Cyberattacks against the elderly are surging. The FBI/Internet Crime Center (IC3) reported that in 2023, total losses for those over 60 exceeded $3.4 billion, an 11% increase from 2022. From January to September 2023, IC3 received over 195 complaints about grandparent scams, resulting in at least $1.9 million in losses. A recent UK study noted that two-fifths of seniors suffer frequent fraud attempts. Europol warned this month cybercriminals are increasing using cryptocurrencies and artificial intelligence in their attacks, which will make them more successful.

Due to isolation, declining health, and unfamiliarity with technology, the elderly are prime targets for cybercriminals. These criminals exploit their loneliness and limited ability to detect deceit, especially if the individuals have financial assets. In our upcoming book, Todd and I detail how to help protect vulnerable adults. But what about those without loved ones to protect them? The protagonist in the 2024 Beekeeper movie notes:

Stealing from an elderly person is like stealing from a child. In some ways it’s worse. When someone hurts a child, there are people who care, parents to step in. When someone hurts an older person, they are often left to face the hornets alone.

Many key individuals can detect and prevent financial harm to the elderly, especially those in financial institutions. The 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act provides immunity for institutions disclosing financial exploitation of seniors. Covered institutions include credit unions, depository institutions, investment advisers, broker-dealers, transfer agents, and insurance companies.

Some states, like, Ohio and California include financial institutions under their definitions of mandatory reporters. Under Ohio, no mandatory reporter … “having reasonable cause to believe that an adult is being abused, neglected, or exploited, or is in a condition which is the result of abuse, neglect, or exploitation shall knowingly fail to immediately report.” California in particular includes criminal penalties for failure to report.

I would argue that other important groups to include in detecting and helping prevent elder cyber-abuse include medical professionals. They can detect early indications in their elderly patients and give information or guidance that minimizes their patients chances of becoming a cyber-victim. The harm inflicted often goes well beyond financial harm. One elderly cyber-crime victim we mention in our book stated in federal court “I feel very violated…I have crawled into a shell emotionally and don’t want to be vulnerable in any way. I don’t know who I can safely trust now. I don’t feel safe at all.” If medical professionals don’t step up before the incident they will be forced to address the negative effects in their elderly patients afterwards.

The key to any reporting entity is to understand the signs that someone is being targeted by a cybercriminal for financial exploitation. Our book provides useful information on such signs and both Todd and I are available to educate mandatory reporters further on these evolving cyber-schemes and signs someone is being targeted. Just reach out to us!