A Free Public Service

SCAMS BULLETIN

November 4, 2023

FRAUD ON OLDER ADULTS

Attribution: US Federal Trade Commission

Protecting older adults from fraud is one of the FTC’s top priorities.

FTC’s recent case against Publishers Clearing House (PCH) charged that the company used “dark patterns” to mislead people about how to enter sweepstakes drawings. They were made to think they had to buy something to win (or increase their chances of winning). A court required PCH to return money to customers who were misled.

While younger people were still more likely to report losing money to fraud than older people, reports to the FTC showed that, during 2022, older adults:

*reported losing more than $1.6 billion to fraud, compared to about $1 billion the year before.

*reported losing big to investment scams: $404 million in reported losses, with reports often describing fake cryptocurrency investment opportunities that targeted people on social media.

*reported losing more to business impersonation scams (especially scammers pretending to be Amazon) and romance scams than the previous year.

*were more than six times more likely than younger adults to report losing money to a tech support scam.

To help older adults spot, avoid, and report scams, the FTC keeps collaborating with community groups, law enforcement, financial institutions, aging and consumer professionals, and hundreds of others to share fraud prevention material.

To learn more, check out this year’s report. And if you spot a fraud or scam, tell the FTC at ReportFraud.ftc.gov.

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