Americans older than 60 lost $3.4 billion to scams in 2023: FBI

People older than 60 lost more money in scams in 2023 than the previous year -- an 11% increase totaling more $3.4 billion overall, according to a new report released by the FBI on Tuesday.

The FBI says only about half of the more than 880,000 complaints received by its Internet Crime Complaint Center in 2023 included age data. James Barnicle, the head of the FBI's Financial Crimes Section, urged financial institutions to do more in protecting elderly from scams. He told reporters on a conference call on Tuesday, that once the transfer is made they are "hands off."

Across the United States, illegal call scams, which include people posing as fake government officials or fake customer support representatives, netted more than $700 million in 2023 -- with almost half of those victims above the age of 60.

According To New FBI Report

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