Fighting fraud against older adults | Consumer Advice

Oct 18, 2023 · A court required PCH to turn over $18.5 million to the FTC to use for customer refunds. While younger people were still more likely to report losing money to fraud than older people, reports to the FTC showed that, during 2022, older adults: reported losing more than …

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Fighting Fraud Against Older Adults | Consumer Advice

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FTC Issues Annual Report To Congress On Agency's ...

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Oct 18, 2023 · The report, Protecting Older Consumers, 2022-2023, A Report of the Federal Trade Commission, finds that older adults reported losing more than $1.6 billion to fraud in …

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Examining Financial Fraud Against Older Adults

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Mar 20, 2024 · The percentage of persons age 60 or older in the United States increased by 33% from 2010 to 2020 and is expected to continue to grow. [1] The Better Business Bureau …

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Worry About Scams And Fraud Is High Among Coloradans - AARP

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1 day ago · However, despite their greater online presence, younger adults are less diligent in monitoring their accounts regularly (67%) compared to older adults (74%), which increases …

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FAQs about Fighting fraud against older adults | Consumer Advice Coupon?

Are older adults more likely to report fraud?

As in prior years, the analysis of fraud reports received by the FTC in 2022 showed that adults aged 60 and over were substantially less likely to report losing money to fraud than adults aged 18-59. When they did report losing money, though, they tended to report losing substantially more than younger adults. ...

Are older people more likely to lose money to fraud?

In 2022, as in previous years, younger consumers were more likely to report losing money to fraud than older adults, but older adults who did report losing money reported higher median individual losses (see Figure 2). People 80 and over reported median individual losses of $1,750, far higher than any other age group. ...

How is financial fraud handled in older adults?

Financial fraud of older adults is rarely handled through the criminal justice system. Older fraud victims are unlikely to report the incident to the police. Prosecutors and law enforcement may be less interested in pursuing legal action when the victim is an older adult, especially one who has cognitive difficulties. ...

What does the FTC report say about scams against older adults?

The report, Protecting Older Consumers, 2023-2024, A Report of the Federal Trade Commission, also outlines a number of actions taken by the FTC-led Scams Against Older Adults Advisory Group, which was created as a result of 2022’s Stop Senior Scams Act. ...

How much money do older adults lose to fraud in 2023?

The report finds that older adults reported losing more than $1.9 billion to fraud in 2023. Because the vast majority of frauds are not reported, this figure represents only a fraction of the overall cost of fraud to older consumers in 2023, which the FTC estimates may be as high as $61.5 billion. ...

How much does fraud cost to older consumers?

Because the vast majority of frauds are not reported, this figure represents only a fraction of the overall cost of fraud to older consumers, which the FTC estimates to be as high as $48 billion. ...