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A new report from the Federal Trade Com- Although they were less likely to report falling
mission shows that adults aged 60 and older victim to fraud overall, adults aged 60 and
are less likely to report losing money to fraud older also were more likely to report losing
than younger adults, but the amount of money to certain specific types of scams.
money they report losing is on the rise. They were nearly five times more likely to
The report, Protecting Older Consumers report losing money to tech support scams
2018-2019: A Report of the Federal Trade than younger consumers, according to the
Commission, outlines the FTC’s research, law report, and were more than three times
enforcement, and education efforts aimed at more likely to report losses to impostor fraud
protecting older consumers—a top priority where someone was impersonating a friend
for the agency. or family member. Prize, sweepstakes, and
As part of the FTC’s efforts to understand lottery scams showed a more than two-fold
difference as well.
how fraud is affecting older adults, the report
includes analysis of FTC consumer complaint Older consumers reported losing money most
data. In 2018, as in 2017, adults aged 60 and often to phone scams, with online scams
older were less likely than younger adults coming in second place. Payment by gift cards
(aged 20 to 59) to report losing money to became the most frequently reported method
fraud. Younger adults reported losing money of payment by older adults in the second
more often, but older consumers reported half of the year, but wire transfers persisted
much higher dollar losses. In fact, people in the top spot for total dollars paid by older
aged 80 and older reported losing the most, consumers.
with a median individual reported loss of Protecting older consumers in the market-
$1,700—a 55 percent increase over the previ- place is one of the FTC’s top priorities. In
ous year. conjunction with the report, the FTC has