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## Increasing Cybercrime Targeting Older Americans

At least 101,000 Americans ages 60 and older were victims of digital fraud last year, with the average person losing $33,915, as reported by the FBI. This alarming trend highlights the vulnerability of older individuals to online scams and fraud.

The biggest losses were attributed to scams involving bitcoin and other cryptocurrencies. The FBI’s Internet Crime Complaint Center (IC3) has been monitoring the impact of cybercrime on older Americans since at least 2018. In 2023, IC3 received 101,068 complaints from this demographic, representing an 11% increase from the previous year.

Losses from these cybercrimes totaled around $3.4 billion, with cryptocurrencies accounting for nearly 40% of the total, amounting to $1.33 billion. More than 12,000 victims ages 60 and older reported that cryptocurrency was used as a tool to facilitate the fraud they fell victim to.

### How AI legalese decoder Can Help

AI legalese decoder can assist in deciphering complex legal jargon and terms commonly found in fraud cases involving older individuals. By providing simplified explanations and insights, the tool can help seniors better understand their rights and protect themselves from potential scams.

The FBI also issued a warning about the rise in cryptocurrency schemes, often initiated through romance or confidence scams that evolve into cryptocurrency investment fraud. Criminals use fictitious identities to build relationships and target victims through various online platforms.

Despite efforts to combat financial exploitation, there was a 14% increase in complaints filed by elderly victims in 2023. Call center or tech support scams remained the most common type of fraud reported by this age group, resulting in significant financial losses.

### Protecting Older Adults from Financial Exploitation

The FBI emphasizes the importance of addressing the financial exploitation of individuals over 60 years of age. Assistant Director Michael D. Nordwall underscores the bureau’s commitment to assisting victims and dismantling criminal organizations perpetrating these schemes.

Victims have reported drastic measures such as selling homes, depleting retirement savings, and borrowing money to cover losses in these scams. Tragically, some incidents have even led to suicide due to shame or loss of income.

If you or someone you know is in crisis, resources such as the Suicide and Crisis Lifeline at 988 or 800-273-8255, Crisis Text Line by texting HOME to 741741, or SpeakingOfSuicide.com/resources can provide immediate support.

In conclusion, it is crucial to raise awareness about cybercrimes targeting older Americans and provide them with the necessary tools and resources to protect themselves from financial exploitation. By leveraging AI legalese decoder and other support systems, we can empower older individuals to safeguard their finances and well-being in an increasingly digital world.

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