FBI report reveals surge in financial fraud targeting older Americans

MIAMI, Fla. (CBS12) — The FBI's 2023 Elder Fraud Annual Report unveiled a concerning trend of financial exploitation targeting older Americans. According to the report, individuals over the age of 60 reported total losses exceeding $3.4 billion in 2023, marking an alarming 11% increase from the previous year.

Tech support fraud emerged as the primary crime reported by seniors, while investment scams inflicted the most substantial financial losses on the elderly population, according to the report.

Florida, ranking second in the nation for both complaints and reported losses, saw seniors lose over $90 million to investment schemes, $51,496,415 to tech support scams and more than $40 million to romance scams.