The FBI’s Internet Crime Complaint Center (IC3) has released alarming data for 2023: Americans aged 60 and older reported losses exceeding $4.8 billion to scams last year—a nearly 11% increase from 2022. According to the ABC News report, this age group now accounts for nearly one-third of all losses reported to the IC3.

 

Key Findings:

• Total complaints from seniors rose to over 100,000 in 2023.

• Investment scams were the most financially damaging, accounting for $1.2 billion in losses.

• Tech support scams remain highly prevalent, costing seniors over $600 million.

• Some victims lost more than $3 million each.

 

The report notes a significant rise in cryptocurrency-related fraud, particularly involving fake investment platforms and fraudulent tech support schemes. Victims are often contacted through email, phone calls, or social media, and persuaded to transfer money or grant access to their devices.

 

FBI Recommendations:

• Pause before acting on unsolicited calls or emails requesting money or personal information.

• Verify identities independently—especially before wiring funds.

• Report fraud immediately to the IC3 at www.ic3.gov.

 

As tax professionals and financial advisors, it's critical we remind our clients—especially older ones—of these growing threats. Regular education, fraud prevention conversations, and system safeguards can go a long way in protecting those most vulnerable.

 🔗 Source: ABC News | “Seniors lost $4.8 billion to scammers in 2023, FBI warns”

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Under U.S. Treasury regulations, any tax advice in this communication is not intended or written to be used to avoid IRS penalties. Tzinberg & Associates provides this information for general guidance only. It does not constitute tax advice, accounting services, investment advice, or professional consulting. Consult a professional adviser before making decisions or taking action, as the information is provided "as is" without any warranties regarding its completeness, accuracy, or timeliness.