06/09/2025
A report released by the FBI shows that various scams, including wire fraud, are becoming increasingly difficult to defend against, resulting in losses exceeding $3.4 billion for those aged 60 and older last year. The FBI's Internet Crime Complaint Center received over 100,000 reports of financial scams involving seniors, a 14% increase from 2022. Total losses exceeded $3.4 billion, an increase of nearly 11%. Nearly 6,000 victims reported losses exceeding $100,000.
The actual number of victims and total losses may be even higher than reported. Last year, the Internet Crime Complaint Center received 880,000 reports of suspected fraud, with only about half providing the victim's age. James Barnack, co-leader of the FBI's criminal investigation division, said investigators have discovered that organized international crime syndicates are operating various scams targeting seniors in the United States. The most common type of scam is "tech support" fraud, where criminals posing as technical support or customer service representatives call seniors and tell them their bank accounts have been compromised by foreign cybercriminals. To prevent funds from being stolen, victims are instructed to transfer their account balances to a designated account, which is actually controlled by the scammers. Nearly 18,000 elderly victims have reportedly fallen for this scam.
FBI investigators found that when victims hesitate or refuse to transfer funds, the scammers suggest withdrawing cash or purchasing gold or other valuables for the scammers to store, then have the items picked up by a courier service.
According to the Associated Press, an 81-year-old man in Ohio shot and killed a ride-hailing driver in April may have been the result of this scam. The man received a call from someone claiming to be from the District Court demanding money, while the driver who was shot had been asked to pick up a package at the man's home. Investigators believe the pick-up service may have been ordered by the scammers or accomplices who called the elderly man.
Investment scams offering low-risk, high-return opportunities are expected to cause the greatest financial losses for seniors in 2023, resulting in losses exceeding $1.2 billion.
