National Senior Fraud Awareness Day 2024 (US): Discover its Shocking Facts and History

National Senior Fraud Awareness Day 2024 (US): An annual observance of National Senior Fraud Awareness Day occurs on May 15. It raises awareness of senior adult fraud, which costs $36.5 billion a year. The US Congress declared today National Senior Fraud Awareness Day to raise awareness and improve protections for older Americans in light of this alarming statistic. National Senior Fraud Awareness Day has been observed annually since its inception in 2018.

History of National Senior Fraud Awareness Day

Financial fraud has existed for thousands of years. In 300 B.C., Greek trader Hegestratos bought “bottomry” insurance. His loan required interest repayment. He was required to repay upon cargo delivery, per his insurance policy. Hegestratos, on the other hand, intended to submerge an empty vessel, retain the loan, and sell the merchandise while the lender remained unaware. In an unsuccessful attempt to escape with his personnel and passengers, he ultimately drowned.

Additionally, the United States has a lengthy history of financial deception. Charles Ponzi, an American, discovered in 1920 that by purchasing postal vouchers in the United States and shipping them abroad, he could earn 5%. He refrained from telling his investors that, nevertheless. The Ponzi scheme assured them of an enormously exaggerated 50% profit return. After repaying earlier investors with the substantial funds received from newer investors, he ultimately escaped the country. As a result of the profound distress he caused with his deception, an entire generation gave this form of deceit its moniker.

Presently, older people in the United States are frequently the most susceptible to financial deception, and a significant number of them fall victim to a few prevalent types of scams. Scammers impersonating government officials occasionally deceive them into divulging sensitive information, such as their Social Security numbers. Fraudsters may text older people, citing a problem with their bank account, credit card, or other account, and request their login details.

National Report IRS Tax Fraud Day 2024 (US): Five Interesting Tax Facts and FAQs

FAQs for National Senior Fraud Awareness Day

What are the criteria for financial fraud?

“Someone deprives you of your money or capital or otherwise harms your financial health through deceptive, misleading, or other illegal practices” is financial fraud.

Is financial fraud punishable by law?

Financial misconduct is, in fact, illegal.

How many individuals in the United States fall victim to fraud?

Approximately one in ten American adults falls victim to fraud each year.

Five Fascinating Facts about Scams

One in ten American adults is a victim of fraud each year.
An estimated 1.3 million minors experience identity theft on an annual basis.
Nearly 2.8 million individuals filed complaints of fraud in the United States in 2021.
In some of the most prevalent schemes, con artists assume the identity of another individual.
Investment fraud is the type of scheme that causes the most financial loss to its victims.