The fight against elder fraud is far from over, and new findings show that the need for prevention, support services, and community awareness has never been greater.
According to the U.S. Department of Justice's 2025 Annual Report on efforts to combat elder fraud and abuse, researchers and law enforcement agencies are gaining a better understanding of how fraud impacts older adults and where support systems still fall short.
At Availa Bank, this data is only part of the information we use to help protect our customers, whether they’re just starting out or have a long financial history.
Here’s what you need to know about elder fraud in the U.S.
Elder Fraud Losses Reach Record Levels
Data from the FBI's Internet Crime Complaint Center (IC3) paints a concerning picture of the growing threat.
In 2024:
- Older adults reported more than $4.89 billion in fraud losses
- More than 147,000 complaints were filed by victims age 60 and older
- Cryptocurrency-related scams accounted for approximately $2.84 billion of reported losses
- Reported losses increased by nearly 43% compared to 2023
- Complaints increased by 46% from the previous year
The Most Common Scams Aren't Always the Costliest
Interestingly, the scams reported most frequently were not always the ones causing the biggest financial losses.
The most commonly reported frauds were:
- Phishing and spoofing
- Tech support scams
- Extortion
- Personal data breaches
- Investment scams
However, investment scams generated the highest financial losses, followed by tech support scams, romance scams, business email compromise schemes, and personal data breaches.
A Growing Crisis Demands Continued Action
The Department of Justice notes that year after year, both the number of elder fraud victims and the total amount of money lost continue to rise. As scammers become more sophisticated, particularly through cryptocurrency and online schemes, education, prevention, and victim support remain essential tools in protecting older adults.
Looking Ahead
It takes a community to beat scammers. At Availa Bank, we have many tools in place to protect your money, but at the end of the day, it’s up to you to make strong, educated decisions about your accounts.
Through our bank, you can:
- Sign up for real-time alerts
- Set travel notices
- Set card controls
- Work with your elderly loved ones to appoint a trusted contact to help with their finances.
As fraud trends continue to evolve, staying informed and sharing prevention resources with family members, friends, and community members may be one of the most effective ways to protect older adults from becoming the next victim. Our team at Availa Bank is here to help you. If you ever have any questions, whether it’s about making your account more secure or if you want to know if you may have received a scam call/message, call or stop by any time!
