Cryptocurrency and blockchain technology have been making waves in the financial world, and it’s not just the younger generations who can benefit from understanding and using these innovations. Baby boomers and seniors, in particular, have a lot to gain from learning about cryptocurrency and blockchain.
What Seniors need to know: Con Artist are targeting You.
Beware of fake crypto schemes. Seniors are being misled into investing into fake crypto schemes. Cryptocurrency’s fraud schemes are exploding costing older people billions of dollars annually. From 2021 to 2023, the number of internet crimes against seniors using crypto tripled according to the FBI and the financial losses jumped nearly seven-fold from $241 thousand in 2021 to $1.65 billion in 2023. The AARP estimates that a third of financial exploitation of older people by strangers are unreported, meaning total crypto losses for older people likely approached $2.5 billion.
If Seniors find themselves scammed:
It’s crucial to act quickly to minimize damage and seek help. Here are some steps they can take:
Report the Scam: Contact local law enforcement and file a report. This creates an official record of the incident.
Notify Financial Institutions: Inform banks, credit card companies, and other financial institutions about the scam. They can help secure accounts and prevent further unauthorized transactions.
Contact the Federal Trade Commission (FTC): File a complaint with the FTC at reportfraud.ftc.gov. The FTC collects data on scams and can provide guidance on next steps.
Reach Out to the National Elder Fraud Hotline: This hotline, created by the U.S. Department of Justice, offers support and resources for victims of elder fraud. Call 833-FRAUD-11 (833-372-8311) for assistance.
Monitor Credit Reports: Regularly check credit reports for any suspicious activity. Seniors can get free credit reports from AnnualCreditReport.com.
Seek Legal Advice: Consult with an attorney who specializes in elder law or consumer protection to explore legal options and recover losses.
Educate and Spread Awareness: Share the experience with friends and family to prevent others from falling victim to similar scams.
It’s important to act swiftly and seek support from trusted sources to navigate the aftermath of a scam effectively. If you need more detailed guidance, you can find additional resources here.
