Elder fraud trending at alarming rate

Statistics show that an alarming number of people are falling victim to scams.
Published: Apr. 18, 2023 at 4:06 PM CDT|Updated: Apr. 18, 2023 at 6:15 PM CDT

BATON ROUGE, La. (WAFB) - Statistics show that an alarming number of people are falling victim to scams. One group particularly affected by this issue is the elderly.

From 2021 to 2022, monetary losses increased by over 80%.

“It doesn’t surprise me. People have this attitude that it will never happen to them. Anybody can be a victim if the time is right,” Carmen Million, with the Better Business Bureau, explained.

She said there is not a day that goes by where her phone does not ring with an elderly victim or their family on the other line.

“People need to understand that scammers are intelligent. They know what to say and how to say it,” added Million.

The FBI estimates that senior citizens lose more than three billion dollars each year to financial scams. From the 2022 report, Louisiana had over 700 residents over the age of 60 become a victim to a fraud scam.

The monetary loss totals more than 18 million dollars.

“A scam of opportunity. Before you know it, they have your identity,” Million continued.

The three biggest scams that trap the most victims are Medicare scams, Grandparents’ scams and sweepstakes scams.

Million said, “Unfortunately, technology is a wonderful tool, but it also allows scammers better access.”

Senior citizens are less likely to report fraud.

The report shows 40% of younger people reported losing money to fraud, and only 20% of older individuals reported being scammed.

“They don’t want to sound stupid. They don’t want to be judged or lose control,” Million added.

Click here to report a typo.