apple tree. However, most major tech companies say they do non contact customers nigh these problems. When these pop-ups announced, simply close out the tab and ignore the warning.

Scammers may also ask for remote admission to your calculator. While legitimate computer care companies may do this to resolve technical bug, you lot shouldn't grant remote access if you oasis't vetted whoever's on the other end.

iii. Imposter scams

Imposter scams tin take many forms — fraudsters may pose equally officials from government agencies, banks, friends or family unit members to trick people into revealing depository financial institution business relationship numbers, passwords and other personal data.

Family unit imposter scams

In family unit imposter scams, fraudsters pose equally a loved i either by creating an online profile that looks like them or hacking personal emails or social media accounts. They will often claim an emergency has left them in drastic need of coin and asking an immediate transfer of funds.

If a family member is asking yous to transport them money online, information technology's important to vet the person y'all're talking to and ask them questions just your loved one would know. It's also of import to avoid sending money immediately. Scammers bank on your fear and anxiety, just if you accept a moment to call your relative direct, you tin can confirm if they really need your help.

Authorities imposter scams

Of those who report government imposter scams, only 6% say they lost money, co-ordinate to the FTC. People over the age of 80 suffered a median loss of $2,700 in these types of scams, though.

Seniors are often targeted because they usually accept practiced credit.

Social Security Administration imposter scams

Social Security imposters may tell victims that their SSN has been linked to criminal activity and/or suspended. The scammer will claim they can reactivate the number once the victim confirms their SSN. Other Social Security scams may tell victims their benefits are eligible for an increase and asking that they confirm their name, date of nascence and SSN. Both of these approaches are ploys to gain admission to personal information that tin can be used to admission private accounts and personal finances.

Actual representatives from the Social Security Administration won't ask for your SSN over the phone, nor will they initiate contact if you haven't recently been in affect with them. Warnings of arrest, the break of your Social Security number or the loss of benefits are as well signs that the notice is a scam.

Internal Revenue Service imposter scams

Some other one of the well-nigh prominent authorities scams is IRS impersonation. This blazon of scam ordinarily involves calling victims directly and telling them they owe taxes that, if not paid, could lead to their arrest or other legal action. The scammer's goal is to intimidate victims into immediately sending the requested money or providing personal information, like bank account or Social Security numbers.

The Department of the Treasury recommends immediately hanging up if yous receive a phone call matching these characteristics. If at that place's an upshot with your taxes, the IRS will typically transport a notice in the mail first. The IRS also volition never ask for personal financial information similar PINs, passwords or credit bill of fare numbers.

The Treasury Inspector General for Tax Administration (TIGTA) reported that the states with the most losses due to IRS scams are:

• California: Over $10 million lost
• New York: Over $4 million lost
• Texas: Over $four million lost
• Illinois: Over $3 million lost
• Florida: Over $2 1000000 lost

TIGTA has been working to thwart the efforts of these scammers by sending cease-and-desist letters, asking telephone companies to close down the numbers committing these crimes, publishing phone numbers associated with this fraud and educating the public on identifying these scams.

4. Romance scams

In 2020, total reported losses to romance scams hit a high of $304 million, making them the leading cause of fraudulent financial loss across all age groups. Romance scams have been increasing significantly in recent years, cheers to the growing popularity of online dating. Since 2016, the reported number of romance scams has virtually tripled. Though older people are the to the lowest degree vulnerable age grouping to romance scams, people ages lxx+ had the highest median loss from this type of fraud, at $ix,475.

… people ages 70+ had the highest median loss from this type of fraud, at $9,475."

Typically, a romance scammer volition create a fake profile on dating sites or social media, then accomplish out to vulnerable people and develop a relationship through chatting or texting. Scammers by and large make excuses for why they can't come across in person. COVID-nineteen facilitated these excuses for scammers; the FTC cited that some scammers said they were unable to see due to a COVID-xix examination.

At some point, romance scammers ask their victims for money. Gift cards are becoming a more common medium to receive funds, with reports of souvenir carte requests increasing by 70% concluding year. The FTC also warns that, in some cases, scammers may send money to victims starting time and then enquire for information technology back, usually suggesting the scammer is harboring stolen funds.

To avoid losing money to romance scams, people should never transport money to someone they haven't met in person. Additionally, a reverse image search of the pictures on a suspicious contour can place if their photos are stock photography or of someone else.

five. Sweepstakes scams

In 2020, the FTC received over 116,000 reports nearly sweepstakes- and lottery-based scams. Victims of all ages lost a total of at least $166 million, with a median loss of $1,000. According to the Amend Business concern Bureau (BBB), this type of scam usually targets older people, though.

Sweepstakes fraudsters oftentimes make contact through post, phone calls, email or social media. Social media at present accounts for one-third of reported lottery scams, according to the BBB. In the typical blueprint of a sweepstakes fraud, the victim is congratulated on winning a massive amount of money. In order to receive it, though, they must pay a processing fee or revenue enhancement. The amount the scammer asks for will vary, just if someone pays it, they volition usually call asking for more than money in guild to deliver the prize to them.

True sweepstakes by and large country "no purchase necessary," and winners should never be asked to transport money to merits their prize. Legitimate lotteries like Mega Millions or Powerball sell tickets, but they will never accuse participants money to receive their prizes.

6. Other types of financial scams

Timeshare sale and resale scams, investment scams and wellness insurance scams ordinarily are prevalent among people over 60. Timeshare sale and resale scams conned over $30 million total from people over the age of 60 in 2019. People in this historic period group also reported $25 one thousand thousand in full losses from investment scams.

In other scams, criminals may appear in person and claim they tin repair whatsoever issue in the victim'southward house. These scammers will ask for accelerate payment but either never return or steal victims' identities.

Fraudsters are always finding new methods to trick people into giving them money. Whether or not the method is listed hither, it's important to be skeptical of anyone who is request for advance or immediate payment, especially via gift menu or wire transfer. When in doubt, don't send whatsoever of the requested money, and talk to someone you lot trust virtually the potential scammer who contacted you.

For more than, find out what consumers demand to know about identity theft, how to find the best identity theft protection services and how to find the all-time credit monitoring services.

Preventing and responding to financial crimes confronting the elderly

If y'all've been contacted by a fraudster, whether or not y'all've lost money, it'due south helpful to file a complaint. Groups that respond to these crimes include the Better Business Bureau, the Federal Trade Commission and the FBI's Net Crime Complaint Heart.

If you've lost money to a scam, it'south possible to contact your banking company or credit/debit card company and ask them to void the payment. However, it's harder to recover the funds with scams that utilize gift cards or wire transfers.

If you were a victim of a scam, other individuals or groups might try to con you again, and so don't send money to anyone else calling with a similar suspicious story. You lot should go along to report these fraud attempts to the appropriate authorities, too.

You can besides add your phone number to the National Exercise Not Phone call Registry. This list was created in 2003 to reply to a growing number of directly-sales companies clogging upward people's telephone lines. Robocallers often ignore whether or not you're on this list, but information technology can yet exist a good offset step for reducing these types of calls.

Near senior financial scam statistics

It'southward hard to understand how widespread fraud is because the data is oftentimes underreported, especially amongst the senior population. One study in New York State suggested that for every 44 fraud cases, only ane is reported, and data from the Federal Trade Commission suggests seniors are 94% more likely to report fraud attempts if they haven't lost any money. This hesitancy to report can be due to shame and older people non wanting to warning family members most an disability to manage their finances.

Across all age groups, the Federal Trade Committee documented 4,720,743 incidents in 2020 lonely. Since 2010, the total number of fraud, identity theft and similar reports has increased by 221%. This doesn't necessarily mean that more than scams are happening, though — it could propose that more victims are reporting fraud than in previous years.

Additionally, simply nigh half of scams reported to the FTC include historic period information. Among consumers who included their age, there were 318,850 reported cases victimizing people over lx, according to the near recent study at the time of publishing.

Bottom line

Seniors are especially vulnerable to financial scams considering most of them are on a fixed income, according to recent elderly poverty statistics. For more info on how to navigate life after retirement, explore our elder intendance planning resource.

Article sources

ConsumerAffairs writers primarily rely on regime data, industry experts and original inquiry from other reputable publications to inform their work. To learn more virtually the content on our site, visit our FAQ page.

1. Consumer Financial Protection Bureau (CFPB), "Suspicious Activity Reports on Elderberry Financial Exploitation: Issues and Trends." Accessed May 20, 2021.
2. Federal Bureau of Investigation (FBI), "Elder Fraud." Accessed May 9, 2021.
3. The Federal Trade Commission (FTC), "Consumer Sentinel Network: Data Book 2020." Accessed May ix, 2021.
4. Marketplace, "Age of fraud: Are seniors more vulnerable to financial scams?" Accessed May 9, 2021.
5. The Federal Trade Commission (FTC), "Protecting Older Consumers: 2019 - 2020." Accessed May 9, 2021.
6. AARP, "Social Security Scams." Accessed May nine, 2021.
7. The Treasury Inspector General for Tax Administration (TIGTA), "IRS Impersonation Scam." Accessed May 9, 2021.
8. The Federal Trade Commission (FTC), "Government imposter scams top the list of reported frauds." Accessed May 9, 2021.
9. Better Business Bureau (BBB), "Sweepstakes, Lottery and Prize Scams." Accessed May ix, 2021.
10. AARP, "Understanding Computer Security." Accessed May 9, 2021.
11. The Federal Trade Commission (FTC), "Romance scams accept record dollars in 2020." Accessed May 9, 2021.
12. The Federal Trade Commission (FTC), "Scammers Utilise Simulated Emergencies to Steal Your Coin." Accessed May 9, 2021.
13. U.S. Securities and Exchange Commission (SEC), "FBI and OIEA Warn Public that Fraudsters are Targeting Owners of Timeshares in Mexico." Accessed May 9, 2021.
14. Department of Financial Protection and Innovation, "Preventing and Reporting Elderberry Financial Abuse." Accessed May 27, 2021.

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