Tr?id=566623520170033&ev=PageView&noscript=1

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
Quotes Bigger

You guys are good!

Mike L.

LATEST NEWS AND ARTICLES

1787947445 Law
August 28, 2026
SEC Accuses Goliath Ventures of $425 Million Crypto Investment Ponzi Scheme

The Securities and Exchange Commission (SEC) has filed a civil complaint against Goliath Ventures Inc.

1787852053 Law
August 27, 2026
United Capital Revives Lawsuit Against Osaic

According to AdvisorHub, United Capital Financial Advisors has revived its lawsuit against independent broker-dealer Osaic by filing an amended complaint that reframes the dispute around the alleged misuse of confidential information obtained during Osaic's unsuccessful effort to acquire the firm.

1787765850 Law
August 26, 2026
FINRA Orders WestPark Capital to Pay $520,000 Over GWG L Bond Sales

The fallout from the collapse of GWG Holdings continues to affect the broker-dealers that sold the company's illiquid L bonds.