FBI Warns of Over 400% Increase in Elder Scams Including Money Loss and Control
The FBI Houston Field Office is warning people to be aware of elder scams as they see a concerning increase in cases.
Since 2021, elder scams have increased by over 400%, leading to a loss of $1.2 billion in 2023 according to a recent report. Public Affairs Officer, Christina Garza, says this is something people need to be watching.
“Unfortunately we consider elder fraud quite an epidemic at the FBI simply because of the amount of types of fraud we are seeing and the fact that they increase every single year,” she said. “We’re seeing people lose their entire life savings and their retirement funds on top of that. They’re losing their homes because they’re having to remortgage their houses to be able to keep up with the scams and the extortion if you will and manipulation that comes along with all of that.”
A recent case was shared by the Southern District of Texas, about a case led by the FBI Bryan Field Office. Five people were arrested for defrauding a 92-year-old veteran out of $300,000, with $13 million in returns promised.
Beyond the money, two suspects arrested are being accused of using the money as salary and creating a do-not-resuscitate order as the victim’s power of attorney. Garza says scams against the elderly usually have elements of control and relationship building that allow criminals to access private information.
“This is what they do. They truly groom their victims into establishing a relationship of trust a lot of these romance and investment scams are nurtured if you will they don’t just pop up out of the blue,” she said.
Garza says if you believe you are being scammed it’s best to call your financial institution and block any payments possible, then contact law enforcement.