FBI Elder Fraud Report highlights fraud and scams targeting older Americans

The FBI’s Internet Crime Complaint Center (IC3) today released the 2023 IC3 Elder Fraud Annual Report to draw attention to the high levels of fraud and scams affecting seniors over the age of 60.

“Scammers are targeting older Americans at an alarming rate,” said FBI Special Agent in Charge Elena Iatarola in Cincinnati. “While the FBI will continue to investigate these crimes, it is important that we work to prevent them through education and awareness. The IC3 report helps us understand the types of scams being committed and how we can protect our loved ones from victims.”

In 2023, total losses reported to the IC3 by people over 60 exceeded $3.4 billion, an increase of almost 11% in reported losses compared to 2022. There was also a 14% increase in the number complaints filed by people over 60.

A total of 3,299 Ohio victims age 60 or older reported losses of more than $64 million to IC3 in 2023. Ohio ranked sixth in the nation in the number of complaints filed by people over 60.

Tech support fraud was the most common type of crime affecting complainants over 60 in 2023, while investment scams remained the most expensive for older people in terms of financial losses incurred.

Most reported frauds in 2023 based on the number of complaints received:

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  Fraud type: technical support
• 
  Number of complaints: 17,696

• 
  Type of fraud: Personal data breach
• 
  Number of complaints: 7,333

• 
  Type of fraud: trust/romance
• 
  Number of complaints: 6,470

• 
  Fraud type: Payment non-delivery
• 
  Number of complaints: 6,693

• 
  Type of fraud: Investment
• 
  Number of complaints: 6,443

Top losses reported in 2023 in dollars by fraud type:

• 
  Type of fraud: Investment
• 
  Losses in dollars: $1.2 billion

• 
  Fraud type: technical support
• 
  Losses in dollars: $590 million

• 
  Fraud type: BEC
• 
  Losses in dollars: $380 million

• 
  Fraud type: trust
• 
  Losses in dollars: $350 million

• 
  Fraud type: Government impersonation
• 
  Losses in dollars: $180 million

Trust/romance scams, including those designed to exploit an individual’s emotional bond, also rank highly in terms of number of complaints and amount of money reported lost. In 2023, the IC3 received reports from 6,470 individuals over the age of 60 who suffered more than $350 million in losses due to trust and romance scams. This category also includes grandparent scams, in which a criminal poses as a panicked loved one, usually a grandchild or nephew or niece of an older person, and claims to be in trouble and need money immediately.

Anyone who believes they are a victim of a scam or fraud can report it to IC3.gov. The full IC3 Annual Report on Elderly Fraud 2023 is available here.