Top elder abuse scams per elder abuse statistics from 2022 include:

Government Impersonation Scams ¶

Scammers call unsuspecting seniors pretending to work for government agencies threatening action if they don’t pay immediately and/or provide personal information. Fraudsters can even spoof contact information of a government agency or zip code to con you into believing legitimacy. 

Sweepstakes and Lottery Scams¶

Losses from sweepstakes and lottery scams grew approximately 50% in 2022.  Scammers contact seniors and tell them they won a prize, but to claim their prize, they must send money, sometimes totaling thousands of dollars, to cover taxes and other fees. These scammers even impersonate well-known sweepstakes organizations. 

Tech Support Scams¶

These scams typically start with a pop-up message that tells the elderly individual that their device is damaged and requires repairs. When the senior contacts them for assistance, scammers often request remote access to their device. Per the latest statistics from 2022, seniors account for 58% of these reports and 68% of total losses, with an average loss of $17,117.  In other scenarios, scammers request that the senior sends them money. Fraudsters sometimes impersonate customer support representatives from well-known companies. 

Confidence Fraud and Romance Scams¶

As your online presence grows, so does your risk of loss from “Romance” or other confidence scams.  In fact, losses from these scams increased by nearly 85% over the last two years, with an average loss of $56,422. These begin when fraudsters create elaborate, fake profiles, often on social media.  The fraudster may “groom” their victims for several months before asking for money. A common story is that they are stuck overseas and request money to finance visas, emergency medical expenses, or travel costs to visit the senior. In other situations, the criminal may call the elderly individual and ask them for money, impersonating a younger relative, also known as the “grandparent scam”. 

The statistics are staggering¶

Recent reports estimate that older Americans lose an estimated $3 billion annually due to financial exploitation; however, the rate of underreporting is estimated at 1:44 cases so actual losses are significantly higher. Underreporting can be caused by a number of factors, including fear of retaliation, shame or embarrassment, dependency on the assailant, being unaware of what abuse and neglect are, and being unable to come forward due to physical or cognitive impairments.

According to IC3’s 2022 Elder Fraud Report, more than 88,000 victims over the age of 60 reported losses of $3.1 billion. Tech support fraud ranked second for victim loss behind investment fraud. Third on the list was Email Compromise —where criminals send an email message that appears to come from a known source making a legitimate request. The average loss per older adult was $35,100 in 2022.

Who is most at risk? ¶

The main targets of financial elder abuse are adults over the age of 65, and those living with cognitive impairments may be at an even higher risk. Individuals with disabilities like dementia or Alzheimer’s are particularly susceptible to financial abuse, as their impairments can be exploited by perpetrators seeking to gain control of their finances or use them to their own advantage. 

Other risk factors for financial elder abuse are social isolation, lack of support system, or living alone. Limited social connections can allow perpetrators to more easily manipulate or control an older person and their finances.  Seniors who have feelings of loneliness or isolation may be seeking connection and companionship, which perpetrators will take advantage of. Financial elder abuse can affect older adults from all socioeconomic backgrounds, those with higher levels of wealth and/or assets are typically more attractive to perpetrators.