Older clients at high risk of cybercrimes, lost $3.1B in 2022 alone: Report

Lower levels of digital literacy among older Americans leave them vulnerable.

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.