On the 15th of every June, since 2006, citizens globally observe World Elder Abuse Awareness Day, a global initiative to recognize, resist, and respond to the abuse, neglect, and exploitation of the aging population.
While elder abuse takes many forms, one of the most insidious threats is financial fraud.
As technology advances, scams are increasingly more sophisticated against seniors who may not be tech-savvy and isolated from trusted support networks.
According to the FBI's 2024 Internet Crime Complaint Center (IC3.gov) Report, elder fraud in the United States has reached alarming levels.
In 2024 alone, Americans over the age of 60 reported nearly 150,000 cases of online fraud, resulting in almost $4.9 billion in losses, a 43% increase over 2023.
The Scope of the Problem
In 2024, there were over 147,000 complaints involving victims over the age of 60; 7500 of which lost more than $100,000.
The top 10 types of crimes reported by seniors included phishing/spoofing, tech support, extortion, personal data breaches, investment scams, non-payment/non-delivery scams, government impersonation, identity theft, and business email compromise with cryptocurrency being used to facilitate the crimes.
Regional data showed that the largest number of reports came from California, Florida, Texas, Arizona, Pennsylvania, New York, Illinois, Ohio, Indiana, and North Carolina respectively.
The fewest reports came from the U.S. Minor Outlying, Guam, the U.S. Virgin Islands, American Samoa, and the Northern Mariana Islands.
California's losses reportedly totaled $832 million- almost double that of Texas and Florida.
Why Seniors Are Targeted
From law enforcement to psychologists, experts have noted multiple factors that make older adults more vulnerable to fraud.
Whether it's perceived politeness, trust, financial stability, and potentially greater assets, or social isolation and unfamiliarity with technology and cyber threats, the older population is considered easy prey by fraudsters.
The Human Cost
Behind every statistic is a family impacted by the loss of a life's savings, a grandparent scammed by a fake government official, or a senior duped by a scammer posing as a loved one in need.
For instance, a 74-year-old California woman succumbed to a tech support scam that began with a computer alert claiming it was infected with a virus.
The alert provided a phone number for "technical support," which she called. The scammer, posing as a technician, convinced her to grant remote access to her computer.
Over several weeks, the fraudster manipulated her into transferring over $200,000 from her retirement savings into cryptocurrency wallets, claiming to "protect her funds from hackers."
The victim realized she was scammed after her bank flagged suspicious activity and contacted her family. By then, most of the money had been laundered through crypto exchanges and was unrecoverable.
The FBI's Response
The FBI investigated the case and included it in their public awareness campaign highlighting the dangers of remote access scams.
Additionally, the Department of Justice has significantly increased its enforcement, outreach, and prevention efforts.
Central to this mission are the Elder Justice Initiative and IC3.gov which allows citizens to report scams and assist law enforcement in tracking national trends.
Nationally, local FBI offices are raising awareness by issuing alerts, hosting forums, and observing World Elder Abuse Awareness Day with public campaigns.
In partnership with financial institutions, tech companies, and community organizations, the FBI is working to dismantle scam networks that target aging Americans.
"We're not only hunting the criminals behind these schemes- we're empowering families to recognize red flags before the damage is done," said Special Agent Alicia D. Corder of the FBI's Little Rock office.
The FBI also collaborates with federal and international agencies to investigate fraud rings operating across borders with its Transnational Elder Fraud Strike Force.
In some cases, agents have prevented wire transfers in real-time, underscoring the critical need for timely reporting.
How to Protect Seniors:
Protecting seniors from fraud starts with awareness, education, and communication. Below are some practical tips for prevention.
Help seniors recognize scams like urgent calls for money, suspicious pop-ups, or investment schemes that sound too good to be true.
- Maintain Open Communication
Regular conversations can build trust making it easier to identify red flags and easier report fraud.
Call blockers, multi-factor authentication, strong passwords, and secure browsing habits can help. Encourage verifying contacts before sharing personal or financial information.
Stay alert to odd behavior or financial activity. Acting early can prevent greater harm.
- The Faster the Reporting the Better
If fraud occurs, file a complaint at IC3.gov or call 1-800-CALL-FBI.
The sooner scams are reported, the better the chances of recovery.
As we spotlight the elder fraud crisis, we can empower individuals, families, and institutions to take action.
Let's take the World Elder Abuse Awareness Day initiative beyond a day and make it our continual mission to protect seniors from nefarious activity.
The loved one you save might be your own.
V. Venesulia Carr is a former United States Marine, CEO of Vicar Group, LLC and host of "Down to Business with V.," a television show focused on cyber awareness and cyber safety. She is a speaker, consultant and news commentator providing insight on technology, cybersecurity, fraud mitigation, national security, and military affairs. Read V. Venesulia Carr's reports — More Here.
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