A recently released FBI report reveals alarming trends in elder fraud across the United States. In 2023, financial crimes targeting people aged 60 and over resulted in at least $3.4 billion in reported losses, an 11% rise from $3.1 billion in 2022. The number of reported victims also rose 14%, with 101,068 complaints filed by people over 60 in 2023 compared with 88,262 in 2022. The average loss per elder victim was $33,915, and nearly 6,000 older adults (5,920) reported losses greater than $100,000. These figures underscore the urgent need to address and prevent elder fraud.
Most common types of elder fraud scams
The FBI report identifies the most prevalent scams that cause financial harm to older adults.
Technology support scams: Technology support scams are among the most common frauds affecting older adults. In these schemes, fraudsters pose as tech support from reputable companies, claiming the victim has been hacked, owes money, or is due a refund. They pressure the target to download software that is actually malware, giving the criminal access to banking and personal information. In 2023, technology support scams were the second most costly elder fraud category, with victims losing nearly $600 million.
Investment scams: Investment scams come in many forms, including fake promissory notes, Ponzi or pyramid schemes, dubious real estate deals, and cryptocurrency frauds. These schemes are the costliest for older victims. In 2023, investment scams accounted for more than $1.2 billion in losses among people aged 60 and older.
Illegal call center and phone scams: Unsolicited phone calls remain a major threat. Scammers often impersonate government officials or customer service representatives, sometimes using threats and other times adopting a friendly or helpful tone. These phone scams cost older Americans nearly $770 million in 2023, and about 40% of victims in phone-scam incidents were age 60 or older.
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Confidence and romance scams, and the grandparent scam
Fraudsters who exploit emotions are grouped separately by the FBI as confidence and romance scams. In 2023, 6,740 people over the age of 60 reported these types of scams, with losses totaling nearly $357 million.
Romance scammers often use online platforms to build fake relationships, gaining a victim’s trust before asking for money. Some perpetrators resort to “sextortion” if a victim has shared intimate images. Another disturbing variant is the “grandparent scam.” In 2023, the FBI received over 200 grandparent scam complaints from people over 60, with losses around $2.3 million. In this scam, the caller impersonates a panicked relative—often a grandchild—claiming to be in urgent trouble and requesting money. Advances in artificial intelligence have made these scams more convincing by enabling voice cloning of family members.
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Protecting yourself from elder fraud schemes
Technology and online access have made fraud techniques more sophisticated and easier to deploy. Older adults are frequently targeted, risking retirement savings and peace of mind. The FBI offers practical tips to reduce the risk of becoming a victim:
- Recognize scam attempts and immediately end communication with the suspected scammer.
- Search online for the contact information, names, phone numbers, emails, or offers you receive—others may have reported similar scams.
- Resist pressure to act quickly. Scammers create urgency and fear to force hasty decisions. If you believe there is an immediate danger, contact local authorities.
- Be cautious with unsolicited phone calls, mailings, and door-to-door offers.
- Never give personal information, money, jewelry, gift cards, checks, or wire transfer details to unverified people or businesses.
- Keep your computer’s antivirus and anti-malware protections up to date and use reputable security software and firewalls.
- If a pop-up or locked screen appears, disconnect from the internet and shut down the device. Pop-ups are commonly used to distribute malicious software; enable pop-up blockers where possible.
- Be careful when downloading files. Do not open email attachments from unknown senders and be cautious with forwarded attachments.
- If a criminal may have gained access to your device or accounts, contact your financial institutions immediately to place protections on your accounts and monitor all accounts for suspicious activity.
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Additional precautions for older adults
Beyond general scam awareness, there are specific precautions older adults should take to safeguard finances and personal information.
First, exercise caution with legal documents such as powers of attorney and financial authorizations. Before granting anyone access to your accounts or the authority to make financial decisions, ensure they truly act in your best interest. Fraudsters sometimes exploit loneliness or trust to manipulate older adults into signing documents that transfer wealth or access.
Second, vet household help and home care providers carefully. Allowing someone into your home creates potential access to valuables and sensitive documents. Choose licensed, insured, and reputable companies that conduct thorough background checks on employees.
Finally, if you suspect you or a loved one has been targeted by elder fraud, contact your local police, your nearest FBI field office, or submit an FBI tip online. You can also file complaints with the Internet Crime Complaint Center to ensure the incident is documented and investigated.