Elder Fraud Epidemic: What You Need to Know
US Seniors lose more than $3 billion a year in scams ranging from tech-support and investment fraud to fake romance
By Laurie Archbald-Pannone, Associate Professor of Medicine and Geriatrics, University of Virginia
Americans age 60 and older lost more than US$3 billion to scammers in 2023, according to the FBI.
To put that whopping figure in context, Taylor Swift’s Eras Tour recently made news as the first concert tour ever to earn $1 billion.
As a geriatrician — a doctor who cares for people over 65 years of age — I believe elder fraud has reached an epidemic scale. My patients often tell me about being scammed.
The consequences can be worse than just losing money. The experience is traumatic for many, with some victims feeling deep shame and self-doubt in the aftermath. This can interfere with their relationships, erode their trust in others and harm their mental and physical health.
Teaching older Americans how to identify and avoid fraud — and how to report such crimes — could go some way to mitigating the impact of this modern epidemic.
