Scammers are taking advantage of leaked personal information to steal money from older Americans. In 2023, individuals over 60 lost a total of $3.4 billion to scams, showing a 10.6% increase from the previous year, as reported by the FBI’s IC3. The most common scams include tech support scams, investment fraud, romance fraud, and identity theft.
Criminals exploit personal data obtained from data brokers who collect information from public records and private sources. This data can range from basic details like name and address to more sensitive information like financial details and relationship status. Armed with this information, scammers employ various tactics to deceive individuals.
Investment fraud is a prevalent scam where criminals use financial details and contact information to lure victims, resulting in losses of $1.2 billion in 2023. Tech support scams, affecting around 18,000 individuals, involve using contact numbers and knowledge of electronic devices to deceive victims, leading to losses of over $589.8 million. Confidence or romance fraud targets individuals based on income level, credit rating, and assets owned, resulting in losses of over $356.9 million.
Seniors have been significantly impacted by these scams, with over 101,000 reports filed in 2023, leading to $3.4 billion in total losses. This represents a 14.5% increase in reports from the previous year. Over the past five years, seniors have lost a total of $10 billion to such scams.
To protect yourself from these scams, consider investing in data removal services to monitor and remove your information from the internet. Place fraud alerts on your credit file, be cautious of phishing attempts, and regularly monitor your financial accounts for unauthorized transactions. Changing passwords, being cautious on social media, and enabling multifactor authentication are additional steps you can take to enhance your online security.
It’s crucial to stay vigilant and cautious when navigating online, especially for individuals above 60 who are often targeted by scammers. By following these security measures and staying informed about the latest scams, you can better protect yourself from falling victim to online fraud.
