Scams and fraud have long-lasting effects on a person’s mental wellbeing, but the latest research says the emotional toll is especially high on older adults.
Half of the victims in fraud cases reported to the Federal Trade Commission were under age 30, but the financial losses are greater in older adults, at an average of $1,500.
The AARP says people who get scammed often experience shame and a desire for isolation. That was the case with Keith Gatozzi, who got caught up in a romance and cryptocurrency scam.
“Since I was in cybersecurity all my life, and I’m not stupid and I don’t know – I’m, like, looking for love in all the wrong places – but I felt like an idiot. I was embarrassed. I didn’t tell anybody. I told one of my friends; I didn’t tell anybody else.”
The AARP in conjunction with Volunteers of America’s ReST program offers free online emotional support sessions for fraud victims. ReST stands for “Resilience, Strength and Time,” and people can attend as many sessions as they’d like.
Michigan reported $38 million in fraud losses in 2019. That jumped to $134 million last year.
