More Fraudsters Are Scamming Seniors Through Technology — and It's Costing Them Millions

The Department of Justice (DOJ) recently announced a major sweep of senior fraud cases, involving 250 defendants around the world who targeted more than 1 million Americans, mainly seniors, to the cost of more than $500 million, reports USA Today . The Federal Trade Commission (FTC) in 2017 retrieved about $300 million on behalf of victims, and federal prosecutors and state attorneys general are bringing criminal cases following the DOJ sweep. "Technology has given scammers the ability to reach more people at a lower cost," says the AARP Foundation's Amy Nofziger. "You can reach millions of people with one hit of button." Fraud involving fake tech support assistance, online dating, and tax refunds are becoming more common. Federal officials say millennials are much more likely to be scammed than seniors, but are less likely to lose as much. The FTC estimates consumers in their 70s lost an average of $621, while those 80 and older lost nearly $1,100. Millennials only lost $400, on average.