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Alarming Rise in Scams Targeting Seniors: Over $3 Billion Lost in 2023

distressed senior male looking at paper

In 2023, senior citizens once again found themselves prime targets for scammers, with the FBI reporting staggering losses exceeding $3 billion. This concerning trend, highlighted in the newly released ‘Elder Fraud Report,’ underscores a growing issue that affects some of the most vulnerable members of our society.

The reality of modern scams is grim. They are sophisticated, manipulative, and often leave the victims blaming themselves. Joan Stone, a 74-year-old retiree, experienced this firsthand when she fell victim to a frightening scam. “I got a telephone call from a gentleman who seemed to say all the right things,” she recalled. The caller, posing as a police officer, claimed she had outstanding warrants and that her license would be suspended. In a state of panic, Stone paid $350 to avoid what she believed was a dire legal repercussion. Later, she discovered the caller was actually contacting her from jail.

Aaron Seres, a member of the FBI Atlanta’s Financial Crimes Unit, reflects on cases like Stone’s with a mix of frustration and empathy. “It makes me irate, and the people, unfortunately, often think that it was their fault or somehow they’re to blame,” he said. “These are professional criminals.”

According to the FBI, the number of complaints from seniors rose by 14% last year, with total reported losses amounting to $3.4 billion. In Georgia alone, losses were reported at about $92 million. The most common scam continues to be tech support fraud, while investment scams rake in the highest financial losses.

Why Seniors Are Targeted

Seniors are often targeted because they tend to have more savings, own their home, and have good credit—all of which are appealing to scammers. Additionally, they might be less familiar with some of the newer technologies that scammers use to conduct their deceptions.

Scammed woman with credit card and smartphone indoors. Be careful - fraud

Prevention and Protection: Key Strategies

Seres advises seniors to be cautious and skeptical, especially when approached with unsolicited requests for money. “The best advice I give to people is to continue about your day, but when you have a solicitation for using your money, which you work very hard to get, be careful before you send it out,” he suggests.

Here are some additional tips to help seniors protect themselves from scams:

  1. Verify Information: Always verify the identity of the caller or sender through independent means. Do not use the contact information they provide.
  2. Seek Second Opinions: Before making any financial decisions or purchases, talk it over with a trusted family member, friend, or advisor.
  3. Be Aware of Common Scams: Knowing what types of scams are prevalent can help you recognize red flags. Scams can come through phone calls, emails, social media messages, and even through reputable platforms.
  4. Use Technology Wisely: Adjust privacy settings on social media, and be cautious about sharing personal information online. Ensure your computer and mobile devices are secured with up-to-date antivirus software.
  5. Report Incidents: If you suspect you’ve been scammed, reporting it can help prevent others from being victims. Important contacts include your bank, local authorities, and the Internet Crime Complaint Center.

Worried woman with credit card talking on smartphone in bedroom. Be careful - fraud

For those who find themselves victims, the aftermath can be devastating not just financially but emotionally as well. Joan Stone’s story is a stark reminder of the emotional toll these scams can take. “I’m so lucky that it was only $350 because he could have cleared out my checking account, my savings account,” she lamented.

The FBI’s focused efforts on tackling elder fraud are crucial, but they admit that not every case is reported, often due to victims’ embarrassment or fear. This underscores the need for increased awareness and education to help protect our seniors from such predatory tactics.

The growing number of elderly individuals affected by scams is not just a statistic; it represents real losses, real pain, and an urgent call for vigilance among seniors and those who care for them. As we move forward, empowering and educating our elders is our best defense against these unscrupulous acts.