Understanding Elder Fraud: A Rising Threat to Older Americans


Elder fraud is a growing category of criminal activity that preys on senior citizens' bank accounts and cryptocurrency. To assist spread awareness and stop such occurrences in the future, the FBI's Internet Crime Complaint Center (IC3) gathers data on these instances.


The FBI's Commitment to Fighting Elder Fraud

The head of the FBI's Criminal Investigative Division, Assistant Director Michael D. Nordwall, stresses the need of preventing elder fraud. He draws attention to the FBI's commitment to helping victims and apprehending those who prey on the elderly.


Elder Fraud: A Hidden and Growing Issue

Presumably, elder fraud is more common than is known. Merely 50% of the complaints filed with IC3 in 2023 mentioned the victims' ages, indicating that many crimes remain unreported.


Important Takeaways from the 2023 

1. Elder Fraud Costs Billions: In 2023, damages from scams aimed at those 60 years of age and beyond surpassed $3.4 billion, an 11% rise from the year before. $33,915. was lost by the average victim.


2. Senior Citizens Are Main Targets: In 2023, more than 101,000 victims who were 60 years of age or older, reported frauds to IC3. Victims under the age of 20 were the least affected, accounting for around 18,000 complaints.


3. Top Elder Fraud Types: With over 18,000 incidents recorded, tech support scams were the most common kind of fraud. Other popular scams included personal data breaches, romance scams, non-payment/non-delivery scams, and investment scams.


4. The Most Expensive Frauds: In 2023, these frauds resulted in damages over $1.2 billion. Other expensive frauds included technical support, business email compromise, romance, government impersonation, and personal data breaches.


5. Cryptocurrency Scams: More than 12,000 victims who were 60 years of age or older said that scams targeting them included the usage of cryptocurrencies.


Raising Awareness and Prevention

The purpose of this paper is to raise public awareness of elder fraud hazards and assist in stopping these crimes. We may guard against financial abuse of our elderly loved ones by being aware and watchful.

We can work together to combat elder fraud and safeguard the financial stability of our elderly population by sharing this information and being watchful. 

Comments

Post a Comment

Popular posts from this blog

Understanding Current Issues in the United States

Image
In the United States as of June 2024, a number of significant news topics are popular. These stories touch on a variety of subjects, including international relations, politics, social challenges, and environmental concerns. Here's a summary of the most important happenings. Education   A noticeable shift is taking place in the educational system as more and more parents are opting for micro-schools instead of traditional public schools. Fears about public school safety and educational quality are the driving forces behind this movement. Micro-schools are viewed as a potential replacement for the traditional educational system since they provide a more individualized learning environment. Political Updates One of the most important political issues is Senator Bernie Sanders' anticipated battle with Novo Nordisk's CEO over the high prices of weight-loss medications Ozempic and Wegovy.  These medications, which are critical for many Americans suffering with obesit...
Read more

US Presidential Election of 2024: Updates on Candidates, Campaign Activities, and Political Debates

Image
Currently, the United States 2024 Presidential Election is a major event. Who will be the next President is a question that everyone wants to know. The candidates are occupied with campaigning, traveling, and participating in debates. Let us examine the current situation. Now let us examine each candidate individually. President Joe Biden is a Democratic candidate seeking re-election. He is discussing his accomplishments over the last four years, including managing COVID-19 and boosting the economy. Vice President Kamala Harris and Senator Elizabeth Warren are two more Democratic contenders. They are also discussing their future goals and aspirations. On the Republican side, former president Donald Trump is making a strong comeback. His main concerns are the economy and immigration. An other noteworthy contender is Governor Ron DeSantis of Florida. He is well-known for holding firm conservative beliefs. Senator Ted Cruz and former vice president Mike Pence are two more Republican c...
Read more

The Unpredictable Turn in the 2024 US Presidential Race

Image
An Unexpected Change of Events The 2024 presidential race in the United States has taken a dramatic turn, with some unexpected discoveries. Let us review the events of the last ten days.  Is Kamala Harris Taking the Lead? The focus is currently on Kamala Harris. She is taking the lead now that Joe Biden has withdrawn. At first, every Democratic delegate had vowed to back Biden. It appears Harris has succeeded in persuading them to support her instead of the other candidate.  A contender requires 1,976 delegates to win the party nomination. So far, Kamala Harris has more than 2,600. On August 19, the Democratic convention is set to convene in Chicago. Harris will be the nominee if these figures remain true.   How Did She Do It? There are two key reasons for Harris's success: 1. Biden's Endorsement: His delegates found it simple to shift their allegiance to her. 2. Party Elite Support: Nancy Pelosi, a prominent member of the Democratic Party, is among the many p...
Read more