In 2022, Americans lost about $8.8 billion to scams, a staggering 30% increase from 2021. The median loss for seniors aged 80 and above was alarmingly higher, at $1,674, compared to the overall median loss of $650 across all ages.
Fraud targeting retirees often exploits their vulnerability; they are less tech-savvy and more available to respond to suspicious calls and emails at home during the day.
Scams aimed at seniors are often perpetrated by someone they know or trust, making it even harder for them to recognize the deceit and protect their finances.
The 'Grandparent Scam' highlights how fraudsters manipulate emotions and relationships, pretending to be in law enforcement and claiming a grandchild needs urgent financial help.
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