Summary
Reports of older adults losing over $100,000 to scams have tripled since 2020, per the FTC, with 4,600 cases in 2023 compared to 1,300 in 2020.
Older Americans lost $1.9 billion to fraud last year, with the actual losses likely closer to $62 billion due to underreporting.
Common scams include romance, investment (notably fake cryptocurrency), and imposter scams. The psychological and financial toll is severe, especially for retirees.
Experts urge vigilance against red flags like urgent demands, social isolation tactics, and unusual payment requests like gift cards or cryptocurrency.
I’ve watched like a 500+ hours of Kitboga while working from home.
I AM immune to these scams hahaha
They come up with new and more complicated shit all the time. First step to avoiding them, is knowing you are not immune and being wary of them.