Elder fraud crimes against Americans over 60 years of age reached a peak in the past year, resulting in an estimated $3.4 billion in total reported losses, according to a newly released FBI report. The report disclosed that investment scams are the most costly to the elderly, with over 101,000 complaints of fraud targeting seniors filed to federal law enforcement in the U.S. in the last year. Federal trends show that 5,920 individuals over 60 lost more than $100,000 due to criminal fraud, demonstrating an alarming increase in the targeting and victimization of seniors.
The FBI officials hope that the new report will bring awareness to fraud schemes targeting the elderly and help prevent future victims from falling prey to illegal scammers. It is noted that the majority of elder fraud scams go unreported, making it difficult to quantify the full impact nationwide. AARP’s 2023 study estimated that $28.3 billion is lost to elder fraud scams annually, with 72% taken by individuals known to the victims. The report emphasizes the importance of reporting these crimes to law enforcement in order to combat the growing issue.
A recent case in California involved a man arrested for attempting to pick up $35,000 from two seniors who were victims of his elder fraud scheme. The scheme involved phishing attacks and impersonation of federal agents and Microsoft support personnel. This case highlights the sophistication of these criminal enterprises, where hackers gain access to victims’ computers and convince them to withdraw large sums from their bank accounts. The perpetrator now faces federal charges and scrutiny in court, underscoring the severity of elder fraud crimes.
According to the FBI report, tech support scams constitute the most prevalent form of elder fraud crime, indicating the widespread use of technology in targeting seniors. The criminals behind these scams often impersonate legitimate entities like Microsoft support systems or financial institutions to deceive the elderly. As technology continues to advance, it is crucial for authorities to address these evolving tactics and protect vulnerable individuals from falling victim to fraudulent schemes. The report sheds light on the prevalence of tech-related fraud targeting seniors and the need for increased awareness and prevention efforts.
Robert Legare, a CBS News multiplatform reporter and producer covering the Justice Department, federal courts, and investigations, highlighted the growing concern of elder fraud crimes in the U.S. He pointed out the alarming statistics revealed in the FBI report and the need for immediate action to address this issue. Legare’s coverage emphasizes the detrimental impact of elder fraud on older Americans and the urgency of combating these crimes through effective enforcement and public awareness. His reporting underscores the importance of protecting seniors from financial exploitation and ensuring that perpetrators are held accountable for their actions.
Overall, the FBI report on elder fraud crimes against Americans over 60 years of age underscores the urgent need to address this growing issue. With an estimated $3.4 billion in reported losses and a significant increase in complaints targeting seniors, it is clear that these criminal schemes pose a serious threat to vulnerable individuals. The prevalence of tech support scams and the sophistication of these fraud schemes further highlight the need for enhanced enforcement efforts and public education to protect older Americans from financial exploitation. By raising awareness and cracking down on these crimes, authorities can work towards preventing future victims and holding perpetrators accountable for their actions.
