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3 Myths and Facts About Fraud

The more you know, the more you say “No” to scammers. So we’re clearing up some common myths about fraud as part of our ongoing efforts to help you keep your money safe.

Myth: Fraud victims are most often older adults.

Fact: People ages 18 to 59 were 34% more likely than those ages 60 and over to report losing money to fraud.

But when older adults do lose money to fraud, the median individual loss is higher – $1,500 for ages 80 and over compared to $500 for ages 18 to 59.

Myth: You only need to worry about romance scams if you’re on a dating app.

Fact: Many victims of online romance scams say it started on Facebook or Instagram, so you don’t have to be looking for love to be a target.

Be wary of a stranger admiring your photos or chatting you up on social media – especially if as your connection deepens, they need money to visit you or for other needs.

Myth: You only need to report fraud if you lose money.

Fact: Whether you lose money or not, reporting fraud is really important (and filing a report is easy).  

Sharing your experiences helps with law enforcement efforts by the Federal Trade Commission and other agencies. And just as importantly, you help protect others by getting the word out.

Remember, anyone can become a victim of fraud, and criminals are getting more and more tricky these days. If you’ve given out your username, password, PIN or account info, please reach out to your financial institution right away. Summit members, we’re here to help at 800-236-5560.

Source: Federal Trade Commission

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