Elder Fraud Report: Australia

9% of Older Australians Lost Over $10K AUD to Elder Fraud

Elder fraud can cause serious financial harm to victims. In fact, new research from Feedzai based on responses from Australian scam victims aged 65 and older revealed that 9% lost over $10,000 AUD to these scams.

But the damage is not just financial. These scams also take a significant emotional toll. Four out of five scam victims felt angry, while one in three felt afraid. Despite these alarming figures, only 7% of victims sought mental health support following a scam.

Among the report’s exclusive findings:

• 61% of older victims reported losing money to a purchase scam, the most common scam tactic
• 43% of respondents said they did not receive any help following a scam
• 26% of respondents were first contacted by email; another 24% said scams started on social media.

Download the report to learn how to build a safer financial environment for older generations through collaboration, innovation, and empathy.