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lite.cnn.com - on gopher - inofficial | |
ARTICLE VIEW: | |
Elder fraud tops $3.4 billion as schemes targeting people over 60 rise | |
By Holmes Lybrand, CNN | |
Updated: | |
12:03 PM EDT, Tue April 30, 2024 | |
Source: CNN | |
People over the age of 60 in the US reportedly lost more than $3.4 | |
billion in fraud schemes in 2023, a nearly 11% increase from the year | |
before, according to a report from the FBI released Tuesday. | |
The Elder Fraud Report details the type of schemes people over the age | |
of 60 fall victim to, from individuals falsely acting as tech support | |
to fake investments and romance schemes as well as extortion, data | |
breaches and identity theft. | |
“Combatting the financial exploitation of those over 60 years of age | |
continues to be a priority of the FBI,” Michael Nordwall, the FBI’s | |
assistant director at the criminal investigative division, said in a | |
statement with the report. | |
“Along with our partners, we continually work to aid victims and to | |
identify and investigate the individuals and criminal organizations | |
that perpetrate these schemes and target the elderly,” Nordwall said. | |
According to the report, the average amount lost in 2023 in reported | |
fraud of more than 100,000 elderly victims was $33,915, with nearly | |
6,000 victims losing more than $100,000 each. | |
It’s not just elderly Americans who fall victim to fraud. The | |
FBI’s report says that, in 2023, more than 300,000 individuals under | |
the age of 60 reported being the victim of fraud as well. | |
One way the FBI is through the Recovery Asset Team, which can initiate | |
a “kill chain” and communicate to financial institutions to freeze | |
funds. | |
In 2023, according to the report, the Recovery Asset Team was able to | |
freeze more than $32 million of the funds associated with 626 fraud | |
complaints filed by individuals over 60. | |
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