Older Americans lost a staggering $2 billion to fraud schemes in 1 year: DOJ
Older Americans lost a staggering $2 billion to fraud schemes between July 2024 and June 2025. That’s according to a report recently published by the Department of Justice (DOJ).
Following the 2020 Census, Americans aged 65 and older hit 55.8 million, representing around 16.8% of the U.S. population. Of those 55.8 million, nearly one in five either fell victim to a financial scam or almost did.
What are the top fraud schemes?
Cryptocurrency fraud, or “pig butchering,” far outpaced other schemes, garnering more than $4.8 billion in losses among older Americans in 2024, according to a report from the Internet Crime Complaint Center. That represents a 43% increase in losses between 2023 and 2024, while the 147,127 complaints the office fielded signify a 46% increase over the same period.
Scams targeting elders are “way more sophisticated and diverse than years ago,” Bob Blancato, national coordinator of the Elder Justice Coalition, told Straight Arrow News. “As older adults get more tech savvy, they do become more vulnerable.”
While crypto scams exist in a league of their own, several other themes dominated the elder fraud ecosystem between July 2024 and June 2025.
Topping the list was fake investment opportunities, which netted scammers some $1.8 billion, followed by tech support scams at $982 million, confidence/romance scams at $389 million, another $385 million due to business email compromises, as well as $254 million and $208 million in personal data breach and government impersonation scams, respectively.
“We will not tolerate elder fraud and abuse and will aggressively pursue those that target older Americans,” Attorney General Pam Bondi wrote in the preamble to the report. “Whatever the threat, it is my pledge to the American people that the Department will continue to aggressively pursue those who harm our cherished older Americans, both domestically and internationally, and invest in the resources to ensure elder justice professionals are prepared to respond compassionately and appropriately to the needs of older victims.”
An international effort
The DOJ lodged 283 enforcement actions during the reporting period, 36% of which targeted schemes originating overseas. Those enforcement actions represented 1,034,630 Americans, who lost a combined $2,363,983,480.
To help make that possible, the DOJ and FBI collaborated with several international law enforcement and intelligence agencies, including India’s Central Bureau of Investigation, as well as agencies in Ghana and Thailand.
“As part of the work of the Transnational Elder Fraud Strike Force, the Department continued to prosecute cases and pursue initiatives that disrupt schemes that steal the life savings of older Americans,” the DOJ wrote in its report. “Substantial victories were achieved in U.S. federal courts against transnational criminal organizations involved in grandparent scams, lottery fraud, tech support fraud, and a variety of other elder fraud schemes.”
How can you prevent scams?
According to the DOJ, scammers will either endear themselves to a victim and gain their trust or use threats of intimidation and harassment to coerce them into handing over money. However, there are four general rules to avoid getting scammed –– no matter your age.
1. Scammers pretend to be from an agency or organization you know to gain your trust.
2. Scammers say there is a problem or a prize.
3. Scammers pressure you to act immediately.
4. Scammers tell you to pay in a specific way.
“We must recognize that elder financial abuse is also a crime and we need to commit proper resources to combat it,” Blancato told SAN. “Education is key to protecting older adults from this kind of abuse. Money management programs [and] proper training of caregivers are all key.”
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Ella Rae Greene, Editor In Chief
