Colorado elderwatch 2024 survey reveals a need for heightened consumer awareness and education

AARP ElderWatch is a joint program that partners AARP with the Colorado Attorney General. The program fights the financial exploitation of older Coloradans and periodically surveys residents

of the state to understand financial and online behaviors, as well as what Coloradans do when they've experienced fraud or a scam. Concern about scams and fraud is notably high among

Coloradans 18 and older, with three-quarters believing these issues have reached a crisis level. This heightened worry is reflected in the increased personal experiences with identity theft,

which have risen from 15% in 2020 to 21% in 2024, and the financial losses due to such theft, which have nearly doubled from 12% to 23%. Additionally, 48% of Coloradans are very worried

about fraud, and when dealing with the aftermath of a scam, over half (53%) prefer to speak with a specialist by phone. Online financial account access is widespread among Coloradans, with

younger adults (18–49) significantly more likely (67%) to have all their accounts online compared to those age 50 or above (51%). However, despite their greater online presence, younger

adults are less diligent in monitoring their accounts regularly (67%) compared to older adults (74%), which increases their vulnerability to fraud. The use of peer-to-peer (P2P) payment

platforms has also surged, with 76% of Coloradans now using these services, up from 58% in 2020. Younger adults (89%) are more likely to use P2P platforms than older adults (65%). To combat

fraud, Coloradans employ various preventive measures, including the use of passwords or facial recognition (83%) and protective software (71%). Despite a decline in the use of distinct

passwords for all online accounts (from 60% in 2020 to 50% in 2024), there has been an increase in ordering free credit reports (from 28% to 42%). To stay informed about the latest scams,

half of the respondents prefer receiving updates via email. These findings underscore the need for continued education and awareness to help Coloradans protect themselves against fraud and

identity theft. METHODOLOGY This survey was fielded to 907 adults in Colorado, ages 18-plus in June 2024. For more information, please contact Rebecca Perron at [email protected]. For media

inquiries, contact External Relations at [email protected].