How much did scams targeting people over 60 increase by?

Reported losses for consumers over 60 to scams increased by 800% between 2020 and 2024.

What is Suze Orman's first tip to avoid scams?

Suze Orman's first tip is to 'slow down' and not provide any information when contacted by potential scammers.

What should I do if I suspect I'm a victim of fraud?

Immediately contact your financial institution using the number on your statement or card, and report the scam to the FBI's Internet Crime Complaint Center.

Home / Business and Economy / Seniors Targeted: Scams Soar 800% in 4 Years

Seniors Targeted: Scams Soar 800% in 4 Years

27 Nov

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Summary

Scams targeting seniors over 60 have surged dramatically.
Reported losses to scams increased 800% between 2020 and 2024.
Financial guru Suze Orman offers advice to prevent falling victim.

Seniors Targeted: Scams Soar 800% in 4 Years

Individuals aged 60 and above face heightened risks from financial scams, as they may be less technologically adept and possess more accumulated wealth, making them prime targets. The Federal Trade Commission reported an alarming 800% surge in reported losses exceeding $100,000 among this demographic between 2020 and 2024, reaching $445 million.

Financial advisor Suze Orman stresses the importance of a "slow down" approach when encountering suspicious communications regarding financial or computer issues. She emphasizes verifying any purported problems directly with financial institutions through official channels, rather than relying on provided links or numbers. Orman also suggests registering phone numbers on the Do Not Call Registry.

Orman advises against trusting unsolicited callers, regardless of their claimed affiliation with banks, credit card companies, or tech firms. If one believes they have been defrauded, prompt contact with the relevant financial institution is crucial. Reporting scams to the FBI's Internet Crime Complaint Center is also recommended to aid future prevention efforts.