According to recent reports, Elder fraud continues to be a growing concern, with a significant increase in reported incidents last year.
According to the FBI’s Internet Crime Complaint Center (IC3), elder fraud complaints rose by 14 percent in 2023, and associated financial losses increased by about 11 percent. The 2023 Elder Fraud Report, released on April 30, reveals that older Americans are being disproportionately impacted by scams and fraud.
In 2023, over 101,000 victims aged 60 and over reported falling prey to these kinds of crimes. In contrast, younger individuals seemed to be less affected, with only around 18,000 victims under the age of 20 reporting fraud incidents. This highlights the particular vulnerability of older adults when it comes to online scams.
Tech support scams were the most widely reported form of elder fraud last year, with nearly 18,000 older victims reporting such scams.
Other common types of fraud include personal data breaches, confidence and romance scams, non-payment or non-delivery scams, and investment scams. These crimes not only result in financial losses but can also lead to emotional distress for the victims.
Raising awareness and taking preventative measures are crucial in addressing this ongoing issue. We hope this information was helpful to those who are at risk for scams and fraud. If you do, encounter any senior fraud, head over to the Inspector General’s website and report it.
We are working to give back to American seniors by urging Congress to pass the Elder Relief Act. See what we are doing here.