FBI Report Reveals Surge In Digital Fraud Targeting Elderly Americans

•  Over 101,000 Americans aged 60+ were victims of digital fraud in 2023, losing an average of $33,915 each.
• Cryptocurrency scams accounted for nearly 40% of the $3.4 billion total losses reported to the FBI.
• Tech support scams were the most common fraud type, causing 58% of financial losses among older victims.

EKO HOT BLOG reports that a new report from the Federal Bureau of Investigation reveals that at least 101,000 Americans aged 60 and over fell victim to digital fraud last year, with an average loss of $33,915 per person.

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Scams involving bitcoin and other cryptocurrencies accounted for the largest dollar-amount losses, according to the report.

Since 2018, the FBI’s Internet Crime Complaint Center (IC3) has been publishing statistics demonstrating the impact of cybercrime on older Americans.

In 2023, the IC3 office received 101,068 complaints from this demographic, marking an 11% increase from the previous year and nearly matching the peak seen in 2020.

The total losses amounted to $3,427,717,654, with cryptocurrencies alone contributing nearly 40% of that, totaling $1,336,565,297, as per IC3.

Over 12,000 victims aged 60 and over cited cryptocurrency as a tool used to facilitate the fraud they experienced, according to the agency.

Last month, the FBI issued a separate report highlighting a surge in cryptocurrency schemes, often starting with romance or confidence scams and evolving into cryptocurrency investment fraud.

“Criminals establish relationships and build rapport with victims using fictitious identities,” the report stated, highlighting the use of dating apps, social media, professional networking sites, or encrypted messaging apps.

In 2023, there was a 14% overall increase in complaints filed by elderly victims.

FBI Report Reveals Surge In Digital Fraud Targeting Elderly Americans

Assistant Director Michael D. Nordwall, who heads the Bureau’s Criminal Investigative Division, emphasized that combating financial exploitation of those over 60 remains a top priority for the FBI.

Among various fraud types, call center or tech support scams continued to be the most common complaint among the 60 and older population, representing nearly half of the complaints and 58% of the financial losses.

These scams involve fraudsters posing as customer or tech support representatives from reputable companies, convincing victims that their accounts have been compromised and need to be rectified.

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Victims have reported extreme measures such as selling their homes, depleting retirement accounts, and borrowing from family and friends to cover losses from these scams.

Tragically, some incidents have led to suicide due to the shame or loss of sustainable income, the FBI noted.

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