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Attorney General staff warn elders face rising losses as banks, crypto and social media fuel scams
Summary
Attorney General consumer protection staff told the Consumer Protection and Business Committee that older adults suffer larger median losses from imposter and investment scams, and that bank transfers and cryptocurrency are the payment channels that most frequently make recovery impossible.
Attorney General consumer protection staff told a legislative committee on Feb. 20 that older adults are increasingly targeted by imposter and investment scams and typically lose larger amounts when victimized.
Sean Colgan, an assistant attorney general in the Consumer Protection Division, presented FTC 2024 data showing the agency received about 2,600,000 fraud reports last year with $12.5 billion in reported losses nationwide; Washington’s share was cited as $297,750,000. Colgan said older adults — especially people 70 and up — report much higher median losses even if the number of incidents is similar across age groups.
Why it matters: Colgan said the combination of outreach channels and faster,…
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