Cybercrime Vulnerability Among Older Population, $3.1 Billion Loss in 2022

Posted on December 20th, 2023 at 1:57 PM
Cybercrime Vulnerability Among Older Population, $3.1 Billion Loss in 2022

From the desk of Jim Eccleston at Eccleston Law 

A recent report highlights the vulnerability of the older population in the United States to cybercrimes, leading to a staggering loss of $3.1 billion in 2022.

According to InvestmentNews, the report highlights the urgent need for enhanced digital literacy and cybersecurity knowledge among older individuals to mitigate the risk of falling victim to evolving cyber threats. New data from Incogni, a personal data removal firm, exposes the alarming reality that adults aged 60 and above suffered a staggering $3.1 billion in losses to cybercriminals in 2022. More than 60 percent of these incidents result from compromised personal data, underscoring the impact of weaker digital literacy and cybersecurity knowledge among this demographic.

Investment scams emerged as a predominant threat, accounting for nearly $1 billion of the total losses. Cybercriminals strategically exploit victims' income, savings, and asset information, making these scams highly successful and financially devastating for the elderly population. In addition to the $1 billion lost to investment scams, cryptocurrency scams inflicted another $1 billion in losses on adults over 60 in 2022. Financial exploitation extended further with fake tech support scams, resulting in a collective loss of $590 million. Business email compromise targeted at older business owners and executives accounted for an additional $477 million in losses, reflecting the evolving tactics employed by cybercriminals.

Confidence and romance scams, affecting 7,200 adults over sixty years old, incurred approximately $420 million in losses in 2022. These findings emphasize the critical need for bolstering digital literacy and cybersecurity awareness to safeguard older individuals from the increasingly sophisticated tactics employed by cybercriminals.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

This was the best of all possible outcomes and I cannot thank you and the team enough.

Michael S.

LATEST NEWS AND ARTICLES

December 2, 2025
Crypto's Leverage Shakeout Exposes Structural Risks

The crypto market’s recent downturn erased nearly $20 billion in leveraged positions within hours and half a trillion dollars in market value over a single weekend.

December 1, 2025
UBS Winds Down Funds as First Brands Bankruptcy Ripples Through Global Markets

UBS Group AG has begun liquidating two invoice finance funds with direct exposure to First Brands Group, marking one of the earliest moves by a major financial institution to contain the fallout from the bankrupt auto-parts supplier’s collapse, as reported by Bloomberg Law.

November 26, 2025
Former GWG Chair Charged in Alleged $150 Million Fraud Scheme as Investor Losses Mount

Federal prosecutors have intensified scrutiny of the long-running collapse of GWG Holdings Inc., unveiling criminal charges against Bradley Heppner, the former chair of both GWG and Beneficient.