Here's an overview of elder financial abuse statistics, common scams, and prevention tips to protect seniors from fraud.

Key Statistics

• Annual Losses:
• Older adults lose over $3 billion to financial crimes annually.
• Average individual loss: $34,200.

• Over 3.5 million seniors are victims of financial exploitation each year.

• Age & Impact:

• Median loss for seniors (70 - 79): $600.
• Median loss for seniors over 80: $1,600.
• Those over 80 often report even greater financial losses compared to younger age groups.

Common Scams

• Online Shopping Scams:
• Fake websites mimic legitimate retailers.
• Victims lost $14 million last year.

• Red flags: Unconventional payment requests (e.g., wire transfers).

• Tech Support Scams:

• Fraudsters claim to fix nonexistent computer issues.
• Total losses in 2019: $24 million.

• Avoid granting remote access to unsolicited parties.

• Imposter Scams:

• Fraudsters pose as family members or government agencies.
• Social Security scams: Victims over 80 report median losses of $2,700.

• IRS scams: States with highest losses include California ($10M) and New York ($4M).

• Romance Scams:

• Median loss for those 70+: $9,475.

• Scammers feign romantic interest to extort money, often through gift cards.

• Sweepstakes Scams:

• Victims are told they \"won\" but must pay fees to claim their prize.

• Median loss: $1,000.

• Other Scams:

• Timeshare resale scams: $30M lost by seniors in 2019.
• Investment fraud: $25M lost in the same year.

How Scams are Carried Out

• Phone Calls: Most common medium; median loss $1,500.
• Online Fraud: Median loss $395.
• Email Scams: Median loss $500.
• Mail Fraud: Highest median loss at $1,800.

Robocalls remain a significant threat, with nearly 2.4 billion calls made monthly. Scammers use spoofed caller IDs to appear legitimate.

Prevention & Response

• Preventive Measures:
• Add your number to the National Do Not Call Registry.
• Verify suspicious contacts by consulting official sources or family.

• Never send money through gift cards or wire transfers.

• Reporting Scams:

• File complaints with the FTC, BBB, or FBI Internet Crime Complaint Center.

• Alert your bank or card provider to reverse unauthorized payments.

• Education & Awareness:

• Share scam prevention resources with seniors.
• Encourage open discussions about financial safety to reduce stigma and increase reporting.

Summing it up

Elder financial abuse is widespread and costly, with scammers preying on seniors"9 trust and financial stability. Awareness, vigilance, and prompt action are the best defenses. For more protection, consider identity theft or credit monitoring services. "

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