The FBI’s Elder Fraud Report for 2023 revealed that people over the age of 60 in the US lost over $3.4 billion in fraud schemes, an increase of 11% from the previous year. The report outlines the various types of schemes targeting older individuals, including tech support scams, fake investments, romance schemes, extortion, data breaches, and identity theft. Michael Nordwall, the FBI’s assistant director at the criminal investigative division, emphasized the agency’s commitment to combatting financial exploitation of the elderly and working with partners to assist victims and investigate perpetrators.
The average amount lost in reported fraud cases involving elderly victims in 2023 was $33,915, with nearly 6,000 victims losing over $100,000 each. It is not just older Americans who are targeted by fraud, as the report also noted that over 300,000 individuals under the age of 60 reported being victims of fraud in the same year. The FBI utilizes the Recovery Asset Team as a means to stop fraud, initiating a “kill chain” and coordinating with financial institutions to freeze funds associated with fraudulent activity.
In 2023, the Recovery Asset Team successfully froze over $32 million of funds linked to 626 fraud complaints filed by individuals over the age of 60. The FBI’s efforts in identifying and investigating fraud schemes have been instrumental in protecting vulnerable populations and recovering funds for victims. The report highlights the importance of raising awareness and educating the public about common fraud tactics to prevent individuals from falling victim to scams.
The prevalence of fraud targeting the elderly underscores the need for increased vigilance and security measures to safeguard older individuals from financial exploitation. The FBI’s dedication to combatting fraud through partnerships and investigative efforts has been effective in addressing the growing threat of financial crimes. By freezing funds associated with fraudulent activities and pursuing criminal organizations engaged in schemes targeting the elderly, the Recovery Asset Team plays a crucial role in protecting vulnerable populations and holding perpetrators accountable.
The FBI’s Elder Fraud Report serves as a valuable resource for understanding the tactics used by fraudsters to deceive older individuals, as well as highlighting measures to prevent and report fraudulent activities. By raising awareness and providing support to victims of fraud, law enforcement agencies can work towards reducing the financial impact on elderly populations. The collaboration between the FBI and financial institutions in freezing funds associated with fraud demonstrates a proactive approach to combating financial crimes and protecting vulnerable individuals from exploitation.
Overall, the FBI’s efforts in addressing elder fraud underscore the agency’s commitment to prioritizing the safety and well-being of older Americans. By working with partners, initiating investigative efforts, and freezing funds linked to fraudulent activities, the FBI aims to deter criminal organizations from targeting vulnerable populations. Through continued efforts to raise awareness, educate the public, and crack down on fraudulent schemes, law enforcement agencies can make significant strides in preventing financial exploitation and providing support to victims of fraud.
