BY NADIA RAMLAGAN
KY NEWS CONNECTION

A new report from the Federal Trade Commission found older adults nationwide lost nearly $2 billion to fraud.

The combined median loss reported by people ages 60 and older was $650, compared with $450s for ages 18-59. For people 80 and older, the average individual loss was more than $1,400, far higher than any other group.

Gary Adkins, volunteer state president of AARP Kentucky, said Kentucky is no exception. He noted older Kentuckians have lost millions from falling victim to business and investment, cryptocurrency and romance scams.

“What’s unfortunate is, even if you report a scam, a fraud that has happened to you and you’ve lost money, your odds of getting that money back is very, very low,” Adkins pointed out.

According to the report, text scams were second only to phone calls in losses reported by older adults, jumping from about $90 million in 2022 to $130 million in 2023. Older adults were five times more likely than younger people to report losing money on a tech support scam, nearly three times as likely to report a loss on a prize, sweepstakes or lottery scam and far more likely to lose money from a family, friend or government impersonation scam.

The report also cited AI as a tool being used to create increasingly complex scams, including scams using voice cloning. Adkins pointed to the AARP Fraud Watch Network as a resource for prevention strategies and updates on the latest scams. The group’s fraud helpline at 877-908-3360 is free and available to assist people who suspect they have been scammed.

“It helps to equip our citizens,” Adkins emphasized. “Fraud prevention resources, so that you can help to spot and avoid scams. And helps to protect your loved one.”

Less than 3% of consumers who experience fraud said they reported the incident to a government agency.