Scammers target seniors more than any other age group, and the financial impact on their lives can be devastating. According to a 2023 FBI report on elder fraud, older adults lost an estimated $3 billion to costly scams last year alone. But what does this look like on an individual level? Let’s break down the expensive senior fraud average cost per scam a senior may face.
On average, a senior loses around $9,000 per scam. However, the financial damage can vary widely depending on the type of scam:
While the financial toll is alarming, seniors also face emotional trauma and stress that impacts their mental and physical health. A scam often leads to feelings of embarrassment, guilt, or fear of losing independence. Some may be less willing to report a scam because of these feelings, leading to underreported cases and continued losses.
Scammers see seniors as ideal targets for several reasons:
To combat this growing issue, it’s crucial to educate seniors and their families about common scams and red flags to look out for. Encourage open discussions, install scam-blocking software, and remind seniors never to share personal or financial information with unverified sources.
For more information on how to protect seniors from these predatory scams, stay tuned to SeniorShield and take advantage of the free scam prevention alerts we provide among additional features to help prevent senior fraud.
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