Older Americans lost about $3 billion to fraud, FTC data shows

Older Americans lost about $3 billion to fraud, according to data from the Federal Trade Commission, or FTC. The number comes from fraud reports filed by older adults. It is a reminder that scams aimed at seniors cost real people real money, and that families often see the damage first.

What the report says

The figure is drawn from FTC data on fraud reported by older adults. McAfee, a security software company, wrote about the numbers and published tips on how to prevent elder fraud. The material available here does not include the full FTC report, so details are thin.

Who it affects

Older adults are the direct targets. But the story also reaches their children, grandchildren and caregivers. Families and caregivers are often the first line of defense against these scams. A relative who notices something odd, or who is asked before money is sent, can stop a loss before it happens.

What is not known yet

The material does not say which scams caused the most losses. It does not give the time period covered, how the total compares with past years, or how the losses break down by age group. Those details would be in the FTC data itself and in the full McAfee article.

What to do

If you have older parents or relatives, talking with them about common scams now could save them real money. McAfee has published prevention tips, which are a reasonable place to start. A few simple habits help in any case:

• Start the conversation before a scam happens, not after.
• Ask relatives to check with family before sending money.
• Read McAfee's elder fraud tips and share them.