GRAND RAPIDS, Mich. (WOTV)- Older adults lost $600 million to fraud in 2020 when the pandemic fueled spikes in almost all top categories of fraud, federal officials say.
The figures are from the Federal Trade Commission, which noted that losses in many top categories of frauds spiked in 2020 compared to a year earlier. According to the FTC, online shopping scams rose 129 percent; business impostor frauds, 88 percent; investment frauds, 84 percent; romance scams, 66 percent; tech-support scams, 55 percent; sweepstakes and related frauds, 35 percent and family and friend impostors, 20 percent.
Losses in two categories — timeshare sales and timeshare resales — inched upward by 3 percent year-over-year, and in one top category, government impostor frauds, losses declined by 5 percent.
Here are the 10 costliest scams
For adults ages 60-plus, the costliest frauds last year involved:
1. Romance Scams $139 million in losses
2. Prizes, Sweepstakes and Lotteries: $69 million in losses
3. Business impostors, $65 million
4. Government impostors, $58 million
5. Investments, $47 million
6. Tech Support, $37 million
7. Online Shopping, $33 million
8. Impostor: Family/Friends, $21 million
9. Timeshare Sales, $17.4 million
10. Timeshare Resales, $13 million
(Sponsored by AARP Michigan)