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Elder Financial Abuse Is on the Rise: Trending Frauds and Resources

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Between 2021 and 2022, total losses among financial fraud victims 60 and older reported to the FBI increased by 84%.

These enforcement actions were part of the DOJ's Elder Justice Initiative, which also includes support for older victims, enhanced state and local justice efforts and raising public awareness about elder abuse and financial fraud.10


Elder Fraud Resources

Whether or not Americans 60 and older consider themselves elders, there's plenty individuals can do to protect themselves, as well as actions their family members can take to prevent financial fraud and abuse against their loved ones.

Elder Fraud Prevention Education:

  • Educational resources: Both the DOJ and the FTC have publicly accessible educational resources on elder abuse for individual use or to use in community presentations.11,12
  • The National Clearinghouse on Abuse in Later Life (NCALL) This nonprofit provides educational resources for senior citizens who have experienced all kinds of abuse.13
  • Consumer Financial Protection Bureau's (CFPB's) Preventing Elder Financial Abuse Guide: This guide is designed for the family and friends of seniors living in nursing homes and assisted living communities.14

Elder Fraud Reporting Resources:

  • DOJ's Financial Exploitation Guide: Through stories and a series of questions, users can identify if they have experienced financial exploitation and how to report it.15
  • DOJ's National Elder Fraud Hotline: Call 1-833-FRAUD-11 for non-life-threatening emergencies related to elder fraud and abuse.16

Supportive Services for Victims of Elder Fraud:

Just as they've changed every other aspect of society and culture, aging Baby Boomers are sharply increasing the number of seniors in the U.S., placing new focus on the long-running issue of elder financial fraud. As cybercrime and other types of financial fraud continue to evolve and more seniors become increasingly reliant on technology, the risk will only continue to increase. But with the right resources and awareness older consumers and their loved ones can help prevent elder financial fraud and lessen the impact when it occurs.


Enroll in Credit and Identity Protection Services

As a Synovus Plus, Synovus Inspire, or Synovus Private Wealth customer, you can enroll in complimentary Credit and Identity Protection services. With this service, Synovus will monitor your credit reports and notify you any time any changes are made. Synovus will also scan the web to make sure your personal information hasn't been compromised by checking websites, blogs and peer-to-peer networks. Synovus also offers full-service identity restoration if you become a victim of identity theft.

Want to know more about how you can achieve peace of mind as a Synovus customer? Learn more.

Important disclosure information

Asset allocation and diversifications do not ensure against loss. This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

  1. Internet Crime Complaint Center, "Elder Fraud Report 2022," Federal Bureau of Investigation, accessed April 26, 2024. Back
  2. Clare Ansberry, "America Has Never Had So Many 65-Year-Olds. They’re Redefining the Milestone." The Wall Street Journal, published February 6, 2024, accessed April 26, 2024. Back
  3. National Cybersecurity Alliance, "Oh, Behave! The Annual Cybersecurity Attitudes and Behaviors Report 2023," published October 2, 2023, accessed April 26, 2024. Back
  4. Rachel E. Morgan and Susannah N. Tapp, "Examining Financial Fraud Against Older Adults," U.S. Department of Justice, National Institute of Justice, published March 20, 2024, accessed April 26, 2024. Back
  5. Office of the Attorney General, "Annual Report to Congress on Department of Justice Activities to Combat Elder Fraud and Abuse," U.S. Department of Justice, published October 18, 2023, accessed April 26, 2024. Back
  6. Melissa Mecija, "AI voice scheme nearly tricks San Diego woman in high-tech “grandparent scam" ABC 10 News San Diego, published November 07, 2023, accessed April 26, 2024. Back
  7. Federal Communications Commission, "'Grandparent' Scams Get More Sophisticated," published February 1, 2024, accessed April 26, 2024. Back
  8. United States Senators Robert P. Casey, Jr., Richard Blumenthal, Kirsten Gillibrand, John Fetterman, Letter to The Honorable Lina M. Khan Chair Federal Trade Commission, published December 5, 2023, accessed April 26, 2024. Back
  9. Office of the Comptroller of the Currency, "Types of Consumer Fraud," accessed May 6, 2024. Back
  10. U.S. Department of Justice, "Elder Justice Initiative (EJI)," accessed April 26, 2024. Back
  11. U.S. Department of Justice, "Get Involved, Get Safe Community Presentations," accessed April 26, 2024. Back
  12. Consumer Advice, "Grandkid and Family Scams," Federal Trade Commission, accessed April 26, 2024. Back
  13. National Clearinghouse on Abuse in Later Life, "Resources," accessed April 26, 2024. Back
  14. Consumer Financial Protection Bureau, "Preventing elder financial abuse: Guide for family and friends of people living in nursing homes and assisted living communities," published November 2021, accessed April 26, 2024. Back
  15. U.S. Department of Justice, "Financial Exploitation," accessed April 26, 2024. Back
  16. U.S. Department of Justice, "Find Help or Report Abuse," accessed April 26, 2024. Back
  17. U.S. Department of Justice, "Elder Justice Neighborhood Resources," accessed April 26, 2024. Back
  18. Office for Victims of Crime, "Directory of Crime Victim Services," U.S. Department of Justice, accessed April 26, 2024. Back
  19. The National Academy of Elder Law Attorneys, "Find a Lawyer," accessed April 26, 2024. Back