FBI Philadelphia Warns Elder Fraud Continues to Be a Growing Problem
The FBI’s annual Internet Crime Complaint Center (IC3) Elder Fraud report highlights a pressing issue affecting the nation’s elderly population. The report, packed with insights and statistics, aims to shed light on the scams that are increasingly victimizing older Americans, thereby seeking to prevent future incidents.
According to the report, the most reported type of scam plaguing older Americans is tech support fraud. In 2023 alone, the FBI received over 17,600 complaints related to this scam. In such schemes, criminals masquerade as tech support representatives, claiming to fix non-existent computer issues to gain remote access to victims’ devices and sensitive information.
Investment fraud accounted for the most significant financial losses, with victims reporting about $1.2 billion in losses in 2023. These schemes often present complex financial crimes, promising low-risk investments with guaranteed returns, covering advanced fee frauds, Ponzi schemes, pyramid schemes, market manipulation, real estate investing, and cryptocurrency investment scams.
In Pennsylvania, the elderly population faced an onslaught of tech support scams, personal data breaches, and non-payment/non-delivery scams. Investment scams led to the highest financial losses in the state, with over $50 million reported. Overall, Pennsylvania reported over 3,000 victims of elder fraud, with total losses exceeding $118 million in 2023.
“Scammers continue to target older citizens, capitalizing on their vulnerability and often inflicting significant financial losses,” commented Wayne A. Jacobs, Special Agent in Charge of FBI Philadelphia. “Our office is dedicated to not only pursuing these criminals but also to educating our elderly population and their caretakers on how to prevent these crimes. We encourage reporting any suspicions of elder fraud to aid in our efforts.”
Seniors are considered prime targets for scammers due to their tendency to be trusting and polite, combined with their often substantial financial resources, homeownership, and excellent credit. Moreover, seniors might be hesitant to report being scammed, either due to lack of knowledge on how to do so or out of embarrassment.
The report is meant to increase awareness of the crimes targeting individuals over 60, aiming to reduce the stigma around reporting such incidents. By doing so, the FBI hopes to not only prevent future fraud but also reduce the chances of revictimization.
Victims of elder fraud, or those suspecting fraud against seniors, are encouraged to contact FBI Philadelphia or submit a tip online. Additionally, victims can file a complaint with the FBI’s Internet Crime Complaint Center (IC3).
The FBI continues to provide resources and guidance for preventing elder fraud. For more information on how to protect yourself or your loved ones from various elder fraud schemes, the FBI’s dedicated elder fraud page offers valuable insights and recommendations.
By making reports like the IC3 Elder Fraud report available to the public, the FBI aims to bring attention to the significant issue of elder fraud, advocating for vigilance and immediate reporting to help combat this growing problem.
