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00:03Older Americans reported $2.4 billion in financial fraud losses to the Federal Trade Commission in
00:082024, up from $1.9 billion in 2023, according to CNBC. Losses tied to individual scams of $100,000
00:17or more totaled $1.6 billion, driven largely by investment fraud. The FTC estimates actual losses
00:24may have reached $81.5 billion due to underreporting. Criminals use emails, texts, social media and
00:31online ads to build trust with victims and quickly move stolen money, often overseas,
00:36making recovery difficult. The FTC says older adults report higher losses from tech support,
00:41prize, romance and government impersonation scams. Experts recommend discussing scam warning signs,
00:47monitoring behavior changes, acting quickly to contact financial institutions if money is sent
00:52and responding with empathy rather than blame if fraud occurs. For all things money, visit Benzinga.com.
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