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Report breaks down top scams older adults fall victim to

Posted at 9:16 AM, Oct 22, 2020
and last updated 2020-10-22 09:16:34-04

CAPE CORAL, Fla -- The Federal Trade Commission has released its latest report to Congress on protecting older adults from scams.

The commission took a deep look at consumer complaint data to understand how fraud is affecting those aged 60 and up.

It showed that age group was less likely to report fraud, but reported more money lost.

Those 80 and older report losing the most. The median was $1,600.

The report also breaks down the types of scams older adults fall victim to.

It showed they are six times more likely to report losing money to tech support scams. They are three times more likely when it comes to prize, sweepstakes, and lottery scams. They are also more than twice as likely to lose money from impostor fraud.

It also showed they most frequently reported online shopping scams, and $84 million was reported when it comes to romance scams.

The report also tracked an increase in scams amid the pandemic.

The commission plans to continue partnering with law enforcement to investigate these scams, and working to educate vulnerable age groups about prevention.