Who doesn’t look forward to retirement? After all, it’s a much-deserved break after decades of work. During this time, you can travel, enjoy hobbies, and spend quality time with loved ones. Unfortunately, scammers tend to strike during this time as well. Due to their savings, home ownership, and perhaps less familiarity with digital threats, retirees are prime targets for financial fraud.
In 2023 alone, Americans over the age of 60 lost more than $3.4 billion to scams. Furthermore, despite fraud being underreported, older victims who file complaints often report higher losses than younger victims. Specifically, scams resulted in $1,450 for those 80 or older, compared with less than $500 for those 20 to 59.
