4/25 SCAM ALERT

Each year, the Federal Trade Commission releases a data book on consumer complaints and scams as reported to the agency in the prior year. The top complaint for 2017 was debt collections, followed by identity theft and imposter scams. The report reveals that younger people were more likely to become victims than people age 70 and older, but older victims lost a lot more money. Also of note – 70% of reported scams happen over the phone, suggesting that screening your calls is a good practice.

For more information:

https://www.ftc.gov/news-events/press-releases/2018/03/ftc-releases-annual-summary-complaints-reported-consumers

“For the first time, the 2017 data book includes details on fraud losses broken out by age groups, as reported by consumers. Consumers in their twenties reported losing money to fraud more often than those over age 70. For example, among people aged 20-29 who reported fraud, 40 percent indicated they lost money. In comparison, just 18 percent of those 70 and older who reported fraud indicated they lost any money. However, when these older adults did report losing money to a scammer, the median amount lost was greater. The median reported loss for people age 80 and older was $1,092 compared to $400 for those aged 20-29.”

Be a fraud fighter!  If you can spot a scam, you can stop a scam.

Report scams to local law enforcement. Contact the AARP Fraud Watch Network at www.aarp.org/fraudwatchnetwork for more information on fraud prevention.