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.
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