Older Americans most likely to face financial scam, but least likely to lose money

Financial scams and fraud continue to impact millions of Americans every year and a new survey found that more than one third of respondents were targeted in 2024.

Baby Boomers were the most likely to say that they had experienced some kind of fraud or scam in the last year (39%) compared to Gen Xers (34%), Millennials (32%) and Gen Zs (31%), according to the Bankrate survey.

But the two older cohorts were least likely to report losing money as a result – 26% of Boomers and 32% of Gen Xers – compared to a significantly higher share of Millennials (45%) and Gen Zs (53%).  Overall, 37% of those targeted reported losing money as a result.

The most prevalent types of scam or fraud reported by those taking part in the poll (90%) involved the attempted or successful accessing of personal information such as credit card or bank accounts, or their social security number, although 57% of attempts were unsuccessful. Around one fifth of these scams resulted in money loss.

While around four in ten expect to be targeted in a financial scam or fraud attempt in the next 12 months, 89% of all respondents have taken steps to protect themselves in recent months such as avoiding suspicious links or emails, regularly monitoring financial accounts, and enabling two-factor authentication for personal accounts. Boomers were most likely to have acted to protect their finances.

"Fraud can happen to just about anyone, even those who are taking the proper precautions to safeguard themselves,” said Bankrate economic analyst Sarah Foster. “Falling for a scam even after taking these preventative measures doesn’t mean you should halt what you’re doing and just take your chances. Remember, if a service seems too good to be true, it probably is.”