Nigerian Fraudsters, Other Scammers Stole Over $3.4 Billion from Older Americans in 2023 – FBI

Nigerian fraudsters and other scam operators siphoned off more than $3.4 billion from older Americans in 2023, according to the FBI’s latest Internet Crime Complaint Center (IC3) report. This marks an 11% increase in losses compared to 2022, with a corresponding 14% rise in elder fraud complaints.

The FBI’s report, released on April 30, paints a grim picture of how scammers are increasingly targeting older Americans through various schemes. Michael D. Nordwall, Assistant Director of the FBI’s Criminal Investigative Division, emphasized that the Bureau continues to prioritize the fight against financial exploitation of those over 60, working with partners to aid victims and track down criminal networks.

Despite these efforts, many cases of elder fraud likely go unreported. The report noted that only about half of the complaints submitted to IC3 in 2023 contained victims’ ages, indicating that the full extent of the crime could be far worse.

Here are five key insights from the report:

Elder Fraud Is Costly: Scams targeting individuals aged 60 and older resulted in over $3.4 billion in losses in 2023. The average elder fraud victim lost approximately $33,915.

Older Americans Are Disproportionately Affected: In 2023, over 101,000 victims aged 60 and above reported incidents of fraud to IC3, making them the most heavily impacted demographic. In contrast, only 18,000 victims under 20 years old reported suspected scams or frauds last year.

Tech Support Scams Are Most Common: Nearly 18,000 victims aged 60 and over reported tech support scams, making it the most widely reported type of elder fraud in 2023. Other common scams include personal data breaches, confidence and romance scams, non-payment or non-delivery scams, and investment scams.

Investment Scams Are the Most Expensive: Investment scams caused more than $1.2 billion in losses in 2023, making them the costliest form of elder fraud. Tech support scams, business email compromise scams, confidence and romance scams, government impersonation scams, and personal data breaches also incurred substantial losses.

Scammers Target Cryptocurrency: More than 12,000 victims aged 60 and over reported that cryptocurrency was used to facilitate the scams or frauds they encountered, indicating a growing trend among scammers.

As elder fraud continues to rise, the FBI urges older Americans and their families to stay vigilant, report suspicious activity, and take steps to protect themselves from becoming victims.