The Sheriff Joe Baron Foundation
FBI issues report on rise in instances of "Elder Fraud"
FBI issues report on rise in
instances of "Elder Fraud"
"Baby Boomers were scammed out of more than $3.4 billion in 2023 by fraudsters who phone the aging victims with bogus offers of tech support or to wire money to fake accounts — leaving some “destitute,” federal officials said," according to a report in the New York Post.
It says: "Losses from scams reported by Americans over the age of 60 surged 11% last year from the previous year, according to an FBI report released Tuesday."
From the FBI:
Every day, the Federal Bureau of Investigation (FBI) Internet Crime Complaint Center (IC3) receives thousands of complaints reporting a wide array of scams, many of them targeting the elderly. In 2023, total losses reported to the IC3 by those over the age of 60 topped $3.4 billion, an almost 11% increase in reported losses from 2022. There was also a 14% increase in complaints filed with IC3 by elderly victims. However, these numbers do not fully capture the frauds and scams targeting this vulnerable cross-section of our population, as only about half of the more than 880,000 complaints received by IC3 in 2023 included age data. The FBI is publishing the 2023 IC3 Elder Fraud Annual Report in hopes of shining a spotlight on the frauds and scams impacting those over 60 and preventing not only future victimization but also revictimization.
Combatting the financial exploitation of those over 60 years of age continues to be a priority of the FBI. Along with our partners, we continually work to aid victims and to identify and investigate the individuals and criminal organizations that perpetrate these schemes and target the elderly. The IC3 serves as the FBI's central intake point for reports of frauds and scams. Compilation of statistics based on these reports helps law enforcement develop strategies to combat these schemes and protect victims from loss. This year, as in 2022, tech support fraud was the number one crime type impacting complainants over 60, while investment scams continued to be the costliest to the elderly in terms of financial losses suffered.
You can read the entire report HERE, or by clicking on the linked image in the right-hand column.
The article went on to say: "In all, the feds received more than 100,000 complaints from Baby Boomers — those between the ages of 59 and 77 — who said they had fallen victim to these scams.
"Nearly 6,000 of those lost more than $100,000.
“'It can be a devastating impact to older Americans who lack the ability to go out and make money,' Deputy Assistant Director James Barnacle of the FBI’s Criminal Investigative Division said.
“'People lose all their money. Some people become destitute.'
"The most commonly reported fraud among older adults last year involved criminals calling homes, posing as technical support or customer service representatives.
"The FBI has warned that there’s a growing trend where fraudsters impersonate technology, banking and government officials in order to convince victims that their bank accounts have been hacked.
"To resolve the issue, scammers instruct victims to move their funds into a new account — one that’s actually controlled by the swindlers.
"In some cases, criminals have had people drain their bank accounts under the guise that they need to either liquidate their assets into cash or buy gold or other precious metals to protect their funds.
"Then, the fraudsters brazenly send couriers to the victim’s home to collect the cash or gold.
"Federal investigators saw an uptick in these crippling crimes between May and December.
"In other cases, 'the fraud schemes are asking victims to send money via a wire transfer, or a cryptocurrency transfer, Barnacle said.
"'When the victim is reluctant to do that, they’re given an alternative. And so the bad guy will use courier services.'
"The FBI also noted that the financial loss suffered by Baby Boomers is likely an undercount.
"Only about half of the more than 880,000 overall complaints reported to the FBI’s Internet Crime Complaint Center last year included information on the age of the victim."
If you've been subjected to a scam attempt like this, please contact
the Norfolk Sheriff's Office's Consumer Protection Unit to file a report.
Have you ever been asked to make a payment to someone using cryptocurrency? Many people see this as a secure and confidential way to provide funds to another person, but be aware! Bad actors are out here and they want to exploit your interest and willingness.