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Senior Financial Losses to Imposter Scams Surge 362% Since 2020, FTC Reports
Senior Financial Losses to Imposter Scams Surge 362% Since 2020, FTC Reports
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BTCCSquare news:
Older Americans are increasingly falling victim to imposter scams, with losses skyrocketing to $700 million in 2024—a 362% increase since 2020. Fraudsters impersonate trusted entities like bank officials, tech support, or government agencies, convincing victims to transfer funds under false pretenses.
Reports from seniors aged 60 and above reveal devastating losses, including emptied bank accounts and cashed-out retirement savings. Cases exceeding $100,000 surged over 700%, highlighting the severity of these schemes.
The FTC's data underscores a growing crisis, with 8,269 high-loss reports filed last year compared to 1,790 in 2020. These scams often begin with fabricated emergencies, leveraging trust to exploit vulnerable populations.
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