Americans Over 60 Reported $4.885 Billion in Fraud Losses in 2024: 'Grandchild in Trouble,' Gift Cards and Cash Pickups Targeting Seniors
Victims aged 60 and over filed 147,127 complaints in 2024, up 46 percent from 2023, with reported losses of $4.885 billion, up 43 percent — the highest of any age group — according to the FBI IC3 2024 Internet Crime Report. Among them, 7,500 complainants each lost more than $100,000. California's over-60 complaints (18,091) and losses ($832,710,048) both ranked first in the nation. This article reviews the main schemes aimed at seniors and the cases involving Chinese-American elders that GSM has reported.
What seniors lost money to
By losses among the over-60 group, IC3 ranks investment fraud first at $1.834 billion, followed by tech support scams at $982 million, confidence and romance fraud at $389 million, business email compromise at $385 million, and government impersonation at $208 million. The group filed 33,369 cryptocurrency-related complaints with losses of $2.839 billion, including 8,043 crypto investment fraud complaints totaling $1.6 billion.
"Grandchild in trouble" and fake relatives
The FTC's definition of imposter scams includes criminals posing as a relative asking for help. GSM has reported that a Canadian man who ran a "grandparent scam" against US seniors was sentenced to 33 months in federal court in Burlington, Vermont. These schemes open with an emergency — a grandchild in a car crash or under arrest — and demand an immediate wire or gift card purchase, with instructions to keep it secret from family.
Cash pickups and "gold couriers"
Multiple cases reported by GSM show these scams moving offline: a 24-year-old Chinese national, Sun Xiangbo, was arrested in connection with a fraud scheme exceeding $1 million nationwide, in which a Michigan senior lost nearly $500,000 over two months; Jin Shenghan, a Chinese citizen who worked as a "gold courier" for an investment scam, was sentenced to 27 months and faces deportation immediately after serving his term. The FBI's warning to Chinese communities likewise notes that consulate and police impersonation scams direct victims to wire money to bank accounts in China, supply scripts for answering bank tellers, and sometimes coerce victims into lying to relatives to borrow money.
The official data on gift card payments
FTC data show $212 million in 2024 fraud losses paid by gift card. In a ticket-fraud alert, the California Attorney General drew a payment red line: do not buy tickets with gift cards, prepaid debit cards, wire transfers or cryptocurrency — "being asked to pay in these ways is a strong sign of a scam." The same red line applies to any payment demand from a supposed official or relative; both the FTC and FBI list gift cards among scammers' standard collection methods in their public warnings.
Official help and reporting channels
National Elder Fraud Hotline: 1-833-372-8311 (1-833-FRAUD-11), Monday to Friday, 10 a.m. to 6 p.m. Eastern, with service in English, Spanish and other languages; operated under the Justice Department's Office for Victims of Crime, with staff who assist with reporting and follow-up. Eldercare Locator: 1-800-677-1116, to find local Adult Protective Services and senior services. Internet crime complaints: the FBI Internet Crime Complaint Center (IC3). Consumer fraud reports: the FTC's ReportFraud site. California residents: the California Attorney General's report page. Local police and sheriff's offices also take reports.
Source: GSM·USA
Related: Canadian Man Sentenced to 33 Months in Burlington for 'Grandparent Scam' Targeting Elderly Americans
Related: Chinese National Shenghan Jin Sentenced to 27 Months as Gold-Courier in $2.5 Million Investment Scam
Source: GSM · USA (original Chinese edition)
Photo: 美国司法部就老年人诈骗案件举行记者会（美国司法部官方照片，公共领域）— via Wikimedia Commons / U.S. Department of Justice press conference announcing elder-fraud enforcement actions (U.S. Department of Justice, public domain) — via Wikimedia Commons
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