AARP Warns Of Summertime Scams

The latest information from the FBI says older Americans reported almost $4.9 billion stolen through fraud last year.  The average loss per instance is $83,000, a stunning 43% jump from last year.  The AARP’s Sean Voskuhl said older Americans submitted the most complaints of any age group.

“Adults 60 and older submitted more than 147,000 complaints to the FBI. Americans of all ages reported a record $16.6 billion stolen through fraud, with the average loss at just over $19,000," Voskuhl noted.  "The fact that the overall average loss is so much less than the average loss reported by older people underscores that fraud affects people of all ages, but when it happens to older Americans, the impact is often catastrophic.”

A New Spin On Old Scams

Times, he noted, have changed with new technology.  Instead of money transfers or gift cards, the use of crypto ATMs is on the rise.

“Recent FTC data paints a troubling picture. Scammers successfully convinced individuals to deposit over $65 million into crypto ATMs in the first half of 2024," Voskuhl said.  "Alarmingly, older adults have emerged as primary targets, with reports suggesting they are more than three times more likely than younger individuals to be targeted for these scams.”

Don't Succumb To High Pressure Tactics

Criminals are successful because they are great manipulators.  Voskuhl said if you feel like you’re getting caught up in a threat or opportunity, make sure to remember three words.

“Pause, reflect, and protect. We arrived at these three elements most common to scams: unexpected contact, a surge of emotion, and a sense of urgency," Voskuhl said.  "Once we teach people that these three elements are triggers, then they can learn a safe response called the ‘active pause.’”

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