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.
The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
