Financial losses from elder fraud schemes have surged by an alarming 43% in 2024, with seniors aged 60 and above losing nearly $5 billion to scammers, according to recent findings from the Federal Bureau of Investigation (FBI).
The FBI noted that there were around 150,000 complaints from older adults nationwide regarding a variety of fraudulent schemes. This sharp increase highlights a disturbing trend, where traditional scamming tactics are increasingly enhanced by modern artificial intelligence technology.
Clayton LiaBraaten, a Senior Executive Advisor at Truecaller—a platform designed to assist with contact verification and blocking unwanted communications—emphasized that many seniors still belong to a generation that habitually answers phone calls, making them more vulnerable. “The fraudsters are not only adept at technology but also skilled psychologists, adept at devising cons that can easily ensnare victims,” he stated.
Some of the most common types of scams targeting seniors identified by the FBI include:
– Tech support scams
– Romance and confidence schemes
– Investment fraud
– Government impersonation scams
Despite advancements in artificial intelligence that could aid in fraud prevention, criminals are utilizing these same technologies to craft more believable and sophisticated scams that can imitate familiar voices and leverage personal data to gain trust.
To help protect older Americans from becoming victims of such schemes, the FBI recommends several precautionary measures:
– Avoid disclosing personal information to unverified contacts.
– Conduct thorough research on any unsolicited contact from businesses or individuals.
– Resist pressure to make rapid financial decisions.
– Exercise caution with unsolicited phone calls.
Should you suspect that you or someone you know has fallen victim to fraud, the FBI encourages reporting the incident to local law enforcement by calling 1-800-CALL FBI or visiting tips.fbi.gov and the Internet Crime Complaint Center at ic3.gov. Additionally, registering phone numbers with the Federal Trade Commission’s “Do Not Call Registry” can help reduce unwanted call frequency.
This significant rise in elder fraud serves as a critical reminder of the need for increased vigilance and awareness amongst older adults and their families regarding potential scams. By acting on these warnings and educating themselves about the tactics used by criminals, seniors can better protect themselves in an increasingly technological landscape.