A recent report from the FBI revealed that over 101,000 Americans aged 60 and older fell victim to digital fraud last year, with an average loss of $33,915 per person. The report highlighted that scams involving bitcoin and other cryptocurrencies resulted in the biggest dollar-amount losses.
Since 2018, the FBI’s Internet Crime Complaint Center (IC3) has been tracking the impact of cybercrime on older Americans. In 2023, the IC3 received over 101,000 complaints from this demographic, representing an 11% increase from the previous year. Total losses amounted to $3.4 million, with nearly 40% of that involving cryptocurrencies, totaling $1.33 million.
According to the report, more than 12,000 victims aged 60 and older identified cryptocurrency as a tool used in the fraud they experienced. The FBI also warned of a rise in cryptocurrency schemes, often starting with romance or confidence scams and evolving into investment fraud.
In response to the growing issue, Assistant Director Michael D. Nordwall emphasized the FBI’s commitment to combating financial exploitation of elderly individuals. Call center or tech support scams were identified as the most common type of fraud reported by this age group, accounting for 58% of the financial losses.
Unfortunately, some victims resorted to extreme measures such as selling their homes, depleting retirement accounts, or borrowing from loved ones to cover losses incurred through these scams. Tragically, some incidents even led to suicide due to shame or loss of income.
If you or someone you know is in crisis, please contact the Suicide and Crisis Lifeline at 988 or the National Suicide Prevention Lifeline at 800-273-8255. Alternatively, you can text HOME to 741741 for support or visit SpeakingOfSuicide.com/resources.