R.O.S.E., Resources/Outreach to Safeguard the Elderly
The FBI’s Internet Crime Complaint Center (IC3) released its 2024 Annual Report. This report sheds light on the alarming rise of scams and highlights their devastating financial impact. The IC3 recorded over 850,000 complaints, with reported losses soaring to $16.6 billion. This is a staggering 33% increase from 2023. Among the most vulnerable groups, individuals aged 60 and older faced the brunt of these scams. Members of this age group submitted close to 150,000 complaints. They suffered over $4.8 billion in losses, a whopping 43% increase from the previous year.
For those 60+, Arizona comes in at No. 4 (almost 6,700) in number of registered complaints and No. 6 ($190 million) in reported losses.
Investment scams topped the list, costing older adults $1.83 billion. Tech support scams—those annoying messages that say your computer has a virus—resulted in $982 million in losses for older adults. Cryptocurrency-related fraud also surged, with $9.3 billion lost across nearly 150,000 complaints, those over 60 were the hardest hit, losing $2.84 billion in cryptocurrency-related fraud.
These statistics highlight the sophisticated and pervasive tactics scammers use to exploit trust. Scammers often initiate contact through phone calls, emails, texts, or even U.S. mail. These methods align with the IC3 data. This includes phishing/spoofing incidents, which had close to 200,000 overall complaints. Scammers generate urgency by creating a compelling reason to act. They exploit emotions like fear, greed, or isolation, a tactic evident in romance scams. Payment requests usually are made by a deposit into cryptocurrency ATMs, send gift cards, or wire transfers. This also aligns with the IC3’s findings on top transaction types for fraud. Common scams like the Grandparent Scam and Government Impersonation are both prevalent in the 2024 report with the latter causing $405.6 million in losses.
Older adults can pause and verify suspicious contacts by understanding the stages and types of scams. This is crucial, especially for contacts demanding immediate action or unconventional payments.
Still, R.O.S.E. encourages you to report scams to IC3, especially those where money was lost from you or a loved one. As the IC3 emphasizes, public reporting is crucial to combating cybercrime. By combining awareness with tools offered by R.O.S.E., older adults can better protect themselves from the growing wave of scams in 2025.
To access the IC3 Report or to report a scam, visit ic3.gov.
R.O.S.E. seeks to create change by educating older adults on the dangers of scams. We deliver education and build awareness of financial scams targeted at those aged 60 and older. For more information and resources, visit roseadvocacy.org, email us at info@roseadvocacy.org, or call us at 602-445-7673.