BofA Report Shows Mixed Financial Wellness Picture.

BANK of America Corp. 055169452

A Bank of America report reveals that elder fraud is a costly crime, with scams targeting individuals aged 60 and older causing over $3.4 billion in losses in 2023. Older Americans are disproportionately impacted by scams, while victims under the age of 20 are the least impacted demographic. Tech support scams were the most widely reported type of elder fraud, followed by personal data breaches and investment scams. Additionally, the report highlights the financial wellness of American workers, with 47% feeling financially well and concerns about economic uncertainty affecting long-term retirement savings. The report also addresses gender equity, inflation concerns, and retirement healthcare expenses. The FDIC outlines key risks to banks, including market risks, credit risks, operational and cyber risks, crypto-asset risks, and climate-related financial risks. [Extracted from the article]

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