Scammers get away with billions from elderly Americans every year
How much do elderly Americans lose annually to scams?
Elderly Americans lose an estimated $28.3 billion annually to scams, according to a 2023 AARP study. The Federal Trade Commission estimates the total fraud-related losses to be even higher, at $137 billion in 2022, including $48 billion from older adults1.
What factors contribute to the rise in fraud against the elderly?
The rise in fraud against the elderly is contributed by several factors, including their vulnerability due to age-related cognitive decline, social isolation, and trusting nature. Additionally, older adults often have more financial resources, making them attractive targets for scammers. The growing use of technology and AI also makes it easier for criminals to perpetrate fraud and remain undetected.
How effective are police and prosecutors in combating these scams?
Police and prosecutors face challenges in combating scams, with limited resources and the sheer volume of cases. Investigations can be difficult, especially for international scams involving cryptocurrency or foreign bank accounts. Some departments may not prioritize financial scams, leading to discouragement and demoralization among victims.