Scams Targeting Older Americans: FBI Reports $3.4 Billion Stolen in 2023

May 24, 2024


Scammers stole more than $3.4 billion from older Americans last year, according to an FBI report. The report shows a significant rise in losses through increasingly sophisticated criminal tactics targeting vulnerable seniors. Losses reported by Americans over the age of 60 increased by 11% compared to the previous year. Investigators warn of bold schemes involving in-person couriers collecting cash or gold from victims. Deputy Assistant Director James Barnacle of the FBI’s Criminal Investigative Division emphasized the devastating impact on older Americans who lose their life savings, often leaving them destitute. The FBI received over 100,000 complaints from victims over 60, with nearly 6,000 people losing more than $100,000. This increase follows a sharp rise in reported losses after the 2020 coronavirus pandemic. Investigators note that organized, transnational criminal enterprises are targeting older Americans through various schemes, such as romance scams and investment frauds.

Source: APNews


The rising financial exploitation of older Americans highlights the urgent need for robust protective measures. Scammers are employing increasingly sophisticated tactics to deceive vulnerable individuals, leading to significant financial losses. This trend is particularly concerning as it affects those who often cannot recover from such losses due to their limited ability to generate new income. The surge in scams during and after the pandemic underscores the adaptability of these criminals and the necessity for enhanced awareness and preventive strategies.



iCognative™ technology offers a powerful solution to address the challenges of detecting and preventing scams targeting older Americans. This brainwave-based tool can detect specific knowledge within an individual’s brain. By presenting suspects with information related to common scam tactics, iCognative can measure their brain responses to determine a recognition. This innovative approach provides critical insights for investigators.

In cases like the widespread financial scams against older Americans, iCognative technology can offer crucial insights into a suspect’s knowledge and intentions. This enhances the effectiveness of security operations, supporting law enforcement in safeguarding vulnerable populations and mitigating the risks associated with sophisticated scams.

Source: Brainwave Science