May 27, 2020 Financial Planning

Scams Targeting Older Consumers

By David Godfrey

According to the Federal Trade Commission, some scams specifically target older adults. Older adults are less likely to report having lost money to a scam, and when they do lose money, they lose more money on average than younger consumers. Older consumers are often targeted with sweepstakes prize scams, tech scams, imposter scams, and investment or business opportunity scams. Criminals leverage sophisticated psychology to carry out these crimes.

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