Study finds financial scams targeting older Americans are increasing: See where your state ranks

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Millions of older Americans are falling victim to financial scams at an alarming rate, with new research showing which areas have the highest rate of reported scams involving residents age 60 and older.

Researchers at financial technology company SmartAsset analyzed fraud reports filed with the Federal Trade Commission by state and age group. The analysis also identified the most common scam type targeting older Americans in each state. 

Arizona recorded highest rate of reported scams

By the numbers:

According to the SmartAsset study, Arizona recorded the nation’s highest rate of reported scams involving residents age 60 and older, with seven fraud reports for every 1,000 people in that age group. 

Delaware followed closely with 6.9 reports per 1,000 older residents, while Colorado ranked third at 6.8 reports per 1,000.

Business imposter scams emerged as the most commonly reported fraud category affecting older Americans in most states. In six states — Alaska, Iowa, Maryland, South Dakota, Vermont and West Virginia — government imposter scams were reported more frequently than any other type of fraud.

The other side:

Meanwhile, North Dakota reported the lowest rate of scams involving older residents, with just three reports per 1,000 people age 60 and older.

Arizona recorded the nation’s highest rate of reported scams involving residents age 60 and older. (Credit: Getty Images)

The analysis also found that older Americans were less likely than younger age groups to report job-related fraud and online shopping scams, suggesting scammers may tailor schemes differently depending on the target demographic.

Scammers now have more ways to reach victims

Big picture view:

Researchers said the findings point to the growing vulnerability of older Americans as digital banking, online payments and electronic communication become more common.

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"Scammers have more ways to reach victims and impersonate trusted institutions," the study wrote.

One analysis published by the U.S. Department of the Treasury found $27 billion in suspected elder financial exploitation in just a 12-month period.