AUSTIN, Texas–New research has revealed that older generations continue to see the highest average loss to online fraud, but every generation continues to be victimized.
The research, conducted by SEON, offers an assessment of the overall state of online fraud in the U.S. across different states and age demographics.
The 50-59 age category had the highest average losses in 2020, with an average of $9,864 per victim - almost $3,000 more than the national average loss among victims.
The 60+ age group had the highest total loss in 2020 - losing almost a billion dollars to internet fraud. Those 60 and over had a slightly lower average loss than the preceding age group - making an average of $9,174 per incident, SEON reported.
Meanwhile, the SEON survey found the 20-29 age category had the lowest average losses per victim, seeing average losses of $2,789 - roughly $4,000 less than the national average and almost $7,000 less those in the 50-59 age group.
The under 20 age group had the second-lowest average per victim - $3,061.
“Both age groups having the lowest averages may be attributed to the fact young people have fewer financial assets to lose compared to their elders, rather than being targeted any less,” SEON stated.
Other Insights
According to SEON, other insights gleaned from the survey include
- North Dakota saw the highest average loss per incident across all age groups, with people losing $39,723.88 on average, “a crippling amount of money to lose as the average U.S. salary in 2020 was $56,310”
- There were almost half a million (465,177) total victims of internet fraud in 2020 - resulting in a total loss of $3.29 billion across all age groups
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