Overview

• In 2023, complaints of elder fraud rose by 14%, with total financial losses increasing by 11% from the previous year.
• Tech support scams were the most common, while investment scams resulted in the highest losses, totaling $1.2 billion.
• The FBI's Internet Crime Complaint Center received over 100,000 complaints from Americans aged 60 and older.
• Fraud involving cryptocurrencies significantly impacted the elderly, with losses exceeding $1.1 billion.
• Senior-focused financial platforms have introduced new fraud protection tools to combat the increasing threat of scams.