Seniors scammed out of $4.8bn in 2024: FBI reveals shocking internet fraud spike

Why are older adults increasingly vulnerable to online scams in 2024?

The Federal Bureau of Investigation (FBI) has released its annual Internet Crime Complaint Center (IC3) report, uncovering a disturbing trend: older Americans have become the most heavily targeted demographic for online fraud. In 2024, individuals aged 60 and above reported losses totalling $4.8 billion, reflecting a staggering 33% increase from 2023. These figures now account for nearly 29% of the record $16.6 billion in total cybercrime-related losses reported across all age groups in the United States.

With over 147,000 complaints from seniors last year alone, the FBI’s findings illustrate the escalating sophistication of internet-based scams. Many of these fraudulent schemes prey on social isolation, unfamiliarity with digital platforms, and established trust in institutional authorities—all factors that tend to disproportionately affect older adults. The average financial loss per senior victim stood at approximately $32,600, significantly exceeding the overall national average of $19,300.

What types of online scams are targeting seniors—and how do they work?

The report indicates that investment scams were among the most financially damaging for seniors in 2024. These scams, often disguised as high-yield investment opportunities involving cryptocurrencies, resulted in billions of dollars in losses. Criminals typically entice victims through phoney platforms that simulate real-time trading data, creating an illusion of profit before encouraging large deposits. Once the funds are transferred, the scammers disappear, and the victim is left without recourse.

Tech support fraud has also surged, particularly among retirees. In these schemes, fraudsters impersonate customer service representatives from well-known technology companies or financial institutions. Victims are falsely informed that their devices or bank accounts have been compromised. The scammers then convince them to install remote access software or transfer funds into “safe” accounts—accounts which are, in fact, controlled by the perpetrators.

Business email compromise (BEC) attacks continue to affect seniors, especially those who manage household or community finances. BEC scams involve criminals posing as known contacts—such as family members, lawyers, or financial advisors—and requesting urgent fund transfers. These emails appear convincing, often mimicking writing styles and using familiar names to exploit trust.

How does the scale of senior-targeted cybercrime compare to previous years?

The FBI’s IC3 report shows an accelerating trend. In 2023, losses among older adults stood at approximately $3.6 billion. The 2024 jump to $4.8 billion marks the largest single-year increase in more than a decade of tracking. While part of this rise can be attributed to greater internet usage among seniors, the scale and complexity of scams have evolved significantly, aided by artificial intelligence and dark web coordination among cybercriminals.

Historically, seniors were more likely to fall for lottery or romance scams. While those fraud types persist, today’s criminals increasingly favour technically complex schemes such as fake cryptocurrency investments, tech support impersonation, and phishing campaigns mimicking government agencies like the IRS or Social Security Administration.

Where are the scams concentrated geographically—and why?

According to the report, the highest concentration of senior cybercrime losses was reported in California, followed by Texas and Florida. These states not only have large senior populations but are also frequent targets due to their higher median wealth levels. Additionally, regional criminal networks often tailor their tactics to mimic local institutions or exploit common local service providers, making the scams more believable.

California alone saw over $1 billion in reported senior-targeted losses, while Florida recorded more than 25,000 complaints from residents aged 60 and older. The FBI noted that many of the scams originated overseas, especially from regions known for cybercriminal activity including parts of Eastern Europe, Southeast Asia, and West Africa.

What steps is the FBI taking to protect older Americans from online fraud?

The FBI has ramped up efforts to combat cybercrime targeting older adults through multi-agency collaborations and international partnerships. Initiatives such as the Elder Fraud Strike Force, launched in coordination with the Department of Justice, aim to disrupt organised fraud networks by tracking the digital footprints of cybercriminals and freezing assets when possible. The agency has also prioritised outreach to senior communities, promoting public awareness campaigns that encourage reporting and educate individuals on identifying red flags.

Despite these efforts, underreporting remains a significant barrier. Many victims hesitate to file complaints due to shame, fear of judgment, or uncertainty about the fraud. This lack of reporting undermines enforcement efforts and leaves more victims vulnerable to repeat scams.

What can families and institutions do to help prevent elder fraud?

Family involvement and digital literacy are critical in reducing senior exposure to scams. Financial institutions, healthcare providers, and community groups are encouraged to implement early-warning systems that detect unusual transaction patterns or sudden account changes. Tech firms are also increasingly being called upon to bolster security measures for elderly users, including two-factor authentication and simplified fraud reporting interfaces.

Educational initiatives tailored to older audiences—covering topics such as phishing, identity theft, and safe online banking—can serve as frontline defences. Meanwhile, cross-sector collaboration between banks, telecom providers, and law enforcement continues to be essential in reducing the operational infrastructure available to scammers.

What does the broader trend in cybercrime losses say about the state of online safety in the U.S.?

The nearly $17 billion in overall internet crime losses in 2024, as recorded by the FBI, reflects a growing systemic challenge in digital trust and safety. The rising costs are not only financial but also psychological, particularly among older populations who may lose life savings or personal dignity. As scammers become more organised and technologically adept, the urgency of comprehensive policy and technology responses becomes increasingly clear.

The IC3 report reinforces the importance of nationwide cybersecurity literacy, stronger inter-agency intelligence sharing, and enhanced consumer protections—especially for those most vulnerable. Until more proactive solutions are implemented, older Americans will continue to bear a disproportionate burden of the country’s cybercrime epidemic.

The findings of the FBI’s latest report serve as a wake-up call. The combination of rising senior losses, advanced scam techniques, and persistent underreporting reveals a cybersecurity gap that demands urgent attention. Whether through policy, education, or community support, safeguarding older adults in the digital world is now a national imperative.