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Report
Fraud among older Americans is skyrocketing
The Street
Follow
11/19/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why fraud among those 60 and over is so prevalent.
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Sports
Transcript
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00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the street today.
00:05
Wall Street is on edge over the escalation
00:08
of military tensions between Ukraine and Russia.
00:11
Those worries are overshadowing good news at home.
00:14
Walmart, the world's largest retailer,
00:16
topped quarterly forecasts and boosted its annual guidance
00:19
as shopping remained healthy.
00:22
It was a similar story at do-it-yourself retailer Lowe's.
00:25
Turning to other business headlines,
00:27
online scammers are preying on wealthier, older Americans
00:31
at an alarming rate.
00:32
The number of Americans aged 60 and above
00:35
who have been scammed out of $100,000 or more in one year
00:40
tripled from 2020 to 2023.
00:43
According to complaints compiled
00:45
by the Federal Trade Commission,
00:46
that age group had more than $1.9 billion
00:50
stolen by fraud in 2023.
00:52
That figure, however, likely surges
00:55
to an estimated $62 billion once the FTC considers
01:00
how many cases go unreported.
01:02
Most of the scams are familiar,
01:05
but vulnerable elderly members of the population
01:07
still fall for them, including romantic propositions,
01:11
emails for help from criminals posing
01:13
as family members or friends,
01:15
sweepstakes and lottery scams,
01:17
and fraudsters are even posing as legitimate agents
01:21
of the Social Security Administration.
01:23
The 60 plus crowd is also particularly falling prey
01:26
to investment scams involving cryptocurrencies.
01:29
This is the fastest growing area for scammers.
01:33
Older Americans were defrauded of $538 million in 2023,
01:38
which was a 34% increase from the previous year.
01:42
But it's not just the old.
01:44
According to the FTC, US consumers lost $10 billion
01:48
to all scams last year.
01:51
That's a record high.
01:53
That'll do it for your daily briefing
01:55
from the New York Stock Exchange.
01:56
I'm Conway Gittens with The Street.
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