The Internet Crime Complaint Center (IC3) of the Federal Bureau of Investigation recently released the “2023 Elder Fraud Report,” emphasizing a significant increase in fraud against the elderly in the United States, which is concerning. The report shows a notable rise in both fraud complaints (14%) and related losses (11%) compared to the previous year.
The report reveals various types of scams and fraudulent activities targeting American seniors involving funds or cryptocurrencies. However, it is important to note that these statistics may only represent a portion of the actual incidents as many cases go unreported. Michael Nordwell, Assistant Director of the FBI, emphasizes that combating financial exploitation against the elderly remains a top priority for the bureau and highlights ongoing efforts to assist victims and apprehend criminals.
Key findings from the report include:
In 2023, losses from fraud against the elderly exceeded $3.4 billion. The average loss per victim was $33,915, with over 5,920 individuals losing more than $100,000. Over 101,000 victims aged 60 and above reported such fraud cases in 2023. More than 12,000 victims confirmed the use of cryptocurrencies as a tool in fraud or deception.
In New Jersey, there were a total of 2,049 complaints filed by individuals aged 60 and above, ranking 15th nationally. These complaints resulted in total losses of $104.1 million, ranking eighth nationwide.
The report also highlights the most common types of complaints and the costliest types of fraud against the elderly, such as tech support scams, personal data breaches, investment scams, and trust and romance scams.
Nordwell urges the public to remain vigilant, understand common fraudulent tactics, and stresses the importance of reporting any suspicious activity to IC3. Reporting fraud not only helps identify trends and strengthen investigations but also increases public awareness of potential threats.
Given the severity of these fraudulent cases, the FBI encourages individuals to utilize available resources and promptly report any fraudulent incidents. Through collective efforts and maintaining open communication, communities can better protect themselves and their loved ones, avoiding falling victim to fraud targeting the elderly.
For more information, resources, and complaints, please visit the IC3 website. The complete “2023 Elder Fraud Report” can be accessed at www.ic3.gov/Media/PDF/AnnualReport/2023_IC3ElderFraudReport.pdf.