Adults aged 80 or more years reported fraud and losses of $79 million in 2018, according to a report released Thursday by the Federal Trade Commission.
These older adults, with a total of 40,503 cases, accounted for 6% of all reported fraud and loss cases during the year in which consumers provided their age, according to the 90-page Consumer Sentinel Network Data Book 2018. The book reports information compiled via a secure online database available only to members of law enforcement.
Thirteen percent of the cases reported by those aged 80 or more involved a loss of money, according to the FTC. The median amount lost among those in this age group was $1,700.
Identity fraud
Those aged 80 or more years also reported 5,989 cases of identity theft in 2018, according to the report.
Credit card fraud was the most common type of identity theft reported by this age group, accounting for 1,980 cases. Employer or tax-related fraud accounted for 1,186 cases, and bank fraud accounted for 1,053 cases.
Other types of identity fraud reported included government documents or benefits fraud (824 cases), phone or utilities fraud (528 cases) and loan or lease fraud (249 cases). “Other identity theft” accounted for 988 cases.
The full report is available for download on the FTC website.
Suspected elder financial abuse may be reported to the FTC at www.ftc.gov/complaint or 877-FTC-HELP and to the Senate Special Committee on Aging at 855-303-9470 or www.aging.senate.gov/fraud-hotline.
