The FBI's annual 'Elder Fraud Report' reveals a concerning increase in financial losses experienced by Americans aged 60 and older due to scams in 2023. The report highlights the growing threat of tech support, investment, and illegal call scams targeting this vulnerable population.
Americans aged 60 and older sustained greater financial losses due to scams in 2023 compared to the previous year, according to a fresh report from the FBI. The agency's annual ' Elder Fraud Report,' unveiled on Tuesday, reveals that financial losses incurred by seniors amounted to $3.4 billion, marking an 11% surge from 2022. Scams targeting this demographic are proliferating in both frequency and cost, with some victims enduring losses in the hundreds of thousands of dollars.
Experts assert that these trends constitute a serious concern as the U.S. population continues to age and digital fraud tactics become increasingly sophisticated.The FBI received over 101,000 complaints from Americans over 60 in 2023, representing a 14% increase from the preceding year. The average reported loss approached $34,000, with 5,920 individuals experiencing losses exceeding $100,000 each. The most prevalent scam targeting seniors in 2023 was tech support fraud, where scammers impersonate employees from reputable companies, persuading victims to download software that grants remote access to their computers or bank accounts. However, the most financially devastating scam category was investment fraud, responsible for $1.2 billion in losses. Tech support scams followed closely behind, inflicting losses of over $589 million. Illegal call scams, encompassing impersonators posing as government agents or customer service representatives, cost Americans over $700 million last year, with nearly half of those victims aged 60 or older, according to the FBI. While the FBI report offers valuable statistical insights, it acknowledges that only about half of the more than 880,000 total complaints filed with the Internet Crime Complaint Center (IC3) included the victim’s age - implying that actual losses among seniors may be even more substantial. The report also does not provide a breakdown of how many scams resulted in arrests or recovery of funds. The FBI states that it is bolstering international cooperation with agencies in countries like India, Laos, and the U.K., but many scam operations persist in evading accountability. Another unknown factor is the number of victims who choose not to report their losses, especially considering the stigma and emotional toll often associated with financial fraud within older populations
Elder Fraud Scams Investment Fraud Tech Support Fraud Senior Citizens
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