Concerns about elder fraud are growing in the United States, with an increasing number of crimes targeting individuals over the age of 60.
Data brokers are increasingly recognized as a preferred tool among criminals, providing access to personal information that criminals use to improve their fraud schemes.
Elder fraud is a category of crime that targets people over the age of 60. (Kurt “Cyber Guy” Knutson)
Economic losses due to fraud continue to increase year by year.
use Data from FBI Looking ahead to the 2023 calendar year, researchers found that financial losses from fraud continue to rise. In addition to economic losses increasing over time, fraud complaints are also increasing for the first time since 2020. Americans 60 and older lost more than $3.4 billion to fraud in 2023 alone. More than 101,000 frauds were reported, an increase of 14.5% compared to the 88,000 reports filed in 2022.
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In 2023, Americans 60 and older lost more than $3.4 billion to fraud. (Kurt “Cyber Guy” Knutson)
How to watch your loved ones from a distance
States where scammers stole the most things
Hawaii residents age 60 and older lost the most money to scammers in all 50 states, with more than 453 complaints filed and a total of $28 million lost. That means the average loss per fraud was $61,000. Hawaiians were the most affected because of the state’s small population size. If you look at populous states like California, more than 11,000 complaints have been filed, which equates to $643 million in economic losses.
man working on laptop (Kurt “Cyber Guy” Knutson)
Cities most targeted for travel booking fraud
Which types of fraud occur most often?
technical support scam An example of one of these scams is receiving an unsolicited phone call stating that your iCloud account has been compromised. More than 17,000 tech support scams were reported in 2023, which is about the same number as reported in 2022. Behind every tech support scam is a personal data breach, with 7,800 reported in 2023.
What is artificial intelligence (AI)?
man working on laptop (Kurt “Cyber Guy” Knutson)
Beware of Social Security scams by scammers trying to scam you
How do data brokers factor in fraud?
Researchers have discovered that personal data available online makes elder abuse fraud possible. This mainly happens thanks to data brokers, which are large companies that make money by selling your personal information for advertising purposes.
So what can be done about it? Invest in a personal data deletion service. No service promises to remove all data from the Internet, but if you want to constantly monitor and automate the process of removing information from hundreds of sites over an extended period of time, a removal service is a good option. is the best. Check out my recommended data deletion services here.
Additional tips to protect yourself from elder fraud
As senior fraud continues to rise, it is important for seniors and their families to be proactive about protecting their personal information and being aware of potential scams. Here are some additional actionable strategies to reduce risk.
1. Monitor your financial accounts regularly. Set alerts for unusual bank account and credit card activity. Review your statements monthly and consider using a financial management app to help you track your spending and spot anomalies.
2. Use strong and unique passwords. Create a complex password that combines letters, numbers, and symbols. Avoid using information that is easy to guess, such as birthdays. Please consider using . password manager Generate and save complex passwords.
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3. Enable two-factor authentication. two-factor authentication Adds an extra layer of security by requiring a second form of verification.
4. Limit sharing of personal information. Be careful about the information you share online or over the phone. Scammers often use social media To collect details about potential victims. adjust Privacy settings Limit who can see your information on your social media accounts.
5. Please check the following before trusting: Always verify the identity of anyone requesting personal or financial information. Please use our official contact number to verify the legitimacy of your request.
6. Be skeptical of unsolicited calls, emails, and messages. Do not click on links or download attachments We do not include those from unknown or suspicious sources, as they may contain malware or phishing attacks. The best way to protect yourself from malicious links that can install malware and access your personal information is to install antivirus software on all your devices. This protection also warns you about phishing emails and ransomware scams, keeping your personal information and digital assets safe. Get my picks for the best antivirus protection products of 2024 for Windows, Mac, Android, and iOS devices.
7. Report suspicious activity. If you suspect fraud, report it to your local government or an organization such as the Federal Trade Commission. By reporting early, you can prevent others from falling victim to the same scam.
8. Stay connected with family and friends: Regular communication with loved ones can help reduce feelings of isolation, which scammers often exploit. Encourage older adults to stay socially active through community groups, clubs, or regular family gatherings. Also, be sure Check out 5 ways technology can help you feel less lonely.
Don’t fall for this email scam that cost elderly woman $25,000
Cart important points
Data brokers and the entire system of selling personal information for advertising revenue have contributed to the rise in fraud against all people over the past few decades. Older Americans, especially those over 60, tend to become victims more often due to their lack of technology knowledge and higher incomes. Be careful when disclosing your personal information online. We recommend finding a service that can track your personal information and remove it from the internet.
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