New research has revealed that  has lost over $24 million to elderly fraud.

Cybersecurity experts at VPNPro looked at data from the Federal Bureau of Investigation and the Federal Trade Commission to see how many victims of fraud were over the age of 60 in 2022. The data was analyzed based on the number of victims aged 60 or over as a proportion of each state’s elderly population.

According to the organization, statistics from Kansas include:

• Kansas has lost $24,435,433 to elderly fraud.
• The state has had an average of 68.6 victims per 100,000 elderly residents.
• Those aged 60 or over were 517% more likely to be victims of a tech support scam than those aged between 18 and 59.

On a national level, Investment scams were found to have cost elderly victims the most money in 2022, at a total loss of $404 million, with business imposters ($271 million) and romance scams ($240 million) being the second and third most lucrative scams.

Regarding contact methods, those aged 60 and over are more likely to lose money online than any other contact method. Elderly fraud victims have lost a total of $564 million to online fraud (including social media), compared to $90 million to text scams.

The most popular payment method for elderly victims is bank payment or transfer, producing a total loss of $570 million in 2022. Surprisingly, cryptocurrency is the second most popular method, with a loss of $288 million.

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Information via https://vpnpro.com

The variance in fraud occurrence between individuals aged 60 or older, compared to those aged 18 to 59 (base group)