Scam Alert! Texas Ranks 3rd in The Country for Elder Fraud.
Seniors in The Lone Star State are getting scammed out of millions of dollars, making Texas one of the worst states in the country for elder fraud.
Scammers are getting more and more tricky in their efforts to swindle you out of your money and property. Phone scams and email scams are just two of the ways they can trick you into spending money you may think is going towards a service or product, but then come to find out you've been scammed.
Let's face it - to a scammer, everyone is fair game. If they can get money out of you, it won't matter to them how old you are. To many of these scammers, the elderly just seem like easy prey. People over 60 are the primary target in many cases, and according to research from NiceRX, Texas ranks at #3 in the country for "elder fraud."
Millions of people over 60 fall victim to elder fraud every year. Scammers rely on the changing world of technology to confuse many older folks into clicking on or signing up for something they think they need only to find out it wasn't legit. By the time they do find out, it's already too late.
Top States for Elder Fraud
Texas ranks third in the country for elder fraud right behind Florida at #2 and California at #1. In terms of numbers, Texas saw 6,342 victims in 2020 of elder fraud while Florida had 9,252 victims and California had 12,534 victims.
Types of Elder Fraud
There are many different ways scammers take advantage of people, and unfortunately extortion saw the most victims in 2020 with 23,100 victims. Non-payment/non-delivery was second with 14,534 victims and Tech support was third with 9,429 victims.
The Cost of Elder Fraud
Texas elders lost $69.76 million due to scams in 2020. That equates to an average loss of $11,000 per victim. For most elders this can be a devastating loss of income. Those who live on a fixed income can end up in big financial trouble due to the work of a scammer.
Most Costly Type of Fraud
Topping the list of most costly fraud was confidence fraud/romance. 2020 totals cost victims $281.1 million, an average loss of $41,240 per victim.
The world can be a brutal place and there are those out to rob, steal and cheat you out of everything you have. Unfortunately in Texas, the scammers seem to be winning.