The Silent Threat: How Fraudsters Target Older Americans and Steal Their Hard-Earned Savings

As older Americans rely more heavily on their savings to fund their golden years, fraudsters are increasingly targeting them with scams and schemes designed to steal their hard-earned money. This silent threat is a growing concern, with the Federal Trade Commission (FTC) reporting that older adults lost a staggering $1.7 billion to fraud in 2020 alone. In this article, we’ll explore how fraudsters target older Americans, and what you can do to protect yourself from financial fraud and identity theft.

How Fraudsters Target Older Americans

Older adults are often targeted because they may be more susceptible to scams due to cognitive decline, social isolation, or a lack of digital literacy. Fraudsters use a range of tactics to target older Americans, including:

• Phishing scams, in which fraudsters pose as legitimate businesses or individuals to trick victims into revealing sensitive information
• Investment scams, in which fraudsters promise unusually high returns on investments, but ultimately disappear with the victim’s money
• Identity theft, in which fraudsters steal victims’ personal information to open new credit accounts or file false tax returns

Protecting Yourself from Financial Fraud and Identity Theft

While it’s impossible to completely eliminate the risk of financial fraud and identity theft, there are steps you can take to reduce your exposure:

1. Be cautious of unsolicited phone calls, emails, or messages asking for personal information
2. Verify the identity of anyone requesting sensitive information
3. Shred any documents containing sensitive information before disposing of them
4. Monitor your financial accounts regularly for suspicious activity

By being aware of these tactics and taking steps to protect yourself, you can significantly reduce your risk of falling victim to financial fraud and identity theft.

For more information on protecting yourself from financial fraud and identity theft, check out our article on “10 Tips for Staying Safe Online”.