Described as the greatest transfer of wealth in history, according to the FTC older Americans are losing more than $80 billion every year to scams and fraud
That amounts to more than $1 billion every week. And with the surge in use of AI by criminals, those numbers will sadly rise.
Let’s Get There First! is an initiative by America’s real estate community and created to help protect one of America’s most vulnerable communities – older adults who are now the top targets for some of the most devastating and heartless scams and frauds.
Senior scams have been described as a national crisis and one of the greatest transfers of wealth in American history – from the bank accounts of seniors to the bank accounts of scammers.
Experts agree that if we can get to this vulnerable group before the scammers do and arm them with the right advice, then we stand the best chance of changing the odds.
The way we get to them is through America’s real estate agents – more than one million across the country, in almost every community, and already pretty security savvy.
The initiative was created by security and fraud veteran Neal O’Farrell who’s not only one of the world’s longest serving security and fraud experts, but also the face behind Cotality’s long-running program to raise security awareness and standards across the real estate community.
A SCAM EPIDEMIC
Because most fraud goes unreported, the FTC estimates that the true cost of scams and frauds on older adults is far higher than previous estimates.
A NATIONAL CRISIS
In an effort to combat the growing losses, the AARP has partnered with Walmart, Google, Amazon and others to launch the National Elder Fraud Coordination Center (NEFCC).
A REAL ESTATE SOLUTION
There are real estate agents living and working in almost every community in America, and they’re already well-schooled in spotting scams and fraud. These are our front line.
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ROMANCE SCAMS
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INVESTMENT SCAMS
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CRYPTO SCAMS
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TECH SUPPORT
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FAMILY IMPERSONATION
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BANK IMPERSONATION
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LOTTERY SCAMS
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GOVERNMENT IMPERSONATION
SENIOR SCAMS IN PERSPECTIVE
Financial fraud cost older adults up to $81.5 billion in 2024.
Adults age 60 and older are more likely to report losses of $100,000 or more due to financial fraud.
Between 2020 and 2024 the number of seniors reporting losses to scams increased sevenfold.
Those in their 70s reported losing a median of $20,000 to investment scams, compared to the median of $1,551 stolen from victims in their 20s.
Scams are more than just financial losses and can impact mental and physical health, reduce trust and self confidence, increase isolation and loneliness, and even shorten lives.
Traditional scams targeting retirees and other older persons are increasingly powered by artificial intelligence, raising the risk of those targeted becoming victims to financial losses and identity theft.
