Reported by: Marc Saltzman

Cybercrime cost Americans over 50 nearly $3 billion last year, a whopping 62% increase from 2020, according to the FBI’s 2021 Elder Fraud Report.

In fact, the number of victims could be much higher, as seniors are also less likely to report fraud, says the FBI. This is supported by figures from the FTC, which show that while 44% of younger people in their 20’s reported losing money to fraud, only 20% of those in their 70’s did the same.

The risks are wide-ranging, from fraudulent phone calls to phishing attempts via email, texts to social media messages, or shopping scams designed to dupe seniors out of their savings.

The pandemic played a role here, too, believes Michael Jabbara, Visa’s vice president and global head of fraud services.

“It’s no surprise we’ve seen a massive shift over the years towards digital transactions, but with this shift there’s also an increase focus from fraudsters,” says Jabbara. “This is especially true for elder individuals who may be a target because of a lack of technical sophistication and because they don’t always report these crimes to authorities.”

Seniors also pay out more. Disturbing data published by cybersecurity company Comparitech shows that while the average loss from those in their ‘was $324, it jumps to $426 for victims in their 60’s, $635 among 70-somethings, and a staggering median loss of $1,300 among those in their 80’s.

Read full report: https://www.usatoday.com/story/tech/2022/09/18/cybercrime-cost-american-seniors-3-billion-last-year-62-jump/10420029002/