Scammers targeted older Americans last year, stealing over $3.4 billion through various schemes. The FBI reported an 11% increase in losses from scams reported by Americans over 60 years old, with a rise in sophisticated tactics used to drain victims of their life savings. This includes couriers being sent in person to collect cash or gold from victims, leaving many older Americans devastated and unable to recover financially. The FBI received over 100,000 complaints from older victims last year, with close to 6,000 people losing more than $100,000. This increase in scams follows the 2020 coronavirus pandemic, which made older Americans more vulnerable to scammers as they were isolated at home.
Authorities have noticed a rise in organized criminal enterprises targeting older Americans using different schemes like romance scams and investment frauds. The most commonly reported fraud among older adults last year was tech support scams, where criminals pretend to be technical or customer service representatives over the phone. Another rising scam involves impersonating technology, banking, and government officials to convince victims that their accounts have been hacked by foreign hackers. They then instruct the victims to move their money to a new account controlled by the scammers, leading to significant losses for many older Americans.
Federal investigators have observed an uptick in scammers using live couriers between May and December last year to collect money from victims who believe their accounts have been compromised. These fraudsters convince victims to liquidate their assets into cash, buy gold, or precious metals to protect their funds, and then arrange for a courier to pick up the money in person. In some cases, victims are asked to send money via wire transfer or cryptocurrency, and when reluctant to do so, the scammers offer an alternative by using courier services to collect the funds.
Earlier this month, an 81-year-old Ohio man fatally shot an Uber driver he believed was trying to rob him after receiving scam phone calls. The man had been contacted by someone pretending to be an officer from the local court demanding money and instructed the Uber driver to retrieve a package from his home, possibly set up by the same scam caller or an accomplice. The staggering losses experienced by older Americans may be undercounted, as only about half of the 880,000 complaints reported to the FBI’s Internet Crime Complaint Center last year included information on the victim’s age.
It is crucial for older Americans to be aware of these sophisticated scams and to protect themselves from falling victim to financial fraud. Law enforcement and financial institutions should also continue to educate and raise awareness about these scams to prevent further losses to vulnerable individuals. By staying informed and cautious, older Americans can safeguard their life savings and prevent falling prey to these criminal tactics targeting their financial security. Authorities are working to combat these scams and apprehend the perpetrators responsible for preying on older Americans and causing devastating financial losses.
