According to the IC3, or FBI Internet Crime Complaint Center, Elder Fraud is becoming a bigger issue. Data shows that in 2023, elder fraud complaints increased by 14% and the resulting losses increased by 11%. This report only accounts for cases that were reported, so the numbers are probably far greater than the data shows. Elder fraud is becoming a focus for scammers and shows no signs of slowing down.
What Is Elder Fraud?
Elder fraud is any scam or scheme designed to take advantage of the elderly. Most frequently, elder fraud is targeted at taking advantage of their monetary resources. Unfortunately, elder fraud is often committed by those closest to the elderly.
Takeaways From The IC3 Report
- The elderly are targeted more frequently than other demographics. 18,000 fraud victims under the age of 20 were reported in 2023. Whereas, 101,000 cases of elder fraud (victim over age 60) were reported in the same year.
- Tech support and investment scams were the most common and costliest scams in 2023. Almost 18,000 cases of tech support scams were reported last year, making it the most common form of elder fraud. These scams take advantage of elderly who may not be proficient with technology. $1.2 billion in losses were attributed to investment scams, making it the costliest form of elder fraud.
- Scammers stole a ton of money from the elderly in 2023. Victims over the age of 60 reported over $3.4 billion in losses due to elder fraud. This was an increase of 11% from 2022.
As you can see, elder fraud is becoming a focus for scammers. Please encourage your elderly family members or friends to ask for a second opinion before making any financial decisions. Informing the elderly about scams can help them take a closer look at things before making a rash decision.
