Every year, millions of older Americans fall victim to some form of financial or credit fraud. Elder fraud reports to the FBI’s Internet Crime Complaint Center (IC3) increased 14% in 2023. TARCOG (Alabama Council of Governments) will host a summit on fraud and deception in Huntsville on Thursday, August 8. TARCOG’s goal is to help the community learn about the most common scams and how to outwit scammers.
TARCOG’s Senior Medicare Patrols help Medicare recipients, their families and caregivers prevent, detect and report health care fraud and abuse. The 2024 summit will cover cybersecurity, financial fraud, consumer fraud and legal implications. Exhibitors from state programs, community partners, nonprofits, community organizations and local businesses in the TARCOG region of Jackson, DeKalb, Marshall, Limestone and Madison counties will share educational information and valuable resources with attendees.
“Fraud targeting individuals age 60 and older caused more than $3.4 billion in losses in 2023, an increase of about 11% from the previous year. Elder fraud victims lost an average of $33,915 to these crimes,” fbi.gov states. The IC3’s annual report is intended to raise public awareness of elderly fraud and prevent future incidents and recurrences. More than 101,000 victims age 60 and older reported being scammed, but only about half of fraud complaints reported the victim’s age. Many elderly fraud crimes likely go unreported due to embarrassment about being victimized.
Other data collected by IC3 indicates that older Americans are disproportionately victims of fraud. The most commonly reported senior scam in 2023 was tech support scams. Nearly 18,000 victims aged 60 and older reported technology scams, including identity theft, trust and romance scams, non-payment and non-delivery scams, and investment scams. Investment scams were the most costly scam in 2023. These scams cost victims more than $1.2 billion last year alone. In 2023 alone, the targeted age group lost hundreds of millions of dollars to email scams, government impersonation scams, and identity theft. Lottery and prize scams are also some of the scams targeting seniors.
Scammers pose as employees of government agencies such as the FTC, Social Security Administration, Medicare, or the IRS. The goal is to make the target believe something bad will happen if they don’t make a payment or share personal information. These scams often come via phone, email, or text message. The scammer may already have information about the victim, such as their name or home address. Scammers have the ability to spoof caller ID, causing the actual number of the agency they claim to be calling from to appear on the victim’s caller ID – as reported by consumer.ftc.gov.
Scammers are targeting people’s cryptocurrencies. “More than 12,000 victims over the age of 60 who reported to the IC3 said cryptocurrency was a vehicle or tool used to facilitate fraud or other fraudulent activities aimed at them,” according to fbi.gov. Thieves request personal information, claiming to transfer or deposit funds, in order to gain access to a person’s cryptocurrency.
TARCOG is the region’s designated agency for aging issues. Staff plan and deliver services for seniors age 60 and older. The Economic Development Planning Team provides community and regional planning, economic development, job creation and project financing services to local governments and TARCOG members throughout the region.
“Combating the financial exploitation of adults age 60 and older remains a priority for the FBI,” wrote FBI Assistant Director Michael D. Nordwall, who heads the agency’s Criminal Investigations Division. “We continue to work with our partners to assist victims and to identify and investigate the individuals and criminal organizations that perpetrate these schemes targeting older adults,” fbi.gov reports.
To report elder fraud, contact your local FBI field office or report it online at tips.fbi.gov. If the suspected scam was committed over the internet, you can also file a complaint with the FBI’s Internet Crime Complaint Center at ic3.gov.
Join us for TARCOG’s Senior Medicare Patrol Fraud & Scam Summit at the Bob Harrison Wellness and Advocacy Center, 6156 Pulaski Pike in Huntsville, from 10 a.m. to 1 p.m.
If you would like a seat at the free conference please call to register. Seating is limited to 150 people. Registration begins at 9 a.m. To register please call 256-830-0818.