Fraud-Related Losses Rise Among Older Consumers

Consumers aged 60 and older lost nearly $440 million to fraud in 2019, a $40 million rise from the prior year, according to a report submitted to Congress today by the Federal Trade Commission. The report details the FTC’s efforts to protect older consumers from fraud through research, law enforcement and education.

The median individual loss for consumers 80 and older declined $100 to $1,600 in 2019 from the prior year according to the report. Romance scams, government impostor scams and prize scams caused the highest reported losses for older adults.

Most fraud against older consumers was conducted over the phone, followed by online scams. Wire transfers hold the top spot for total dollars lost to fraud.