Americans over 60 lost $3.4 billion to scams in 2023, FBI says
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LOS ANGELES - Americans over 60 lost more money to scams in 2023 than the year before, according to a new report from the FBI. The agency’s annual "Elder Fraud Report," released Tuesday, shows financial losses to seniors totaled $3.4 billion — an 11% increase from 2022.
Scams targeting seniors are becoming more widespread and more expensive, with some victims losing hundreds of thousands of dollars. Experts say the trends are a major concern as the U.S. population ages and digital fraud tactics grow increasingly aggressive.
How much money did seniors lose to scams in 2023?
What we know:
The FBI received over 101,000 complaints from Americans over 60 in 2023 — a 14% jump from the previous year. The average reported loss was nearly $34,000, and 5,920 individuals lost more than $100,000 each.
The most common scam targeting seniors in 2023 was tech support fraud, in which scammers pose as employees from trusted companies and convince victims to download software allowing remote access to their computers or bank accounts.
FILE - Hacked displayed on a mobile with binary code with in the background Anonymous mask. (Photo by Jonathan Raa/NurPhoto via Getty Images)
However, the costliest scam type was investment fraud, which caused $1.2 billion in losses. Tech support scams ranked second with more than $589 million in losses.
Illegal call scams, including impersonators posing as government agents or customer service reps, cost Americans over $700 million last year. Nearly half of those victims were over 60, according to the FBI.
What remains unclear about elder fraud and FBI investigations?
What we don't know:
While the FBI report provides key statistics, it notes that only about half of the more than 880,000 total complaints filed with the Internet Crime Complaint Center (IC3) included the victim’s age — meaning actual losses among seniors may be even higher.
The report also does not break down how many of the scams resulted in arrests or recovery of funds. The FBI says it is increasing international coordination with agencies in countries like India, Laos, and the U.K., but many scam operations continue to evade accountability.
Another unknown is how many victims never report their losses, especially given the stigma and emotional impact that often accompany financial fraud in older populations.
The Source: This article is based solely on data and findings from the FBI’s 2023 Elder Fraud Report, published by the Internet Crime Complaint Center (IC3). All statistics regarding financial losses, complaint volume, and scam types are drawn directly from that report. No quotes or interpretations from outside sources were used.