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Scams against older adults: reporting to Congress

Federal Trade Commission

You might have read media stories about older people losing lots of money to scams. It does happen – and FTC data show that when people over 80 report losing money, the amount they lose is a lot higher than the amount younger people lose. But that’s not the whole story. In fact, FTC data also show that people 60 and older are great at reporting the fraud they see – and can be great at avoiding it, too. Because, according to the FTC’s 2017 data, people 60+ are much more likely to report fraud than people in their 20s – but far less likely to say they lost money.

That’s an important part of a report the FTC just sent to Congress last week. The report, “Protecting Older Consumers 2017-2018: A Report of the Federal Trade Commission, also noted the top scams where older people are more likely than younger people to report losing money (tech support scams, business imposters, prizes/sweepstakes/lottery scams, romance scams, and family/friend imposter scams).

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