Living life at least partly online is a fact of modern living, but while the youngest Americans are typically tech-savvy with high levels of digital literacy, the oldest cohort is more vulnerable to cybercrimes.
New data from personal data removal firm Incogni reveals that over 60s lost $3.1 billion to cybercriminals in 2022 alone, with more than 60% of the crimes resulting from access to personal data due to weaker digital literacy and cybersecurity knowledge.
Almost $1 billion of the total lost last year was due to investment scams, with criminals exploiting victims' income, savings, and asset information, making these scams highly successful and financially devastating for the elderly population.
Cryptocurrency scams were responsible for another $1 billion in losses.
Other scams include fake tech support which saw over 60s lose a total $590 million in 2022, while business email compromise — targeting older business owners and executives — accounted for a total $477 million lost to older Americans last year. Confidence and romance scams affected 7,200 over 60s and cost them a total of $420 in 2022.
"Protecting senior citizens from the rising tide of elder fraud crimes enabled by personal data vulnerabilities is extremely important today," said Darius Belejevas, head of Incogni. "We encourage lawmakers, businesses, and individuals to come together and implement effective data protection measures to safeguard the elderly population from these harmful scams."
The report shows that 88,262 older Americans were victims of cybercrimes in 2022, down from the stats for 2021 (92,371) and 2020 (105,301) but well above the 68,013 of 2019.
Siddharth Jawahar was sentenced 11 years in prison and $31M in restitution for running Swiftarc Capital fraud scheme
Wall Street banks expand wealth services as ultra-high-net-worth client demands extend further above and beyond investment management.
The acquisition of $2 billion Gilbert & Cook extends a buying spree for the ultra-high-net-worth firm that has already touched six states this year.
After years of encouraging sacrifice and delayed gratification, advisors have to do the next emotional lift: helping clients let go of a potentially harmful scarcity mindset.
A new JPMorganChase Institute report reveals how deeply stock market wealth now drives everyday American spending, especially for retirees.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
