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

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

1773760408 Law
March 17, 2026
Bankruptcy Court Orders Emerson Equity to Produce Records in Inspired Healthcare Case

A federal bankruptcy court in Fort Worth has ordered Emerson Equity to produce documents connected to the sale of private securities issued by Inspired Healthcare Capital, according to InvestmentNews.

1773678753 Law
March 16, 2026
Concorde Investment Services Faces Scrutiny Over Sales of Inspired Healthcare Private Investments

Concorde Investment Services is facing increased scrutiny following the bankruptcy of Inspired Healthcare Capital, whose private investment offerings were widely sold through independent broker dealers, according to InvestmentNews.

1773412367 Law
March 13, 2026
Connecticut Advisor Pleads Guilty to Ponzi-Like Investment Fraud and Tax Evasion

Federal prosecutors announced that investment adviser John A.