scams
Thousands of people fall victim to financial fraud every year, losing millions of dollars. According to the Federal Trade Commission, American consumers lost more than $5.8 billion to fraud in 2021 — that’s 70% more than in 2020. A record number of nearly 2.8 million people reported fraud to the FTC in 2021 – the highest number since 2001. An average person lost $500 in these scams, 25% of which resulted in a financial loss. These figures do not include identity theft reports or any other categories. Another 1.5 million Americans filed complaints related to “other” categories, such as credit r...
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Scams use the stereotype of a confused, older person giving their money to a scammer is almost cliché at this point in time. Unfortunately, not many people question this idea, leading them to ask why seniors fall for scams in the first place. A better question may be, why does anyone fall for a scam? Some experts theorize that perhaps heightened isolation and loneliness that many retirees experience primes them to fall prey to scams. Others hypothesize that some degree of diminishment of cognitive abilities might be at play, making seniors more susceptible to believing outlandish claims. Howev...
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