Elder Fraud is a growing problem in Alaska

 Tech support scammers continue to impersonate well-known tech companies,
offering to fix non-existent technology issues or renewing fraudulent software or security subscriptions. 

 Many victims report being directed to make wire transfers to overseas accounts, purchase large amounts of prepaid cards, or mail large amounts of cash via overnight or express services.

 Tech Support Fraud is the most reported Fraud among Over 60 Victims. In 2022, the IC3 received 17,810 complaints related to Tech Support Fraud from elderly victims who experienced almost $588 million in losses.  

 Typical investment fraud schemes are characterized by offers of low or no-risk
investments, guaranteed returns, overly consistent returns, complex strategies, or
unregistered securities.  Examples of investment fraud include advance fee fraud, Ponzi schemes, pyramid schemes, and market manipulation fraud.

These schemes often seek to victimize targeted
individuals, such as groups with common
interests, age, religion, or ethnicity, to build trust to effectively operate the investment fraud
against them. The scammers’ ability to foster trust makes these schemes so successful.  

Romance scams occur when a criminal adopts a fake online identity to gain a victim’s affection and confidence. The scammer uses the illusion of a romantic or close relationship to manipulate and/or steal from the victim.

 Grandparent Scams also fall into this category,
where criminals impersonate a panicked loved one, usually a grandchild, nephew, or niece of an elderly person. The loved one claims to be in trouble and needs money immediately. 

 In 2021, the IC3 received reports from 7,166 victims who experienced nearly $420 million in losses to Confidence Fraud/Romance scams. This type of fraud accounts for the highest losses reported by Over 60 victims. 

While these number are staggering, we know that this is a severely under-reported issue, and the reasons for this vary.

#1 - Many don't know that they are victims of a crime. This is why education is so important.

#2 - Many are afraid or embarrassed to admit that "they messed up". Some are even afraid that their loved ones will take away their financial independence. It's important to reassure victims that it's not their fault. They were targeted by experienced professionals. There's no shame.

#3 -  Some may realize they are the victims of a crime, but are too  emotionally invested to walk away. It’s important to stay connected with  elderly friends and loved ones. Stay current with what’s happening in their lives and maintain that strong emotional connection. Maybe help  them engage with groups of friends in an offline environment so that they are not as susceptible to the attentions of online criminals. 

Nation Wide: $3.4 Billion in Losses Reported

Alaska: $8.7 Million in Losses Reported

Up from $7.6 Million in 2022

Alaska's #1 - Tech Support Scams

#2 -  Investment Fraud

#3 - Confidence/Romance Scams

Read the full 2023 Elder Fraud Report (PDF) - https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3ElderFraudReport.pdf

FBI Elder Fraud Resource Page

 https://www.fbi.gov/how-we-can-help-you/safety-resources/scams-and-safety/common-scams-and-crimes/elder-fraud 

FBI Internet Crime Complaint Center (IC3)

Elder Fraud Report Form

https://ef.ic3.gov/

FBI Tip Line

 1-800-CALL-FBI (225-5324) 

Information from the DoJ on Elder Fraud. Also includes presentation materials, handouts, etc. - https://www.justice.gov/elderjustice

State of Alaska Department of Public Advocacy

Office of Elder Fraud and Assistance

https://doa.alaska.gov/opa/oefa/

InfraGard Alaska Presentation Materials

2023 Elder Fraud AK Presentation