Schemes targeting seniors account for $3.4 billion in reported losses, FBI says
Older woman on the phone
Washington — Americans over 60 years of age fell victim to so-called elder fraud crimes more frequently last year than in any other year and accounted for an estimated $3.4 billion in total reported losses, according to a newly released FBI report.
Reports of criminal schemes targeting seniors in the U.S. increased by 14% between 2022 and 2022, federal investigators said, warning that investment scams are the costliest to the elderly. In all, over 101,000 complaints of fraud perpetrated against individuals over 60 years of age were filed to federal law enforcement last year, the most of any age group throughout the country.
There were 5,920 individuals over 60 who lost more than $100,000 as a result of criminal fraud and federal trends last year, demonstrating that seniors are increasingly being targeted and falling victim, the report said.
FBI officials said Tuesday they hoped the new report will both shine a light on fraud schemes and prevent future victims from falling prey to illegal scammers.
A majority of elder fraud scams go unreported to law enforcement by the victims, which officials said makes it difficult to quantify the total impact of the crimes nationwide. AARP estimated in a 2023 study that $28.3 billion is lost to elder fraud scams each year, 72% of which is taken by individuals who are known to the victims.
On Friday, a California man was arrested after investigators said he was allegedly trying to pick up $35,000 from two seniors who had previously fallen victim to his elder-fraud scheme, which involved phishing attacks and two individuals who pretended to be federal agents.
Investigators said Tai Su was just one component of a large criminal enterprise that disguised itself as a Microsoft support system and a financial institution. The hackers would first gain access to the victims’ computers through phishing scams and then would convince the seniors to withdraw tens of thousands of dollars from their bank accounts.
Su now faces federal charges and made an initial appearance in court on Monday..
According to the FBI’s report released on Tuesday, tech support scams remain the most common form of elder fraud crime.