In a revelation that underscores the vulnerability of one of our most respected demographics, senior citizens faced financial losses nearing the $1 billion mark due to various scams in 2020, as reported by the FBI. This staggering sum of money, lost by 105,301 individuals over the age of 65, averages out to a loss of $9,175 per victim. Alarmingly, almost 2,000 of these seniors suffered losses exceeding $100,000, painting a grim picture of the scale and impact of these fraudulent schemes.
Extortion emerged as the most prevalent method of scamming, victimizing over 23,000 elderly individuals. The states of California, Florida, and Texas were identified as the hotspots for these fraudulent activities, suggesting a geographical pattern to the targeting of senior citizens.
The FBI’s report sheds light on the sinister reality that millions of elderly Americans are subjected to every year. Financial fraud and internet schemes, including romance scams, tech support fraud, and lottery or sweepstake scams, are among the most common tactics employed by criminals. These scammers adeptly gain the trust of their targets through emotional manipulation or employ intimidation and threats to exploit them. “Criminals gain their targets’ trust or use tactics of intimidation and threats to take advantage of their victims,” explains Calvin Shivers, assistant director of the FBI’s criminal division. The unfortunate success of these scams often encourages perpetrators to continue their exploitation due to the significant financial gains involved.
Particularly nefarious are the confidence fraud and romance scams, which alone accounted for over $281 million in losses. These scams involve criminals creating fake online identities to gain a victim’s affection and trust. In many cases, scammers use religion as a tool to establish trust, crafting the illusion of a romantic or close relationship to manipulate and steal from their victims. The FBI emphasizes that these criminals are highly skilled at appearing genuine, caring, and believable, making it all the more challenging for seniors to detect the deception.
The recognition of Elder Fraud Awareness Day by the Justice Department serves as a timely reminder of the ongoing threat posed by elder abuse, including financial schemes that strip seniors of their life savings. Deputy Assistant Attorney General Michael D. Granston of the Justice Department’s Civil Division highlights the significance of acknowledging and addressing this issue, stating, “These matters underscore the importance of World Elder Abuse Awareness Day and the continuing threat posed by all forms of elder abuse, including elder fraud schemes that bilk seniors of their life savings.”
This report not only draws attention to the alarming rate at which seniors are being targeted and exploited but also serves as a call to action for individuals and communities to become more vigilant and proactive in protecting this vulnerable segment of our population. Educating seniors about the risks and signs of scams, fostering open communication within families, and encouraging the reporting of suspicious activities are critical steps in combating this growing issue.
As society continues to grapple with these challenges, it becomes increasingly clear that protecting our elders from scams is not just a matter of financial security but also of upholding the dignity and respect they deserve. The fight against elder fraud is a fight against exploitation and injustice, demanding our collective effort and attention.
