The FBI’s Internet Crime Complaint Center (IC3) is out with its 2023 Elder Fraud Report. The latest finds a sharp increase in complaints (+14%) and associated losses (+11%).

The annual report analyzes statistics about incidents that target older Americans’ money or cryptocurrency. The FBI also notes these incidents and losses likely go much further than the report, as many of these crimes often go unreported. According to the report, only about half of the fraud scam complaints submitted to IC3 last year included victims’ ages.

FBI Assistant Director Michael Nordwell said that combatting the financial exploitation of those over 60 years of age is an ongoing priority of the bureau.

“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,” said Nordwell, who leads the Criminal Investigative Division.

Topline findings in the report include:

• Scams caused more than $3.4 billion in losses in 2023
• The average amount lost by victims was $33,915 — 5,920 victims lost more than $100,000
• Over 101,000 victims aged 60-plus reported this kind of crime in 2023
• More than 12,000 victims indicted that cryptocurrency was a “medium or tool used to facilitate” the scam or fraud that targeted them

The most widely reported types of complaints were:

• Tech support scams (17,696)
• Personal data breaches (7,333)
• Confidence and romance scams (6,740)
• Non-payment or non-delivery scams (6,693)
• Investment scams (6,443)

The costliest types of elder fraud were:

• Investment scams ($1.2 billion)
• Tech support scams ($589.8 million)
• Business email compromise scams ($382.4 million)
• Confidence and romance scams ($356.9 million)
• Government impersonation scams ($179.6 million)

Local lens

Here in the Garden State, there were 2,049 complaints filed by individuals over 60 – the 15th highest figure nationally, which cost victims $104.1 million – is eighth highest in the nation.

“Frauds and scams will continue to evolve, but many characteristics of these schemes remain the same even as new trends develop. I encourage the public to review previous IC3 Annual Reports and Public Service Announcements to further educate and protect yourself, as well as your family, friends, and community,” said Nordwell, thanking those who reported the complaints – and encouraging the public to report any kind of fraud or scam – even attempted – to the IC3 as soon as possible.

“Reporting fraud helps the FBI identify trends and typologies, open new investigations, enhance ongoing investigations, and produce public awareness messaging,” said Nordwell. “Do not be afraid or embarrassed to report. The FBI stands ready to assist and is here to help combat these threats.”

More information, resources, and tip complaint is available found here.

The full report can be viewed here.

See also:

• State penalizes South Jersey contractor accused of defrauding seniors
• Clifton man charged in $13M tech support scam targeting small businesses, seniors
• State event to shine spotlight on ‘shameful crime’ of elder abuse
• Jersey man admits to mass-mailing elder fraud scheme