About 1 in 6 Americans are age 65 or older, and that percentage is projected to grow. Older adults often hold positions of power, have retirement savings accumulated over the course of their lifetimes, and make important financial and health-related decisions – all of which makes them attractive targets for financial exploitation.
In 2021, there were more than 90,000 older victims of fraud, according to the FBI. These cases resulted in US$1.7 billion in losses, a 74% increase compared with 2020. Even so, that may be a significant undercount, since embarrassment or lack of awareness keeps some victims from reporting.
