Latest FBI IC3 Report Highlights Growing Financial Fraud Against Seniors in California

The elderly (generally defined as those aged 60 and older) are frequent targets for scams, fraud, and other forms of exploitation. These activities fall under the umbrella of financial elder abuse, which is, unfortunately, a common reality for American seniors. The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) publishes an annual report of complaints it receives from elderly fraud victims, and the latest version (2023) reveals troubling trends. 

While elder financial exploitation occurs nationwide, California is one of the states with the highest number of victims. If you or a family member have suffered losses through elder fraud, a California financial elder abuse attorney can help you recover. 

California Tops the List with the Most Complaints Filed by Individuals Over 60 Years Old 

In 2023, a reported 11,622 people over the age of 60 filed a fraud complaint in California, which is the top-ranked state by nearly 3,500 complaints. The total loss from those complaints is $643,230,534, which is more than double the number two ranked state. By means of comparison, there were a total of 11,517 complaints and $624,509,520 in losses in the IC3’s 2022 report, indicating that financial exploitation of seniors is increasing in California. 

These numbers show there is no doubt that financial elder abuse in California is a serious and growing concern that requires immediate attention and stronger preventive measures. With the release of the report, the FBI Assistant Director stressed that combating financial exploitation for those over 60 years of age continues to be a priority for the FBI. “Along with our partners, we continually work to aid victims and to identify and investigate the individuals and criminal organizations that perpetrate these schemes and target the elderly.” 

At Evans Law Firm, Inc., we vigorously represent victims of financial elder abuse and are proud to advocate for justice, ensure accountability, and provide the support needed to help seniors recover their losses and rebuild trust. Our California financial elder abuse lawyers are ready to assist injured seniors throughout the State of California. 

Fraudulent Investment Schemes Targeting Seniors Take A Heavy Toll On California Seniors

The Federal Bureau of Investigation’s Elder Fraud Report categorizes the types of financial fraud that are most concerning to Californians and all seniors. Investment fraud, which involves complex financial crimes often characterized as low-risk investments with guaranteed returns, is responsible for the highest value of losses from complainants over 60 years old, totaling $1,243,010,600.

Protect Yourself From Becoming a Financial Fraud Victim

Seniors can help protect themselves and their savings from becoming part of that one billion dollars lost every year.

• Never, ever, give a caregiver or other stranger a power of attorney over your financial matters
• Always bring someone with you to any business meetings; do not go alone
• Set time aside to check bank statements and credit reports frequently
• Designate a trusted person to help manage finances
• Shred documents with sensitive information (i.e., junk credit card offers and receipts)
• Review your credit report once a year 
• Be extra careful and suspicious whenever you’re asked to provide your Social Security number 

Keep a Loved One From Losing their Savings

Family, friends and caretakers also have a role in helping to ensure their loved ones are not the victim of financial fraud. 

• Understand that the threat exists and that your loved one can be a victim
• Monitor their financial accounts and be aware of anything that doesn’t follow normal spending pattern
• Get the bills on an automatic payment system
• If your older loved one has in-home assistance redirect the mail to your address so that others cannot access your loved one’s mail
• Designate a power of attorney to make financial decisions, and encourage other estate planning documents to ensure their wealth is secured. 
• Report any suspicious calls, emails, or visits that give you a scam or fraudulent vibe

Key Takeaways from the 2023 IC3 Annual Report

• The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) reports increasing incidents of elder financial exploitation.
• Scams targeting individuals aged 60 and older caused over $3.4 billion in losses in 2023—an increase of approximately 11% from the year prior. The average victim of elder fraud lost $33,915 due to these crimes in 2023. 
• California leads the nation in elder fraud complaints, with 11,622 complaints and $643,230,534 in losses reported in 2023, an increase from the previous year.
• Investment fraud is responsible for the highest losses, totaling $1,243,010,600.

Evans Law Firm, Inc. represents victims of financial elder abuse in California. If you or a loved one has been impacted by financial fraud, we encourage you to reach out and learn about your legal options. 

Pursue Legal Remedies With Help From a California Financial Elder Abuse Attorney 

Financial elder abuse is widespread and costly. If you believe that you or a family member have been defrauded, please consider speaking to an experienced attorney. To get started, contact a California financial elder abuse lawyer at the Evans Law Firm, Inc., by using our online contact form or calling 415-441-8669 or toll-free at 1-888-50EVANS (888-503-8267).