JACKSON, Tenn. (WBBJ) – The Better Business Bureau is warning older adults to be more cautious.
According to the FTC’s latest annual report on the impact of scams on older adults, total fraud losses skyrocketed from $600 million in 2020 to $2.4 billion in 2024, but experts say since most scams are never reported, the actual losses were much higher.
“Someone telling you not to discuss the situation with their family members, your bank, or law enforcement that is a huge red flag,” said Daniel Irwin, communications manager for the Better Business Bureau.
Seniors lost more money to investment scams than any other kind of fraud but were also more likely to lose money to tech support scams.
“Unusual withdrawals of money, increased secrecy, or a sudden new online relationship would be a red flag and maybe time to pay a little more attention,” said Irwin.
Locally, we have had 247 Scamtracker reports filed by senior so far this year, for a total dollar loss of $521,000. Irwin says always check to see if a scam has been reported on the BBB’s Scamtracker and also report scams and attempts to warn others.
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