Financial fraud targeting seniors is increasing and will likely continue to do so. The elderly face an increasing risk of being scammed because they are the scammer’s preferred target, possibly because they are less informed about scams or do not understand the risk. They also usually have more money than younger people.
In 2022, Consumer Affairs reported that seniors older than 70 often lose about 1.5 times more money when scammed than those 69 or younger. People over 80 often lose 1.75 times as much as those in the 70–79 age group.
