USA elder fraud

Over the last few years, our research team has set out to uncover the true cost of elder fraud in the US by analyzing and extrapolating data from government reports and registries.

Our reports have found that millions of seniors are subject to financial exploitation each year and suffer huge losses worth billions of dollars.

This year, with new 2021/2022 figures, our team has found that while cases of elder financial abuse in the US have dipped (dropping from nearly 8.7 million estimated cases in 2020 to 7.8 million cases in 2021/22), the amount lost to elder fraud has risen exponentially. Over the last year, the cost of elder financial exploitation has grown by over 54 percent, rising from $177 billion in 2020 to around $269.5 billion last year.

Elder fraud, also called elder financial abuse or elder financial exploitation, is defined as the misappropriation or abuse of financial control in a relationship where there is an expectation of trust, resulting in harm to the elderly victim.

More than 333,000 scams and financial abuse cases targeting the elderly are reported to authorities every year, and most experts agree that’s just the tip of the iceberg. Our estimates show $11.5 billion in damages are reported to authorities, but the real figure likely dwarfs that amount when factoring in unreported elder fraud.

To calculate the full scope of the problem, Comparitech aggregated data from multiple studies on elder fraud in every US state, including the number of reports to authorities and average loss per case. We then used those numbers to estimate the total number of cases and total damages in each state, adjusted for the proportion of unreported cases.

Due to a lack of accurate reporting in every state from Adult Protective Services, we’ve used averages from other states to fill in the gaps for the number of cases reported and the dollar amounts lost. You can find more about how we conducted our research in the methodology section. Although not definitive, this exploratory study examines the potential cost and prevalence of elder abuse based on estimations, statistics, and hypotheses. The study highlights the need for further research in this area.

Please note: due to an error in calculations for the $ amount lost, this article was updated on June 15 with corrected figures. This altered some overall state total losses but not the number of reports per state.

Key findings

Only 1 in 23.5 incidents of elder fraud are reported to authorities, according to a 2011 report from the New York City Department for the Aging and Cornell University. Here are some of the key findings at a national level, based on that figure:

  • More than 1 in 10 elderly people in the US fell victim to elder fraud in the last year.
  • Over 7.8 million incidents of elder fraud occur every year in total.
  • Average loss per case is $30,192, calculated by averaging the mean reported loss from these organizations:
    • $43,768 – Financial Crimes Enforcement Network (FinCEN)
    • $35,101 – Federal Bureau of Investigation, Internet Crime Complaint Center (IC3)
    • $11,707 – State Adult Protective Services or Law Enforcement
  • In all 50 states, losses due to elder fraud total $269.5 billion each year.
  • According to FinCEN reports, deposit accounts were the most common product involved with elder fraud cases (62%), followed by debit cards (18%) and credit cards (9%).
  • The IC3 reported that total losses reported by elderly victims increased 84 percent from 2021. Tech and customer support schemes were the most common type of fraud, while the amounts lost to investment fraud and cryptocurrency scams increased by 300 and 350 percent respectively.

According to the IC3, the number of reports from seniors decreased by nearly 4.5 percent from 2021 to 2022 (dropping from 92,371 to 88,262). But the total amount lost to seniors nearly doubled, rising from $1.7 billion to $3.1 billion).

Investment scams saw a huge increase, growing from 2,104 in 2021 to 4,661 in 2022. The average amount lost to these scams nearly doubled, too, increasing from $114,000 in 2021 to nearly $212,500 in 2022. And, as we’ve already noted, scams involving cryptocurrency skyrocketed in 2022. 2022’s figure of nearly $1.1 billion is more than four times 2021’s figure of $241 million.

Top 5 US states with highest rates of elder fraud

1. Delaware: 49,854 cases of exploitation per 100,000 seniors

Almost half of Delaware’s seniors are estimated to have lost a total of $5.8 billion in the last year. That’s 137,016 cases in total.

Delaware is home to 274,832 over 60s.

This huge rise in cases within the state is due to a large increase in the number of suspicious activity reports noted. In 2021, FinCEN received 4,393 suspicious activity reports (SARs) for financial exploitation with just over 4,000 of these coming from depository institutions. In 2022, the overall number reported increased to 7,377 with nearly 7,000 from depository institutions.

2. Oklahoma: 29,040 cases of exploitation per 100,000 seniors

We estimate that over 258,500 seniors from Oklahoma are affected by elder fraud each year, losing an estimated $7.9 billion.

The Adult Protective Services (APS) in Oklahoma continues to see a rising number of cases (for all types of elder abuse) with around 45 percent of substantiated cases relating to financial exploitation.

Oklahoma is home to 890,224 over 60s.

3. Colorado: 18,313 cases of exploitation per 100,000 seniors

With a population of just over 1.23 million seniors, the estimated number of reports of 225,796 cases of elder abuse in the state pushes Colorado into third place.

The state’s APS opened investigations into just 36 percent of reports, and 26 percent of these related to exploitation. We estimate that seniors in Colorado lose around $6.6 billion per year.

4. Nevada: 16,332 cases of exploitation per 100,000 seniors

Seniors in Nevada lose an estimated $3.4 billion to elder fraud per year, affecting more than one-sixth of the elderly population. We estimate the number of elder fraud cases at over 116,100.

Nevada is home to 710,949 over 60s.

5. Minnesota: 16,178 cases of exploitation per 100,000 seniors

Minnesota’s estimated 216,232 reports of financial exploitation for seniors see it entering the rankings in fifth place.

The estimated losses in the state amount to over $7 billion.

Top 5 US states for elder fraud in total losses

1. California: $40.2 billion lost per year to elder financial exploitation

The most populous state in the nation loses the most money to elder fraud, according to our estimates. California lost nearly $40.2 billion to elder financial exploitation, impacting over 11 percent of the elderly population. That’s over 941,000 cases in total.

California is home to 8.28 million over 60s.

2. Texas: $19.2 billion lost per year to elder financial exploitation

Another big state, Texas, lost over $19.2 billion to elder fraud in the last year. 9.6 percent of elderly people in the state fell victim, for an estimated 526,665 incidents in all.

Texas is home to nearly 5.5 million over 60s.

3. New York: $16.3 billion lost per year to elder financial exploitation

Of the 4.8 million over 60s in the Empire State, we estimated that over 9 percent are affected by financial exploitation each year. The cost of these cases is almost $16.3 billion.

4. Florida: $15.4 billion lost per year to elder financial exploitation

As expected in the state with the highest percentage of senior citizens, Florida has one of the highest estimated number of elder fraud reports–over 410,000 in total. That’s almost 7 percent of elderly people. Losses amount to $15.4 billion in a year.

Florida is home to just over 6 million over 60s.

5. Ohio: $12 billion lost per year to elder financial exploitation

Just over 14 percent of over 60s in Virginia are estimated to have been victims of elder fraud, which amounts to more than 313,000 cases and losses of nearly $12 billion.

Virginia is home to 2.2 million over 60s.

*Due to lack of reports in some states, we’ve used averages for the number of cases reported and/or the dollar amounts lost. See the methodology section for more information.

Adult abuse registries and elder abuse legislation by state

27 states have an adult abuse registry with a further two having a registry solely for adults with “developmental disabilities” which doesn’t cover all elderly persons. Only 13 of the states with abuse registries include all types of abusers, e.g. those in positions of trust (power of attorney), family members, and private/unregistered caregivers. Otherwise, the list is solely for those who are employed as caregivers and/or healthcare workers. In many cases, the list of names included on the registry isn’t accessible to the public and may only be accessed by potential employers. This means those seeking private help may be unaware of an applicant’s background prior to hiring them.

The remaining 21 states don’t have an abuse registry but may have other types of employment checks for healthcare workers.

The majority (38) of states specifically define elder abuse within their legislation and have defined what an “elder person” is, e.g. someone over the age of 60. In 12 cases, however, there is no specific definition of an elder person within the state law, but general adult abuse laws would apply.

Eight of the states without specific definitions of elder abuse have low actual reporting rates of elder fraud compared to other states (not taking our estimates into account). This could suggest that rates are low due to lack of understanding and definition around elder abuse, as opposed to fewer instances of elder abuse occurring within these states.

Methodology

Notes and limitations

  • Some APS reports give the overall figures for financial exploitation and don’t break it down by age group. They often give the distribution of age groups by percentage, so we multiply total figures by the proportion of seniors to get a figure for elder financial exploitation. In the cases where no percentages of age groups are given, we have taken the average of the APS sources where a percentage is given (81.13%) and have applied this to achieve a figure for over 60s. Equally, where no breakdown is given for financial exploitation cases, we have applied the percentage reported across all states in the National Adult Mistreatment Report System (NAMRS) annual report for 2021 = 14% (37,644 cases from 268,092 total).
  • While cases reported by the APS and Long-Term Care Ombudsman (LTCO) are separate in most cases, there may be the odd occasion where some overlap.
  • Often there is quite a significant difference between the number of cases reported and the number substantiated. When you look at APS caseworker numbers and time, this could be an indication as to why only a small percentage are investigated. This article shows how caseworkers are overwhelmed by reports of elder abuse. For our calculations, we used the total number of reports rather than substantiated reports.
  • Some states refer to “elders” as 60+ while others deem this category 65+. The number of elderly people per state has been calculated at 60+ due to the IC3 and FinCEN stats relating to those aged 60 or over.
  • Some data was not available for Washington, D.C. and Puerto Rico so these have been excluded.
  • Even where crime statistics are available for a state, these haven’t been included in our overall scores due to large numbers of cases from FinCEN and IC3 potentially going to local law enforcement. However, $ amounts lost according to crime reports have been used to create case averages in several states.

Sourcing elder fraud data

Elder fraud data was pulled from multiple sources in each state, including:

  • Adult Protective Services (APS)
  • Long-term Care Ombudsman (LTCO)
  • Social Services and Health Services
  • Crime Reports
  • Suspicious Activity Reports (SARs) from the US Treasury’s Financial Crimes Enforcement Network (FinCEN)
  • Federal Bureau of Investigation, Internet Crime Complaint Center (IC3)

36 out of 50 states have published the number of elder financial exploitation cases reported to authorities over the past year, most of which come from Adult Protective Services. The remaining 14 either do not publish this data or haven’t published anything over the last two years. For these states, we multiplied the average APS reporting rate from all other states (0.0021 reports per senior) to their total elderly populations to get an estimated number of reported cases.

Only a couple of states publish the average dollar amount lost per elder fraud case and there are no estimated case figures for APS or LTCO reports across the US. So, to obtain our average for these cases we used the average amount lost per FinCEN case ($43,768), the average amount lost per IC3 case ($35,101), and the average amount lost in APS or law enforcement cases ($11,707) to create an overall average loss of $30,192 for LTCO and APS cases where the figures are unknown.

Figures based on SAR reports were calculated separately and added to the estimates from APS and other state agency reports. FinCEN’s SAR reports are limited to those filed by financial institutions and normally only include cases in which more than $5,000 was stolen. In FinCEN’s 2022 Advisory on Elder Financial Exploitation, it was reported that $3.4 billion was lost to elder financial exploitation in 2020. According to FinCEN’s reporting system, 77,683 cases of elder financial exploitation were reported during this same period, creating an average loss per case of $43,768.

A 2019 Consumer Financial Protection Bureau study states less than one-third of these cases are reported to Adult Protective Services. Based on that, two-thirds of the number of SAR reports for each state are added to the number of elder fraud reports that come from the APS and other state agencies.

Likewise, for each state, we multiplied the number of SAR reports by the average dollar amount lost ($43,768) to get a dollar amount lost per state. Two-thirds of this is then added to the loss figures calculated from APS reports.

The IC3 reports individual report figures and dollar amounts lost per state to elder fraud, so these have been added into our report without any further calculations/estimates.

Factoring in unreported elder fraud

A number of studies show the vast majority of elder fraud cases go unreported:

  • A National Center on Elder Abuse study (PDF) published in 1998 found only 16% of cases of elder abuse were reported to authorities
  • A 2011 report, Under the Radar: New York State Elder Abuse Prevalence Study (PDF), estimates only one in 23.5 elder abuse cases is reported, while financial exploitation cases could be as high as 1 in 44
  • Several government sources put the figure at 1 in 25 cases reported

For our final estimates, we multiplied the number of reported cases and loss amounts by 23.5 based on the Under the Radar study. We chose this number because it is the most recent and well-substantiated. It has been used as evidence in Congressional Testimony (PDF) and is widely cited by experts.

Elder fraud by US State: APS stats and sources

Alabama

  • APS received 11,122 referrals. No breakdown for type of abuse so NAMRS figure of 14 percent of cases relating to financial exploitation applied = 1,557.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Alaska

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in Alaska to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

Arizona

  • APS Data suggests 5,937 reports of financial exploitation in 2020. 74.05 percent of all cases related to over 60s, which equates to 4,396.
  • APS Abuse Registry shows $1,648,967.07 lost in 64 cases in 2022. This gives an average of $25,765.11 per case. (These cases are related to ALL vulnerable adults).

Arkansas

  • DHS Reports show 11,712 complaints received in 2022. No breakdown by age but 2021 figures show 76 percent of all cases relate to over 60s and 20.81 percent of cases involve financial exploitation = 1,852.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

California

  • APS Overview – Total case figures decreased from 206,668 from FY 2019/20 to 197,501 for FY 2020/21. Financial abuse decreased 8 percent from 14,783 in FY 2019/20 = 13,600. No age breakdown so average of 81.13% of FE cases relating to over 60s used.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Colorado

  • APS Report – 24,637 reports in total. 26 percent related to financial exploitation, 73 percent of all cases related to adults aged 60+ (4,804). 23 percent of all exploitation cases were substantiated.
    • Approximate loss across all substantiated cases was $13.5 million = $27,893 per case in over 60s
    • 25 percent of all abuse was committed by the victims’ children, followed by 15 percent who were friends, acquaintances, or neighbors.

Connecticut

  • Elder Protective Services Report – 8,210 reports received in FY 2021. No breakdown for type of abuse so NAMRS figure of 14 percent of cases relating to financial exploitation applied = 1,149.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Delaware

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in Delaware to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

Florida

  • Monthly report figures for April 2022 show 2,960 cases for the APS in total. This equates to 35,520 for the year. No age breakdown so average of 81.13% of FE cases relating to over 60s used. And NAMRS figure of 14 percent for FE used = 4,034.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Georgia

  • DHS Report – 35,636 reports in total with 31.25 percent relating to financial exploitation. No age breakdown so average of 81.13% of FE cases relating to over 60s used = 9,035.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Hawaii

  • HS Report – 117 reports of financial exploitation (83 percent of cases relate to people over 60) = 97.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Idaho

  • Commission on Aging Report – 446 cases of exploitation. 76 percent of cases related to over 60s = 339.
  • Crime Statistics – Average losses per case = $2,973 (figures used to determine average lost to APS and LTCO cases).

Illinois

  • APS Report – 6,269 reports of financial exploitation, 83 percent related to adults aged 60+ = 5,203
  • 36 percent of abusers in all cases were the victims’ children, 23 percent were relatives.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Indiana

  • APS Report – 3,053 cases of exploitation investigated. No age breakdown so average of 81.13% of FE cases relating to over 60s used = 2,477.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Iowa

  • Dependent Adult Abuse Statistical Report – 2,951 reports of financial exploitation (1,384 in H1 and 1,567 in H2 of 2022). No age breakdown so average of 81.13% of FE cases relating to over 60s used = 2,394.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Kansas

  • APS Report – 1,790 reports of exploitation in the over 60s.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Kentucky

  • Elder Abuse Report – APS had 674 referrals for exploitation in the over 60s.
  • AG Report – Over 1,700 senior citizens reported losses of over $5m to fraud in 2021, creating an average loss of $2,941.18 (figures used to determine average lost to APS and LTCO cases).

Louisiana

  • Governor’s Office of Elderly Affairs Report – 942 cases of financial exploitation and 190 of extortion in the over 60s = 1,132.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Maine

  • Department of Health and Human Services received 12,460 reports in total in 2022. 7.91% of substantiated claims related to financial exploitation = 986 reports. No age breakdown so average of 81.13% of FE cases relating to over 60s used = 800.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Maryland

  • Department of Aging received 7,116 reports of abuse, neglect, self-neglect, and exploitation in the elderly. No breakdown for type of abuse so NAMRS figure of 14 percent of cases relating to financial exploitation applied = 996.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Massachusetts

  • Department of Elder Affairs noted 17,777 reports to the protective services. No breakdown for type of abuse so NAMRS figure of 14 percent of cases relating to financial exploitation applied = 2,489.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Michigan

  • APS received 5,650 referrals in Q2 of 2022 = 22,600 for the year. No age breakdown so average of 81.13% of FE cases relating to over 60s used. And NAMRS figure of 14 percent for FE used = 2,567.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Minnesota

  • APS Report -1,606 financial abuse (fiduciary) allegations received and 4,777 non-fiduciary allegations in the over 65s, totaling 6,383.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Mississippi

  • Department of Human Services reports 6,287 referrals to the APS. No age breakdown so average of 81.13% of FE cases relating to over 60s used. And NAMRS figure of 14 percent for FE used = 714.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Missouri

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in Missouri to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

Montana

  • Department of Public Health and Human Services said 4,900 people were victims of elder abuse in 2021. No breakdown for type of abuse so NAMRS figure of 14 percent of cases relating to financial exploitation applied = 686.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Nebraska

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in Nebraska to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

Nevada

  • Adult Protective Services – 2,285 cases of exploitation with 85 percent of cases relating to those over 60 = 1,942.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

New Hampshire

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in New Hampshire to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

New Jersey

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in New Jersey to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

New Mexico

  • Aging Department Report – 1,585 investigations of abuse, neglect, or exploitation were conducted. Elder Abuse Report suggests 12 percent of APS reports relate to exploitation = 190. No age breakdown so average of 81.13% of FE cases relating to over 60s used.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

New York

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in New York to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

North Carolina

  • 16,544 APS clients over 60 in FY 2020/21. No breakdown for type of abuse so NAMRS figure of 14 percent of cases relating to financial exploitation applied = 2,316.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

North Dakota

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in North Dakota to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

Ohio

  • APS Report – 8,163 reports of financial exploitation for all ages, 95 percent of cases related to adults aged 60+ = 7,755.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Oklahoma

  • DHS Report – 25,655 reports received in total. 44.83 percent of cases related to financial exploitation in 2020 = 11,501. No age breakdown so average of 81.13% of FE cases relating to over 60s used.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Oregon

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in Oregon to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

Pennsylvania

  • APS Report – 39,320 reports in total. 21 percent related to financial exploitation in the over 60s = 8,257.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Rhode Island

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in Rhode Island to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

South Carolina

  • APS Report – 480 reports of exploitation. No age breakdown so average of 81.13% of FE cases relating to over 60s used.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

South Dakota

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in South Dakota to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

Tennessee

  • DHS Report – 4,422 reports of financial exploitation. No age breakdown so average of 81.13% of FE cases relating to over 60s used.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Texas

  • APS Report – 10,686 allegations of exploitation in the over 60s.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Utah

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in Utah to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

Vermont

  • APS Report – Of 3,590 reports, 876 investigations were opened (24%). 178 unsubstantiated investigations into exploitation and 31 substantiated = 209, equating to around 862 reports. No age breakdown so average of 81.13% of FE cases relating to over 60s used.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Virginia

  • APS Report – 40,371 reports received, 77 percent related to over 60s and 12 percent related to financial exploitation = 3,730.
  • Crime Statistics – Average loss to fraud-related crimes is $7,993.13 (figures used to determine average lost to APS and LTCO cases).

Washington

  • APS – 48,879 APS investigations conducted annually. No age breakdown so average of 81.13% of FE cases relating to over 60s used. And NAMRS figure of 14 percent for FE used = 5,552.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

West Virginia

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in Virginia to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

Wisconsin

  • APS Report – 2,340 reports of financial exploitation.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the report figures mentioned above.

Wyoming

  • No specific reports on elder fraud.
  • Report figures achieved by multiplying the average reporting rate from all other states (0.0021 reports per senior) to the total elderly population in Wyoming to get an estimated number of reported cases.
  • $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($30,192) before multiplying by the estimated figure achieved in the first step.

Other sources:

State age statistics: https://agid.acl.gov/

FinCEN SAR statistics: https://www.fincen.gov/reports/sar-stats

IC3 statistics: https://ic3.gov

LTCO statistics: https://ltcombudsman.org/omb_support/nors/nors-data

Tips for preventing elder fraud

Despite the worrying prevalence of elder financial exploitation, there are some simple steps seniors and their friends, caregivers, and relatives can take to prevent fraudulent activities. We’ve listed 10 of these below:

  • Plan ahead to ensure your assets are fully protected and your wishes will be followed. You might want to talk to a financial advisor or an attorney to find the best options for you.
  • Always shred bank statements and receipts as well as unused credit cards before you throw them away.
  • Never discuss your financial information with anyone you don’t know or trust. This includes giving someone your bank details, Social Security Number, and any other financial information over the phone.
  • Order a copy of your credit report every year to make sure it’s accurate and that there aren’t any accounts on there that you don’t recognize. You could also sign up for identity theft protection so professionals are constantly monitoring your accounts for suspicious activities.
  • Thoroughly check credentials and references before you hire anyone and don’t give workers access to your financial information. For example, you may want to lock up your account statements, checkbook, and other sensitive documents while others are in your home.
  • Look out for charity fraud hoaxes by doing thorough research into the charity, not responding to solicitations for donations, not sending any of your bank details or mailing cash, and discussing the charity with your friends and family first.
  • Never pay taxes or fees to collect lottery “winnings” or sweepstakes.
  • Pay for things using your debit or credit card so you have a paper trail of all the transactions you’ve made.
  • Trust your gut. If something doesn’t feel right – tell someone. And if you do feel threatened or intimidated (or you’re concerned for an elderly person you know), contact your local Adult Protective Service.
  • Finally, don’t be afraid to say “no.” This is your money and you’re entitled to say how you want to use it.

Data researchers: Charlotte Bond, Rebecca Moody