Americans over 60 lost more than $3.4 billion to online and phone scammers in 2023, the Federal Bureau of Investigation reported on Tuesday, marking an 11 percent year-over-year increase in “elder fraud” incidents.
According to the FBI’s annual Elder Fraud Report, financial crimes targeting senior citizens are at an all-time high amid an explosion of increasingly complex fraud schemes. Since 2022, reports of elder fraud have increased by 14 percent. In 2023, this amounted to 101,000 complaints of elder fraud, with 5,920 people over 60 losing more than $100,000 each.
Older Americans reported losing $3,400,000,000 to scams last year. Protect our seniors by being aware of the most common schemes. Review the #FBI's newly released 2023 Elder Fraud Report. https://t.co/5mXpDIyjhD pic.twitter.com/RYva5c1lWg
— FBI Miami (@FBIMiamiFL) May 2, 2024
A majority of elderly fraud victims go unreported by the victims, many of whom are unaware that the theft has taken place. However, the AARP estimated that $28.3 billion is stolen from retirement-age people every year—and in 72 percent of cases, the thief is someone close to the victim.
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Per the FBI’s report, tech support scams are the most common form of elder fraud, but scammers are also known to use fake investments and romance schemes, as well as extortion, data breaches, and identity theft. Last year, the FBI was reportedly able to freeze $32 million of the stolen funds before they were transferred.
A statement from Bureau officials said that the yearly reports are released in the hopes of shining light on scammer tactics and protecting elderly victims from further losses.
Connor Walcott is a staff writer for Valuetainment.com. Follow Connor on X and look for him on VT’s “The Unusual Suspects.”
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