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Seniors Targeted: Scams Soar 800% in 4 Years
27 Nov
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.
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.
