The FBI has released the 2023 IC3 Elder Fraud Annual Report which details an increase in the number of individuals over 60 years of age reporting fraud and an increase in the number of reported losses. In 2023, total losses reported to IC3 by those over sixty topped $3.4 billion. Call center fraud, such as Tech and Customer Support scams and Government Impersonation fraud remains the number one complaint, while investment scams continue to be the costliest.

Top Reported Frauds by Number of Complaints Received:

• Fraud Type: Tech Support
• Number of Complaints: 17,696

• Fraud Type: Personal Data Breach
• Number of Complaints: 7,333

• Fraud Type: Confidence/Romance
• Number of Complaints: 6,470

• Fraud Type: Payment Non-Delivery
• Number of Complaints: 6,693

• Fraud Type: Investment
• Number of Complaints: 6,443

Top Losses in Dollars by Fraud Type:

• Fraud Type: Investment
• Losses in Dollars: $1.2 billion

• Fraud Type: Tech Support
• Losses in Dollars: $590 million

• Fraud Type: BEC
• Losses in Dollars: $380 million

• Fraud Type: Confidence
• Losses in Dollars: $350 million

• Fraud Type: Government Impersonation
• Losses in Dollars: $180 million

“We heard from more than 700 victims in Louisiana last year and unfortunately we know the true number is much, much higher because victims are often too embarrassed to call us,” said Special Agent in Charge Lyonel Myrthil of the FBI New Orleans Division. “The victims we know about lost more than $18 million of their hard-earned money in 2023. We urge seniors and family members to read this report together and share the news with their friends.”

Complainants over 60 are more likely to remortgage their homes, empty their retirements, and borrow from family members to cover losses. Criminals are increasingly directing seniors to “protect” their funds by liquidating their assets into cash, gold, silver, or other precious metals. They then arrange for couriers to pick up the cash or precious metals in person. Scammers Use Couriers to Retrieve Cash and Precious Metals from Victims of Tech Support and Government Impersonation Scams (ic3.gov)

The FBI’s Internet Crime Complaint Center (IC3) has posted several Public Service Announcements about the various schemes targeting senior citizens with information on how seniors and family members can protect themselves. Links to the PSA’s can be found in the Elder Fraud Report itself which can be found at www.ic3.gov.

If you believe you are a victim of fraud or know a senior who may be, go to www.ic3.gov where you can file a complaint online. However, if you believe you are in imminent danger, call 911. Victims can also call the Elder Fraud Hotline at (833) 372-8311.

2023 Elder Fraud Report and State Reports available at https://www.ic3.gov/Home/AnnualReports