For those who grew up without technology, keeping up with the advances and innovations can be very difficult. One of the most challenging aspects of technology use is keeping personal information and data safe, especially if the individual is naive about the strategies of criminals and fraudsters. Seniors citizens are among the most vulnerable demographic when it comes to financial crimes and abuse, and elder fraud is a concern for many.

This past October, the Justice Department (DOJ) announced its enhanced efforts in battling cybercriminals who specifically target senior citizens for financial elder fraud schemes.

senior living in the Villages
Elder fraud is not a new issue, but the level of crime against seniors got significantly worse during the COVID health crisis. According to research from the AARP, elder fraud and abuse have been twice as prevalent since March 2020.

These crimes typically take the form of either cybercrime or financial fraud. A bad actor may contact a senior citizen via phone call or email, purporting to be a relative or friend who needs money. Another common scheme is to pretend to be a technical support or customer service representative offering to resolve a problem (that doesn’t even exist.)

“Confidence frauds” exploit the feelings and emotions of senior citizen victims by pretending to be a beloved relative or even a romantic interest. These schemes are very damaging to seniors. The AARP has revealed that losses of $432 million were incurred by victims over the age of 60 in 2021, a 54% increase year over year.

What Did the DOJ Implement?

While these statistics are shocking and scary, the good news is that the Department of Justice has taken on the issue of elder fraud and abuse at a federal level. Here is a sample of the measures being implemented to protect senior citizens.

  1. Elder Fraud Strike Force: The Department of Justice recently announced 14 new U.S. Attorney’s Offices to their Elder Fraud Strike Force – up from only 6 in the past. The federal government is setting aside more resources to fight elder fraud along with members of the Consumer Protection Branch, the FBI, Homeland Security, and the U.S. Postal Inspection Service. All of these federal bureaus are cooperating to tackle the problem.
  2. Compensation for Victims: The DOJ has also committed to the goal of providing reimbursement to the victims of financial elder abuse.
  3. Prosecution and Sentencing: New legislation is altering the strategies for prosecuting and sentencing this category of elder fraud crimes, often under the new Racketeer Influenced and Corrupt Organizations Act (RICO). RICO permits prosecutors to bring charges against each member of a scam or fraud conspiracy with an individual crime. Those who are tried and convicted of these crimes are now being sentenced to longer prison terms in an effort to deter other would-be criminals from committing these crimes.

While the Justice Department is making progress to protect senior citizens from fraud, it is also important that senior loved ones help them do their part and stay vigilant. If your loved one has been victimized by fraud, the DOJ requests that you contact them and let them know the details so that federal investigators can track down and arrest the criminals. Victims should always report a crime or attempted crime as soon as possible, especially if international fraud is in play.

Click here to learn more about how seniors can protect themselves against elder fraud.

A Banyan Residence is an assisted living and memory care center located in The Villages.