Author: Amy VanDeVelde/Wednesday, July 31, 2019/Categories: National, Top national
A new friend or love interest you've met on social media can make you feel great AND take you for an expensive financial ride.
Older adults can be targeted for these types of scams because they sometimes have more savings than younger people do. According to the Federal Trade Commission, losses from romance scams have increased dramatically since 2015, ranking number one on total reported losses. In 2018, losses resulting from "catfishing" or "romance" scams topped $143 million. The average amount lost for adults older than 70 is $10,000.
There are some helpful ways that consumers of all ages can quickly assess whether someone is genuinely interested in making a meaningful personal connection or simply an imposter looking for a relationship with your bank account.
This project is made possible with generous support from AT&T.
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