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As if there aren't enough hazards to their cash for seniors, romance presents yet another way to separate older people from their money.
So says the Squared Away blog at the Center for Retirement Research at Boston College, which cites Federal Trade Commission data indicating that older folks got fleeced out of an average of $10,000—more than other age groups—by online romancers who turned out to be long-con grifters and swindlers.
The FTC says that not only did last year's victims (old and young alike) get cheated out of more than $200 million, romantic scammers glommed the most money of any type of scam and their total for last year represented a 40 percent increase over what they stole in 2018.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
