Every year the FBI publishes its Annual Report on Elder Fraud, and in 2022, the reported losses increased by 84% from 2021. There were 88,262 victims over the age of 60 targeted that resulted in a monetary loss of $3.1 billion dollars. That averaged to above $35,101 per victim.
Elder Fraud is a term used to describe fraudulent schemes that target Americans 60 years and older. The scammers behind the schemes gain the trust of men and women and devise ways to financially exploit them through the computer, phone, and mail. Scammers target the elderly because they are trusting, are more financially stable, live alone and have little or no computer knowledge. They have various ways in which they manipulate people out of money. A few examples are: 1) they may set up a fake online account on social media or dating websites and pose as someone romantically interested in the victim and then ask for money; 2) they claim the victim has won a sweepstake or lottery and can obtain the money by paying a “fee”; 3) they pose as a government or state employee and tell people they have an outstanding warrant and threaten arrest if the victim doesn’t pay bail; 4) they pose as a tech employee and tell the victim they have a computer issue, and once the victim allows the scammer access to their devices and sensitive information, the scammer is able to obtain money by various avenues.
Those are a just a few examples. The list is endless. And the emotional and mental health that comes as a result of being targeted and scammed is devastating. Not to mention the amount of money people lose in the process.
Every year the FBI publishes its Annual Report on Elder Fraud, and in 2022, the reported losses increased by 84% from 2021. There were 88,262 victims over the age of 60 targeted that resulted in a monetary loss of $3.1 billion dollars. That averaged to above $35,101 per victim.
The IC3 reported that the number one type of crime reported was tech related, which resulted in a total loss of over $580 million dollars. Investment schemes, while not the top crime reported, resulted in losses to individuals totaling over $990 million dollars.
The good news is that more victims are recognizing these scams and are becoming more aware of what is happening. In turn, victims are reporting these fraudulent schemes. In 2018, data showed that just over 60,000 individuals reported fraud; in 2020, that number went well over 100,000, and came back down in 2022 to just over the 88,000 mark.
If you suspect or know someone that has been a victim of elder fraud, you can contact your local FBI office by looking up that office at Field Offices — FBI; submit a tip online at FBI – Tips; or file a complaint with IC3 (the FBI’s Internet Crime Complaint Center) at Internet Crime Complaint Center(IC3) | Home Page.
