Elderly Georgia Residents Lost an Average of $43,719 to Fraud in 2023

Elderly Georgia Residents Lost an Average of $43,719 to Fraud in 2023

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๐Ÿ” The Gist: In 2023, older residents of Georgia lost an average of $43,719 to fraud, according to a new analysis by Incogni.

๐Ÿค” Why It Matters: This significant financial loss highlights the growing threat of fraud targeting vulnerable senior citizens. With a total of $3.4 billion lost nationwide, fraud against the elderly is a big problem.

โ“ Whatโ€™s Happening:

  • A study by Incogni found that Georgiaโ€™s over-60 population reported 2,114 complaints of fraud.
  • Nationwide, older Americans lost a record $3.4 billion, an 11% increase from 2022.

๐Ÿ” Between the Lines:

  • Tech support scams were the most common, with victims losing an average of $33,900 each.
  • Investment-related scams among seniors have increased by over 500% in the past three years.

๐Ÿƒ Catch Up Quick:

  • Hawaii, the District of Columbia, and California reported the highest average losses, with victims losing $61,734, $57,544, and $55,346 respectively. Georgia ranked number 9 for elder fraud.
  • The number of fraud complaints from seniors increased by 15% from the previous year, totaling over 100,000 complaints.

๐Ÿ’ญ Your Take: What steps do you think should be taken to better protect older Americans from fraud? Share your thoughts in the comments below!

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