Scamming elderly in the U.S. is increasing each year as AI technology makes it easier for perpetrators to conduct fraud and take advantage of the technological gap.
Internet and telephone scams have surged "exponentially" and fewer fraud actors are getting caught each year.
Scammers Most Likely to Target Elderly Americans
The AARP's Fraud Watch Network reported that older people commonly lose their life savings by falling into romance scams, technical support fraud, and other techniques. The worst-case scenario is that the majority of the victims do not get their money back.
Earlier this year, an 81-year-old man was charged with murder after falsely identifying and shooting an Uber driver whom he thought was a scammer. Both the driver and the elderly received the same threats from a scammer.
"We are at a crisis level in fraud in society," said Kathy Stokes, director of fraud prevention at Fraud Watch Network. She also emphasized how easier it is now for scammers to get away from charges.
Police Faces Challenges in Identifying Financial Fraud
The increasing scam cases often lead to overwhelming the resources of law enforcement agencies and protective services. In addition, it is also harder to investigate if the criminals originated from overseas wherein money is easily converted to cryptocurrency.
It was also revealed that some police departments don't take financial scams seriously, citing that victims have voluntarily engaged in a transaction with scammers by giving away their information.
"And that is a big mistake because it's not. It's not consensual. They've been defrauded, said Paul Greenwood, a prosecutor for elder financial abuse cases in San Diego.
The Federal Trade Commission also confirmed that the majority of the frauds went unreported as victims were hesitant to seek assistance.
The FBI Internet Crime Complaint Center recorded a 14% increase in elder fraud cases in 2023.
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