This article originally appeared on The conversation.
Americans are 60 years and older lost more than $3 billion against scammers in 2023, the FBI said.
To put that huge figure into context, Taylor Swift's Eras Tour recently made the news as the first concert tour ever to gross $1 billion.
As a geriatrician – a doctor who cares for people over 65 years old – I believe there is elder fraud an epidemic scale. My patients often tell me they have been scammed.
The consequences can be worse than just losing money. The experience is traumatic for many, with some casualties feeling deep shame and self-doubt in the aftermath. This can disrupt their relationships, erode their trust in others and damage their mental and physical health.
Teaching older Americans how to identify and avoid fraud – and how to report such crimes – could go some way to mitigating the impact of this modern epidemic.
Elderly fraud is increasing
a recent FBI report shows how widespread elder fraud is. In 2023, Americans over 60 filed 14% more complaints with the FBI Complaints center for internet crime, or IC3, than last year. Estimated financial losses increased by approximately 11% over the same period.
These numbers, as stark as they are, represent just the tip of the iceberg. For starters, only about half of internet crime reports to the FBI included information about the victim's age — meaning the reported incidents of elder fraud are an undercount.
Additionally, these numbers do not include the many scams that occur over the phone, by mail, or in person. And many fraud victims never report their experiences – often because they are ashamed, afraid, or unsure of what to do.
While people of all ages Elderly people can be victims of fraudsters too uniquely vulnerable.
The FBI has suggested that older adults are often targeted because they… tend to be more trusting and polite. She often have financial savings, own houses And have good credit – all this makes them more attractive to scammers.
Older adults may also be less comfortable with new technologies, putting them at risk. Consider that someone who is 85 years old may have retired in 2004 – three years before Apple introduced the iPhone. While many forms of technology have infiltrated our personal lives, many people often receive mandatory training in the workplace, such as how to avoid online scams.
The wide world of fraud
By 2023, tech support scams were the most commonly reported form of elder fraud. Other common schemes include romance scam, online shopping scams And investment fraud. While tech scams are the most common, investment scams are the most expensive almost half of all reported losses of the over-60s last year.
Fraudulent call centers are also known for targeting older adults. Such scams are fabricated 40% of reported cases of elder fraud by 2023, according to the FBI, accounting for at least $770 million in losses. Many use new technologies such as artificial intelligence to deceive people more effectively voice cloning scam or 'deepfake' videos.
Call center scammers tell all kinds of tall tales. In 2022, more than 600 people reported having become victims a single timeshare-related fraud. They collectively lost almost $40 million. And in the second half of 2023, scammers posing as government officials and tech support agents urged their victims to liquidate their assets or buying precious metals – with reported losses exceeding $55 million.
Fighting an epidemic of fraud
As with any epidemic, 'infection control' tools can help us limit the spread. Just as vaccines create immunity against viruses, prevention efforts can help people build their defenses to prevent fraud. The most important tool to prevent fraud is to learn in advance how to identify likely scams. Here are a few FBI-approved tips to help you do just that:
• If you believe there is an imminent danger to yourself or a loved one, call the police immediately.
• Be cautious of unsolicited phone calls, mailings and door-to-door service offers.
• Don't click on unsolicited links you receive via email or text message, even if they appear to be from people you know. And never open an email attachment from someone you don't know.
• If you are unsure about a person or company, search online for their name, email address, phone number and addresses, as well as details about their proposed offers. Today, most legitimate businesses have some level of presence on the Internet. And if it's a scam, you might find others have already shared information about the.
• Never give or send anything to unverified people or companies. This includes any personally identifiable information, money, jewelry, gift cards, checks, or wire transfer information.
• Make sure the antivirus, security software and malware protection on your computer are up to date.
• Bad actors can use pop-ups to spread malicious software. If you see a pop-up message, disconnect from the Internet and turn off your device. You can enable pop-up blockers to prevent you from accidentally clicking a pop-up.
• Do not allow anyone you do not know to have remote access to repair your computer or other electronic devices. This allows them to see personal information, including details about your financial accounts.
• If you are told to lie to your bank about why you need to transfer money or withdraw money, it is probably a scam. A legitimate company also won't insist that you keep secrets from family or friends.
• Resist the pressure to act quickly. This is a big one: scammers often create a false sense of urgency. A legitimate company makes you think about your financial decisions.
• Perhaps most importantly, trust your instincts.
What to do if you think you have fallen for a scam
Despite your efforts, you can still be caught by a fraudster. If that happens, know that you are not alone – and that it is possible to recover. Here's some advice for dealing with the aftermath:
• If a criminal gains access to your device or account, take action to protect your identity. If a bank is involved, contact your financial institutions immediately to protect your accounts and monitor your accounts and personal information for suspicious activity.
• Contact your local FBI field officeor, if the crime was committed via the Internet, Submit a tip online.
• When reporting a scam, provide as much detail as possible. This may include names, contact details, methods of communication, telephone numbers, email and postal addresses and websites used by the perpetrator.
• Also note the payment methods, where you sent money (including bank transfers and prepaid cards) and account numbers. Provide descriptions of your interactions with the scammer and any instructions you were given.
• Where possible, keep original documents, emails, faxes and communications logs.
• Falling into a scam can be scary and stressful. Talk to people you know and trust who will support you during this challenging time. Some support groups include the AARP Fraud Watch Network and the The Cybercrime Support Network Peer Support Program.
• If your emotional response is overwhelming, consider talking to a counselor, therapist, or your medical team.
If you or someone you love becomes involved in fraud, you are not alone. Even law enforcement experts are not immune. At the age of 90, former FBI Director William Webster was targeted – an experience he also had courageously shared with the world.
I encourage my patients not to feel too ashamed to report what happened. Talking about these experiences is an important step in the fight against this epidemic.
Disclosure: Laurie Archbald-Pannone receives funding from the Virginia Department of Health, West Health Institute and Prime, Inc.
