Senior fraud surpasses $3.4 billion with an increase in scams targeting individuals aged 60 and above.
The Elder Fraud Report reveals the various types of scams targeting individuals aged sixty or above, ranging from impersonators pretending to be tech support staff to fraudulent investments and romance schemes. Additionally, it highlights cases of extortion, data breaches, and identity theft.
"Preventing financial exploitation of those aged sixty and above remains a top priority for the FBI," said Michael Nordwall, assistant director in the criminal investigative division, along with a statement accompanying the report.
"In partnership with other agencies, we're committed to supporting victims and identifying the perpetrators behind these schemes," Nordwall added.
The report indicates that the average amount lost in 2023 due to reported fraud by over 100,000 senior citizens was $33,915, with a staggering 5,900 of those individuals experiencing losses exceeding $100,000.
It's worth noting that victims under sixty also fall prey to fraud. An estimated 300,000 such individuals were scammed in 2023, according to the FBI's report.
The FBI's Recovery Asset Team is one of the ways they combat fraud. This team is capable of triggering a "kill chain" and alerting financial institutions to freeze affected funds.
In 2023, the Recovery Asset Team managed to freeze nearly $32 million worth of funds associated with 626 fraud complaints lodged by senior citizens.
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Source: edition.cnn.com
