The FTC report highlights that reported losses by older adults to investment scams soared to $538 million in 2023, revealing a significant impact on seniors’ financial security.
Seniors, particularly those aged 80 and over, have been disproportionately affected, losing approximately $48 million from scams alone, severely impacting their retirement and healthcare finances.
Common scams include fake cryptocurrency and impersonation schemes, such as tech support scams where individuals pretend to be Microsoft employees to gain trust.
Romance scams also pose a threat, with many seniors feeling compelled to invest in opportunities suggested by online romantic partners, adding another layer of vulnerability.
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