Older adults in the United States were scammed out of approximately $1 billion through fraud schemes in 2020, an increase of $300 million from 2019, according to a new report from the FBI’s Internet Crime Complaint Center, or IC3.

The IC3 Elder Fraud Report 2020 is a companion report to the Attorney General’s 2020 IC3 Elder Fraud Annual Report published by the FBI to educate the public and provide information on the types of fraud targeting older adults. 

The IC3 received 791,790 complaints with reported losses exceeding $4.1 billion in 2020, according to the report. Older adult victims accounted for approximately 28% of total fraud losses, with an average loss of $9,175, although 1,921 older adults lost more than $100,000 each.

“Each year, millions of eldelry Americans fall victim to some type of financial fraud or internet scheme, such as romance scams, tech support fraud, and lottery or sweepstake scams,” Calvin Shivers,…

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