Elder fraud complaints surge past $4.8 billion as investment scams lead losses

Older investors were the hardest hit by cyber-enabled crimes in 2024, according to the latest Internet Crime Report from the Federal Bureau of Investigation.

The report found losses among individuals aged 60 and older reached $4.88 billion last year, a 43 percent increase from 2023.

The report showed the FBI’s Internet Crime Complaint Center received 147,127 complaints from victims in that age group, up 46 percent from the year before. The report shows that individuals in this demographic accounted for the highest volume of complaints and the most reported losses by dollar value across all age brackets.

Investment scams top the list

Investment fraud generated the largest losses among all reported internet crimes last year. Americans over 60 lost $1.83 billion in such schemes, which often involve fictitious crypto platforms, trading apps or offshore funds.

A growing number of these incidents are tied to a social engineering tactic commonly referred to as “pig butchering.” In these schemes, scammers establish a rapport with victims – typically online or through messaging apps – before gradually steering them toward fake investment opportunities, often involving cryptocurrency.

“Subjects target victims online and develop a relationship before introducing a fraudulent investment opportunity in cryptocurrency,” the FBI wrote in the report. “Victims are coached to invest more and more money into what appears to be an extremely profitable platform, only to be unable to withdraw their funds.”

Cryptocurrency featured heavily in elder losses, with more than 33,000 older victims citing it in their complaints. Total losses from scams involving digital assets among the 60-and-over group reached $2.84 billion. That included $1.6 billion in investment scams and more than $100 million involving cryptocurrency ATMs or kiosks.

The North American Securities Administrators Association sounded the alarm on crypto investment fraud in March, warning that crypto and AI fraud stand to be the biggest prospective threats to retail investors in 2025.

Tech support and government impersonation schemes

Tech support scams, often involving unsolicited messages or phone calls warning of device problems, resulted in $982 million in losses from victims 60 and older lat year. These frauds typically involve remote access tools or impersonation of well-known software providers.

Government impersonation schemes were also prominent, leading to $208 million in reported losses in the older age group. These incidents frequently involve fraudsters posing as officials from the Internal Revenue Service or Social Security Administration and pressuring victims to make payments or transfer funds.

“Illegal call centers defraud thousands of victims each year,” the FBI stated. “Two categories of call center fraud reported to the IC3 are Tech/Customer Support and Government Impersonation.”

Romance and relationship fraud closes the gap

Romance scams, often overlapping with investment fraud, also generated substantial losses. Seniors lost nearly $390 million in these schemes last year, a significant increase from the $357 million in losses reported in 2023. These cases typically involve criminals who pose as potential romantic partners online, earning the trust of their targets before soliciting money or introducing a fraudulent financial opportunity.

Confidence or romance fraud accounted for 7,626 complaints among victims 60 and older in 2024. While not always tied to investment pitches, these scams frequently involve long-term manipulation, false identities and repeated financial requests over time.

"This includes the Grandparent’s Scheme and any scheme in which the perpetrator preys on the targeted individual’s 'heartstrings,' " the report said.