Ahead of World Elder Abuse Awareness Day on June 15, the FBI is reminding elderly Americans and their loved ones about elder fraud. This type of fraud takes many forms as criminals seek to take advantage of this vulnerable and growing population. The FBI is committed to educating the public about these scams and investigating financial fraud schemes against seniors. Not only are there devastating financial consequences, but these victims and their loved ones can suffer great emotional and mental effects because of these scams.
The FBI investigates various types of financial scams targeting seniors, including investment scams, technical/customer support schemes, money mule and romance scams, and others. According to 2024 data from the FBI’s Internet Crime Complaint Center (IC3), there was a total of $4.885 billion in losses from 147,127 complaints. This is a 46% increase in complaints from 2023, as well as a 43% increase in losses. The FBI continues to work with our local and federal partners to tackle elder fraud and stop those who attempt to harm the elderly.
“Educating the American public, and specifically our seniors about the devastating effects of elder fraud schemes are critical to protecting them and their hard-earned money,” said Assistant Director Jose A. Perez of the FBI’s Criminal Investigative Division. “There are far-reaching consequences of these elaborate schemes, which can decimate the life savings of the elderly. The FBI works with our local and federal partners to make sure our seniors, their caregivers, families and friends know the signs to look for to keep Americans safe from falling victim to these deceitful criminals.”
Seniors are frequently targeted by criminal actors, as they are often perceived to be more polite and trusting. These actors may also assume that seniors are more financially stable, own real estate, spend a great deal of time alone, and are less likely to report fraud if they feel ashamed or are unfamiliar with reporting channels such as IC3.gov.