Elder fraud complaints surged to $4.88 billion in 2024, with investment scams leading the way. Digital asset schemes alone accounted for $2.84 billion in losses. Other significant threats include tech support and government impersonation scams, while romance scams have also seen a rise in losses, hitting $390 million. The FBI warns that older adults are increasingly targeted by these cyber-enabled crimes.
Fraud targeting older adults has skyrocketed, with complaints from this demographic hitting a staggering $4.88 billion in 2024. This marks a striking 43 percent rise in reported losses compared to 2023, according to the Federal Bureau of Investigation’s latest Internet Crime Report. A significant share of these complaints—147,127 to be exact—originated from individuals aged 60 and older, evidencing a worrying trend in cyber-enabled crimes against seniors.
Investment scams have emerged as the most significant culprit, accounting for a whopping $1.83 billion in losses within this age group. These scams often involve fictitious investment platforms—think of crypto exchanges or dubious trading apps. A particularly insidious approach called “pig butchering” has gained traction among perpetrators. Here, scammers build trust with their victims over time, typically through online interactions, eventually luring them into fraudulent investment schemes that primarily focus on cryptocurrency.
The idea is to create what seems like a fantastic investment prospect, coaxing victims to put in more money until they find they can’t retrieve their funds. The FBI highlighted that over 33,000 seniors reported losses tied to cryptocurrency, with total financial losses from crypto-related scams reaching an eye-popping $2.84 billion. This includes not only investment scams but also significant losses from cryptocurrency ATMs and kiosks, adding up to over $100 million.
Tech support scams have also taken a toll, with losses amounting to $982 million last year among older adults. Often these scams manifest in the form of unsolicited calls or messages claiming to fix non-existent issues with devices, involving techniques like remote access and impersonation of well-known software companies. Additionally, government impersonation scams—where fraudsters pose as officials from the IRS or Social Security—added another $208 million in reported losses, indicating that trust in governmental institutions is being manipulated at a worrying rate.
Romance scams have shown a similar troubling trend, with seniors reportedly losing nearly $390 million in 2024, up from $357 million the previous year. These scams involve con artists pretending to be romantic interests—gaining their victims’ trust before soliciting money or pushing fraudulent financial ventures. Such schemes often feature long-term manipulation and repeated requests for money, sometimes referred to as confidence fraud.
Each of these categories underscores the systemic risks older adults face in an increasingly digital world. The latest trends signal a need for heightened vigilance against these types of fraud as older populations remain attractive targets for deceitful schemes that prey on their vulnerabilities. The outlook isn’t great, and it seems that fraudsters are continually refining their methods to exploit trust in various forms.
