A newly released FBI report reveals that Americans over the age of 60 fell victim to elder fraud crimes more frequently last year than in any other year, resulting in an estimated $3.4 billion in total reported losses. The report shows that reports of criminal schemes targeting seniors in the U.S. increased by 14% between 2022 and 2023, with investment scams being the costliest to the elderly. Over 101,000 complaints of fraud against individuals over 60 were filed to federal law enforcement, the most of any age group in the country. FBI officials called the new numbers “astonishing” and warned that as the nation witnesses a transfer of generational wealth, senior citizens are the most vulnerable.
The report also highlights that individuals over 60 who lost more than $100,000 due to criminal fraud and federal trends last year numbered 5,920, showcasing the increasing targeting and victimization of seniors. Victims are often coerced into authorizing payments to scammers, leading to the draining of their bank accounts under false pretenses. FBI officials urged American financial institutions to do more to help elderly victims prevent money transfers to criminal scammers, emphasizing the importance of education and tough conversations with senior populations to prevent future victims from falling prey to illegal schemes.
Elder fraud scams often go unreported to law enforcement by victims, making it challenging to quantify the total impact of these crimes nationwide. AARP estimated in a 2023 study that $28.3 billion is lost to elder fraud scams each year, with 72% taken by individuals known to the victims. The FBI report also highlights specific cases of elder fraud schemes, such as a California man arrested for attempting to pick up $35,000 from two seniors who had previously fallen victim to his phishing attacks and impersonation of federal agents. The report notes that tech support scams remain the most common form of elder fraud crime, but romance scams and those involving individuals posing as family members are also on the rise.
In response to the increasing prevalence of elder fraud crimes, the FBI emphasizes the need for financial institutions to implement precautions to help their customers avoid becoming victims of crime. The report aims to shed light on fraud schemes and prevent future victims from being targeted by illegal scammers. Law enforcement officials stress the importance of early reporting of fraud crimes to increase the chances of preventing money transfers and stopping criminals before they complete their schemes. The report also highlights a shift in scammers operating internationally, with criminal organizations in countries like India, Laos, and Cambodia targeting elderly individuals in the U.S. through various fraudulent schemes.
