The FTC and Advisory Group work to address fraud targeting the elderly as over $1.9 billion lost to scams in 2023.
The Federal Trade Commission (FTC) recently released its latest report to Congress on protecting older adults from fraud. The Protecting Older Consumers report highlighted trends based on reports from older consumers and the agency’s efforts through enforcement, rulemaking, and outreach programs.
Actions from the FTC-led Scams Against Older Adults Advisory Group, established under the 2022 Stop Senior Scams Act, were included. This group has representatives from federal and state agencies and has developed guidance to help disrupt scams targeting seniors and has produced research on challenges in consumer education for preventing scams.
“Through our cases, rulemaking, and outreach, we’re taking every step we can to stop scams targeting older adults and help them protect themselves,” said Director Samuel Levine of the FTC’s Bureau of Consumer Protection. “This report highlights that work and the key actions of the working group formed under the Stop Senior Scams Act.”
Older adults reported losing more than $1.9 billion to fraud in 2023, though the actual cost of fraud may exceed $61.5 billion. Senior citizens, especially those over 80, were found to be more vulnerable to certain scams, such as tech support, lottery, and family impersonation fraud. The report also highlighted an increase in older adults falling victim to investment scams, with bank transfers and cryptocurrency being the most common payment methods used in these schemes.
As the Lord Leads, Pray with Us…
- For Director Levine as he heads the effort to protect the elderly from scams.
- For the chair and commissioners of the FTC as they seek to prevent seniors from being defrauded.
Sources: Federal Trade Commission
