Elder fraud tops $3.4 billion as schemes targeting people over 60 rise

By Holmes Lybrand

(CNN) — People over the age of 60 in the US reportedly lost more than $3.4 billion in fraud schemes in 2023, a nearly 11% increase from the year before, according to a report from the FBI released Tuesday.

The Elder Fraud Report details the type of schemes people over the age of 60 fall victim to, from individuals falsely acting as tech support to fake investments and romance schemes as well as extortion, data breaches and identity theft.

“Combatting the financial exploitation of those over 60 years of age continues to be a priority of the FBI,” Michael Nordwall, the FBI’s assistant director at the criminal investigative division, said in a statement with the report.

“Along with our partners, we continually work to aid victims and to identify and investigate the individuals and criminal organizations that perpetrate these schemes and target the elderly,” Nordwall said.

According to the report, the average amount lost in 2023 in reported fraud of more than 100,000 elderly victims was $33,915, with nearly 6,000 victims losing more than $100,000 each.

It’s not just elderly Americans who fall victim to fraud. The FBI’s report says that, in 2023, more than 300,000 individuals under the age of 60 reported being the victim of fraud as well.

One way the FBI works to stop fraud is through the Recovery Asset Team, which can initiate a “kill chain” and communicate to financial institutions to freeze funds.

In 2023, according to the report, the Recovery Asset Team was able to freeze more than $32 million of the funds associated with 626 fraud complaints filed by individuals over 60.

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Elder fraud tops $3.4 billion as schemes targeting people over 60 rise