Rising Elder Fraud: How Data Brokers and Scams are Targeting Americans Over 60

Elder fraud has become an alarming and growing concern in the United States, with criminals increasingly preying on individuals over the age of 60. As scams evolve and become more sophisticated, data brokers have emerged as a favoured tool for criminals, providing access to personal information that helps refine their schemes. In 2023 alone, Americans over 60 suffered more than $3.4 billion in financial losses from scams, representing a sharp rise in both incidents and economic impact. This surge underscores the urgent need for better protection strategies, as tech support scams, data breaches, and elder abuse scams continue to proliferate.

The Impact of Data Brokers on Elder Fraud

Data brokers play a significant role in facilitating elder fraud by selling personal information that criminals can easily access. These companies collect and sell data such as addresses, phone numbers, and even financial details. Once in the wrong hands, scammers can use this information to create highly convincing scams targeting seniors, like impersonating tech support or a financial institution. The growing availability of personal data has made it easier for criminals to personalize their attacks, making them more difficult to detect.

In 2023 alone, Americans over the age of 60 reported over 101,000 scam cases, reflecting a 14.5% increase from the previous year. Economic losses in this age group amounted to over $3.4 billion, demonstrating just how devastating these schemes can be. The ease with which criminals can access personal data only adds to the complexity of the problem. Elder abuse scams, particularly tech-support scams, are often facilitated by data obtained through brokers, making it crucial to limit the availability of personal information online.

Practical Steps to Protect Against Elder Fraud

To combat elder fraud, it’s important for individuals and families to take proactive steps to protect personal information. One of the most effective strategies is using data removal services. While no service can promise to eliminate all personal data from the internet, these services help monitor and remove information from multiple websites, reducing the chances of data falling into the wrong hands. Alongside this, seniors should adjust privacy settings on social media to limit the amount of personal information accessible to the public.

Additionally, regularly monitoring financial accounts can help detect suspicious activity before it leads to significant losses. Seniors should set up alerts for unusual transactions and review statements thoroughly. Adopting best practices like using strong, unique passwords and enabling two-factor authentication can also bolster defenses against fraud. Families can further assist by staying connected and encouraging seniors to be cautious about sharing personal information over the phone or online, especially when dealing with unsolicited requests.

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