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Criminals posing as Microsoft workers contacted the victim online and said his computer had been hacked, his financial accounts compromised, and that he needed to take urgent remedial action. Later, IRS informed him he owed $200,000 in taxes.
Of that, an estimated $17,000 loss to financial institutions per case. An estimated $36,000 in direct costs to caregivers due to a family member being exploited.
Elder fraud is a growing problem, with seniors losing an estimated $3 billion each year due to scams targeting them.