New data by the (FTC) Federal Trade Commission’s Consumer Sentinel Network reveals that over one-quarter (27.2%) of targeted residents aged 60 to 69 in Florida have lost funds due to scams this year so far.
The most prevalent scam categories affecting seniors in the state are business impostors, government impostors, and online shopping scams.
Elderly Americans in Florida aged 60 to 69 have lost a substantial $25,598,566 to fraud this year, resulting in a per-person loss of $800.
In Florida, seniors 60-69 see a per-report loss that’s 34% higher than the national average.
The FTC says the most prevalent scam in the state across all age groups this year so far is business imposters. Many scammers target elderly people because they’re more likely to trust official-sounding calls and emails, and may be pressured to act quickly if they think the correspondence is coming from a reputable organization.
The top fraud subcategories for those aged 60-69 in Florida.
1. Business imposters
2 .Government imposters
3 .Online shopping
4. Tech support scams
5. Miscellaneous investments and investment advice
Nationally, the risk of fraud drops slightly as age increases, but those affected still experience substantial losses. Those aged 70 to 79 have seen 45,076 reports of fraud so far this year, with 26% resulting in stolen funds. Per consumer, this works out to $994.
Investment expert at cryptocurrency exchange ChicksX, Al Alof, says fraudsters know that seniors may be more trusting, less familiar with online platforms or purchases, or unaware of how sophisticated modern scam attempts have become. Families and communities must discuss these risks and the warning signs openly to prevent vulnerable individuals from falling victim.
“Summer also carries an elevated risk, with Fourth of July sales and an uptick in travel and home improvement projects, especially among those who are retired. Scammers may impersonate well-known retailers and take advantage of elderly residents’ trusted family members being preoccupied with their own summer plans,” said Alof.
