Elder Fraud Report: United States and Canada

Scams Take a Serious Toll on US, Canadian Consumers

By now, it’s clear that a scam is about so much more than financial losses. Scams inflict real and serious harm on victims – notably among some of society’s most vulnerable segments, senior citizens.

For elderly victims, losing money to a scam is just the first indignity. Scams also take a significant emotional and mental toll on victims. Some victims may experience shame and be reluctant to tell anyone about their experience, including their own family.

Banks and financial institutions must play a serious role in stopping scams. But so do social media platforms, telecom providers, and email services, where many scams originate.

Feedzai research explores the complexities of these scams and demonstrates why a united front is required to tackle this complex social problem. Our research – based on input from 500 individuals from the US and 500 from Canada – reveals exclusive insights into how elder fraud affects victims and how banks and other business can help victims recover from the fallout.

Download the report to learn more industry findings, including:

• 74% of US individuals report losing $500 to elder scams; while 9% in Canada report losses of over 10,000 CAD
• While 81% of respondents reported feeling angry after being scammed, only 4% sought or received mental health care.
• 40% of respondents described their bank as responsive following a scam, an indication bank must improve their support systems for scam victims

Download the report to learn more about elder scams and dive into this critical social conversation.