"Americans lost at least $16.6 billion to scams in 2024, according to the FBI, and the real number is almost certainly far higher because many victims never report the crime. Much of this crime involves online scams, and although anyone can be a victim, older Americans are frequent targets. Not only do they often have larger nest eggs, but scammers also exploit factors such as trust in what appear to be legitimate institutions, a greater likelihood of answering unknown calls, and, in some cases, less familiarity with newer technologies."
"One of the most common scams is phishing: fake emails, texts, social media messages or phone calls that impersonate legitimate organizations such as banks, Amazon, Microsoft or the IRS. These messages often create a sense of urgency, warning that 'your account will be suspended,' that 'you may have been a victim of fraud,' or that you have a 'weak password' or have already been compromised. Online scams typically direct you to fraudulent websites designed to steal your login credentials or other personal information."
"Organizations such as Microsoft, Amazon and the IRS generally will not contact you out of the blue with urgent warnings about your account. If you ever receive a message that you think might be legitimate, such as one that appears to be from your bank, contact the company directly or go to its website by typing the address into your browser rather than clicking on any links in the message. Always double-check the web address to make sure it's accurate and not something that only looks similar."
Americans lost at least $16.6 billion to scams in 2024, though the actual figure is likely higher due to underreporting. Older Americans are frequent targets because they often have substantial savings and are vulnerable to exploitation through trust in legitimate-appearing institutions, willingness to answer unknown calls, and limited technology familiarity. Those over 60 lost more than $4.8 billion in 2024. Phishing represents a common scam method using fake emails, texts, social media messages, or calls impersonating banks, Amazon, Microsoft, or the IRS. These messages create urgency with warnings about account suspension, fraud, or weak passwords, directing victims to fraudulent websites to steal credentials or personal information. Romance scams target people of any age, typically beginning on dating apps or social media with scammers claiming overseas locations while building emotional trust before requesting money.
Read at The Mercury News
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