NEW YORK — The misuse of technology can play against people’s savings, which during 2022 reported fraud losses of $8.8 billion, according to the Federal Trade Commission.
“Scammers are conning Americans out of more money than ever before,” quote The Associated Press in an office Therefore, the losses in 2022 were 30% higher than those reported a year earlier.
According to the Federal Trade Commission, the largest losses occurred from investment scams, including cryptocurrency schemes, and cost more than $3.8 billion, more than double what was reported in 2021.
Younger adults ages 20 to 29 reported losing money more often than older adults ages 70 to 79, the FTC found. But when seniors lost money, they lost more. Many retirees have assets such as savings, pensions, life insurance policies, or property that scammers can attack.
With the rise of the digital economy, scammers are now reaching their targets through social media and text messages, as well as by phone and email.
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