That’s a stunning 43 percent more than last year. Adults 60 and older also submitted the most complaints of any age group (more than 147,000).
The overall average loss is so much less than the average loss reported by older people “underscores that fraud affects people of all ages, but when older adults are victimized, the impact is often catastrophic,” notes Kathy Stokes, AARP’s director of fraud prevention programs.
Keep in mind, that figure likely represents just a fraction of the actual amount, for a few reasons. Some victims who submit reports to the FBI’s Internet Crime Complaint Center don’t include their ages. And many victims are reluctant to come forward to report these crimes because they’re embarrassed or think there’s no point because their money is gone for good.
The category that took the biggest financial toll on victims 60 and older last year was investment scams, with more than $1.8 billion in total reported losses. That was followed by tech support scams, confidence/romance scams, and business email compromise (criminals impersonate leaders of an organization to get employees to send money or data). Cryptocurrency investment fraud is also a growing concern. Scams where the victims were directed to use a cryptocurrency ATM have also skyrocketed.
FBI’s scam-prevention advice
There is plenty that you can do to keep yourself safe from fraud, the FBI says, including:
Pause and think – and talk to someone. The agency has a “Take a Beat” campaign, advising people to stop and think before responding to unsolicited communications, and certainly before sending money to a stranger. “The common m.o. of these scammers is to put a lot of pressure on victims to make a hasty decision,” FYI financial crimes expert says, “The most important thing is to get a second opinion from someone you trust.”
Practice good digital hygiene. Among other safe practices, don’t click on unsolicited links or respond to unsolicited calls or messages.
Report fraud. Report these crimes to local law enforcement and the FBI through the Internet Crime Complaint Center. “Reporting is one of the first and most important steps in fighting crime so law enforcement can use this information to combat a variety of frauds and scams,” said FBI Director, Kash Patel, in a statement with the report. “The IC3…is only as successful as the reports it receives.”
Scam victims can call AARP’s free Fraud Watch Network Helpline (877-908-3360) for information and support.
