The FTC issued a warning on Monday about a ruse by scammers to get people to part with money in the form of gift cards or cash, sent by mail.
According to the FTC, scammers even go as far as asking people to divide the cash between the pages of magazines to avoid detection. According to the FTC’s new Data Spotlight, people 70 and older are reporting losing cash to scammers who pretend to be a friend or family member in trouble.
Figures from the FTC show a median loss of $9000 for people in this age bracket, compared to a median loss of $2000 from other year groups, all in the year 2018.
In general, people report losing $41 million in the last 12 months, and about a quarter of people older than 70 report paying scammers in cash.