There were nearly 8.68 million cases of elder fraud reported in the U.S. in 2020 — defined as scams or abuse of financial authority, such as a power of attorney — that resulted in more than $113.7 billion in losses, according to a study by Comparitech.com.
But tens of thousands of more cases were likely unreported by seniors who, out of embarrassment or for other reasons, didn’t report their losses. Using government and other data, Comparitech’s methodology estimates that more than 1 in 10 elderly people in the U.S. have been victims, with losses estimated at more than $113.7 billion, according to the firm’s study published earlier this month.
Online scams can involve emailed requests for money or personal account information, such as passwords, account numbers or personal information. Fraud attempts can also be made over the phone, said Comparitech, which identifies itself as a pro-consumer website providing information to help people improve their cyber security and privacy online.
Detective Patrick Durant, a member of Ohio’s Columbus police’s economic crime unit, said it is important to have conversations with senior family members and loved ones about potential scams and how to handle them.
“You want to stress that there are…
