FBI warns of uptick in scams targeting older people
June 14 (UPI) -- Ahead of World Elder Abuse Awareness Day on June 15, the Federal Bureau of Investigation warned it has seen a double-digit increase in reported elder fraud cases.
According to a statement issued Friday, the FBI's Internet Crime Complaint Center already has seen $1.6 billion in elder fraud losses from January to May of this year, an increase of nearly $300 million over the same time period last year.
The agency counted a total of $3.4 billion reported losses in 2023, and elder fraud complaints rose 14% over the year prior.
"Unfortunately, elder fraud remains one of the most devasting violations we work in the FBI," Assistant Director of the FBI's Criminal Investigative Division Michael Nordwall said in a statement.
"The effects of these elaborate schemes go far beyond just financial losses. It robs an already vulnerable population of their sense of security. We all need to work together to make sure our seniors, their caregivers, families and friends know the signs to look for that a criminal is after your money."
According to the FBI, fraudsters frequently go after older adults because they perceive them to be more vulnerable targets and they also perceive them as having considerable financial assets, such as life savings and real estate.
Older victims also might be less likely to report fraud either out of shame or because they are unfamiliar with reporting channels, such as IC3.gov.
The most common elder fraud schemes last year were tech support, confidence and romance, investment, and government impersonation scams.
Investment scams have hit older Americans the hardest, mainly because of the popularity of cryptocurrency. From 2021 to 2023 elder victimization from these schemes increased by 209%, and dollar losses increased by 419%, according to the FBI.
The United Nations and the International Network for the Prevention of Elder Abuse declared June 15 World Elder Abuse Awareness Day to highlight elderly people's higher vulnerability to physical and mental abuse and neglect.
U.N. independent expert Claudia Mahler had noted an uptick in online abuse and discrimination toward elderly people during the COVID-19 pandemic.
"While older persons have become more visible in the COVID-19 outbreak, their voices, opinions and concerns remain unheard. Verbal and derogatory online abuse have profound negative effects on the human rights of older persons," Mahler said at the time.
People ages 70 and older had a significantly higher risk of illness and death due to COVID, but the pandemic also impacted their ability to access health care and even their pensions.
Friday afternoon, the White House released a proclamation on World Elder Abuse Awareness Day, detailing what steps have been taken by the Biden administration to address the issue, and saying, "Elder abuse goes against everything we stand for as a nation."
