The IC3 2020 Elder Fraud Report

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The IC3 2020 Elder Fraud Report

On June 15, 2021, the FBI’s Internet Crime Complaint Center (IC3) released its 2020 Elder Fraud Report. According to the report, victims over 60 reported nearly $1 billion in fraud-related losses in 2020, which represents 28% of all losses reported to IC3. The average loss for seniors was $9,175, and nearly 2,000 senior victims lost more than $100,00. The top three fraud schemes reported by seniors in 2020 were extortion schemes, nonpayment/nondelivery schemes, and tech support fraud. The type of scheme that accounted for the greatest amount of loss was confidence fraud/romance schemes.

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How to Avoid This Genetic Testing Scam That Targets Seniors

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How to Avoid This Genetic Testing Scam That Targets Seniors

CBS News recently reported the results of an investigation into a large-scale, wide-reaching Medicare fraud scam that has been affecting dozens of people across the United States. The story illustrates the struggles faced by senior citizens who were targeted primarily by a company called Genexe Health, which claims to be a genetic testing “one-stop shop.”

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Investigating Elder Fraud: Where to Begin

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Investigating Elder Fraud: Where to Begin

While millennials are more likely to fall victim to fraud than seniors, the financial losses they suffer are less than half of those suffered by seniors — $400 versus $1,092, respectively — with an annual loss by seniors of approximately $3 billion. The reason for the loss discrepancy: the financial stability of many elderly citizens and the types of frauds perpetrated against them. 

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The Top 10 Scams Targeting Seniors

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The Top 10 Scams Targeting Seniors

Angie Kennard felt that something was off with her 79-year-old father. When they talked on the phone he would tell her about a woman he met online and occasionally sent money to. Even though her father never met the woman in person, she professed her love for him through emails and asked him to send her money to feed her and her daughter. Angie told her father that he was being conned, but he would not listen and continued to send the woman money.

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Fraud Week Begins This Sunday, November 13

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AUTHOR'S POST

Mandy Moody, CFE
ACFE Content Manager

As we approach the first day of International Fraud Awareness Week, I thought it would only be fitting to highlight some of this year's free resources that we have put together for you to use not just next week, but all year-round. I look forward to sharing information with fraud fighters all over the world next week. Visit FraudWeek.com for the latest news and information, and let us know what you plan to do individually or at your company in the comments section below.

Here are some my favorites this year:

Infographic: Fraud in Small Businesses
View how and why fraud can occur in organizations with less than 100 employees.

Printable Fraud Week Handout
Download our “5 Fraud Tips Every Business Leader Should Act On” printable handout and share it with colleagues, clients and others.

Podcast: BBB CEO Discusses Common Scams and How to Protect Yourself
In this interview with Steve McFarland, CEO of the Better Business Bureau of Los Angeles and Silicon Valley, he shares some commons scams he has seen targeting seniors and other consumers.

Check out even more free resources at FraudWeek.com. Let the awareness begin!