The number of older Americans reporting losses of $100,000 or more to fraud has surged to about 4,600 in 2023, up from 1,300 in 2020, according to the FTC. This alarming trend, driven by sophisticated scams like romance and investment frauds, has led to estimated losses of $62 billion among older adults, severely impacting their financial security and quality of life. Experts emphasize the importance of recognizing common scam tactics, such as creating urgency, promoting social isolation, and using unusual payment methods.
