People over 60 aren't actually any more likely to get scammed than people in their 20s or 30s.
March 25, 2026
Original Paper
U.S. Consumers' Financial Exposure to Fraud and Scams
SSRN · 6396678
The Takeaway
Despite the pervasive stereotype of the 'scammed senior,' this representative survey found no statistical difference in fraud rates based on age. It also revealed that while 20% of Americans lost money to scams in 2024, most only report it to their banks, making federal fraud statistics massive underestimates.
From the abstract
Losses from financial fraud and scams are among the largest financial concerns of American consumers. Using a nationally representative survey, this article estimates that 20 percent of consumers lost money to a fraud or scam in 2024. Among people who lost money, the total annual loss before any recovery was $2,790. Altogether, 51 million Americans lost $135 billion to fraud or scams in 2024 and $96 billion was unrecoverable. Experiencing a fraud or scam is associated with significantly lower fi