Beware of Scams Targeting Older Adults - Trust Point

Beware of Scams Targeting Older Adults

elderly man looking at a phone with an unknown caller calling him

Older adults are at a high risk of being scammed.

According to a 2022 BBB Scam TrackerSM Risk Report, those ages 65 and older reported a higher median dollar loss ($199) than the overall media dollar loss ($171), but a lower susceptibility than other age groups. This age group was more likely to pay via check and money orders than other age groups.

Those ages 55-64 reported a higher susceptibility to scams, but had a lower median dollar loss ($150) than the overall loss by consumers. This age group reported prepaid credit cards as their most common method of payment.

Although scammers are becoming more advanced in technological ways to scam people, those ages 65+ were more likely to lose money than all other age groups when contacted via phone or postal mail. This format of scamming still works for this age group.

Riskiest Scam Types for Adults Ages 55+

What types of scams are the most common for those aged 55+?

Ages 55-64

  1. Online Purchase Scams
  2. Employment Scams
  3. Sweepstakes/Lottery/Prizes Scams

Ages 65+

  1. Home Improvement Scams
  2. Online Purchase Scams
  3. Cryptocurrency Scams

As these findings show, technology overall is playing a role in people being scammed out of their hard-earned money, especially when making online purchases.

Be cautious of giving out personal information, and always think twice and raise questions before clicking any links if something looks suspicious.

Read the full report:

Related Posts

I’m Interested in Your Services Question about my 401(k)