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in Financial Crime
azbigmedia.com
Up to 20% of older Americans fall victim to elder fraud annually, with losses totaling over $3.4 billion in 2023 and averaging $34,000 per victim, using methods like deceptive emails, phone calls, and impersonation scams. Common schemes include government impersonation, sweepstakes scams, robocalls, tech support fraud, and grandparent scams targeting seniors due to isolation and limited technical knowledge. Prevention strategies include staying informed about evolving scams, monitoring accounts regularly, maintaining open communication with family about finances, reporting suspicious activity immediately, and pausing before responding to urgent requests for money or personal information.
yahoo.com
Elder scams cost banks over $27 billion in suspicious activity in 2023, with individual losses averaging more than $33,000 per case, increasingly enabled by AI-powered voice cloning and identity masking technology. Six common scam types target older adults through two main strategies: creating urgency (tech support, government imposter, and grandparent scams) or offering too-good-to-be-true opportunities (investment, romance, and lottery scams). Protective measures include pausing when rushed, verifying identities through independent channels before acting, avoiding nontraditional payment methods, and consulting trusted third parties when emotional decisions are involved.
usatoday.com
Priscilla Presley, 79, filed a lawsuit in Los Angeles County Superior Court alleging that former business associates Brigitte Kruse and Kevin Fialko committed financial elder abuse and misappropriated over $1 million from her accounts between 2021 and 2023 by fraudulently obtaining power of attorney over her finances, trusts, and personal affairs. Presley claims the defendants isolated her from family, coerced her into working to benefit them, and forced her into "indentured servitude," seeking $1 million in damages and a court order barring them from accessing her finances. The defendants dispute the allegations, characterizing the lawsuit as ret
wvnews.com
Elder fraud complaints to the FBI increased 14% last year, with over 100,000 people aged 60 and older reporting scam victimization in 2023, compared to only 18,000 people under 20. West Virginia, having one of the nation's oldest populations, is particularly vulnerable to schemes including malware scams (where scammers pose as tech support or federal agents demanding payment), romance scams, and insider fraud perpetrated by family members or caregivers. Law enforcement officials recommend elders avoid clicking unknown links, recognize that legitimate agencies never demand phone payment or gift cards, and encourage younger family members to regularly check in about their online safety.
aol.com
Over a three-year period, Columbus Police Department received approximately 2,000 reports of potential elder fraud, with individual losses reaching as much as $250,000 in some cases. The majority of elder fraud in Columbus involves financial exploitation by family members (roughly 85%), though electronic scams such as tech support and phone scams are increasingly common nationally; however, cases involving international wire transfers are difficult to prosecute as they fall outside CPD's jurisdiction. The department's limited resources—with only two certified officers investigating crimes against at-risk adults—allow them to work only seven to ten cases annually, leaving most referrals (such as the five weekly referrals from Wells Fargo alone) un
mtb.com
This educational resource outlines how to protect aging loved ones from fraud and financial abuse, which can be perpetrated by strangers, friends, caregivers, or family members. The piece identifies six common senior scams—suspicious solicitation, counterfeit check schemes, lottery fraud, fake inheritance notifications, romance scams, and internet sale fraud—and provides practical warning signs and preventive advice for each. M&T Bank offers a dedicated helpline (1-800-724-2440) for reporting suspected financial abuse or fraud involving seniors.
wesh.com
Two Central Florida residents were arrested for stealing from elderly family members: Jeanette Jones allegedly took up to $50,000 from an elderly relative in Cocoa for unauthorized purchases at retailers like Walmart and Disney, while Steven Newman sent over $330,000 of his elderly family member's retirement funds overseas to Costa Rica after being caught in a Publisher's Clearing House scam cycle. Experts recommend implementing financial oversight with multiple authorized persons monitoring accounts, maintaining open communication about fraud risks, and regularly reviewing statements to detect unauthorized transactions early.
foxbusiness.com
Scammers are impersonating the U.S. Postal Service through deceptive text messages claiming delivery issues or suspended accounts to trick recipients into clicking malicious links and providing personal information such as Social Security numbers, account credentials, and payment card details. The USPS warns customers that it only uses 5-digit short codes for SMS and never includes links in unsolicited texts; recipients should verify package status only through USPS.com and report suspicious messages to authorities.
katv.com
Scammers impersonating law enforcement officers are calling Arkansas residents and demanding payment via wire transfer, prepaid cards, or gift cards to resolve alleged criminal matters or enroll in fake rehabilitation programs, using caller ID spoofing and pre-recorded messages to deceive victims. Attorney General Tim Griffin advises people never to send money to callers claiming to be law enforcement, to verify caller identity by independently calling the agency, and to never share personal information over the phone. Victims should report fraudulent calls to the Attorney General's Office with details of the call time, number, and message.
newsmirror.net
Seniors lost over $3 billion to scams in 2023, with losses reaching $1.6 billion in just the first five months of 2024, representing a significant increase year-over-year. Older adults are particularly vulnerable targets because they tend to be trusting, have financial savings, and good credit, making them attractive to con artists. Common scams targeting seniors include romance scams (where scammers pose as romantic partners to extract money) and tech support scams (where fake pop-ups trick victims into calling numbers and granting remote computer access).
audacy.com
A 35-year-old New York man pleaded guilty to mistreatment of an elder person after defrauding a 78-year-old widowed Wichita woman of over $110,000 in a romance scam conducted through social media. Jango Touray posed as "Victor" and convinced the victim he needed financial assistance, leading her to send the money; he received a three-year probation sentence with a requirement to pay full restitution, though only $38,000 of the $110,000 has been recovered so far. The District Attorney's office warns elderly residents, particularly those living alone, to be suspicious of requests for money from online contacts.
thethaiger.com
A 21-year-old transgender woman named Yutthakarn was arrested in Chiang Rai, Thailand for running an online silk and cotton product scam that defrauded 40-50 victims monthly, generating 15,000-20,000 baht in fraudulent income since January. The suspect posted product images on Facebook under multiple aliases, collected payment for items that were never delivered, then blocked victims and created new accounts to continue the scheme. Yutthakarn has been charged with fraud and computer crimes.
yahoo.com
In May 2024, a 72-year-old Lynchburg, Virginia resident named Marsha Burks had over $8,000 stolen by an in-home caregiver, with over 100 fraudulent charges accumulating on her credit card before the theft was discovered by family members. The case highlights vulnerabilities in elder financial protection, though it coincided with the July 1 implementation of "Larry's Law" in Virginia, which allows banks to contact emergency contacts when suspicious activity is detected—a provision that could have prevented further fraud in Burks' case. Virginia reported over $90 million in elder financial abuse losses across 2,000 complaints in 2023, making
cfpublic.org
**Summary:**
The Volusia County Sheriff's Office is using the movie "Thelma" to educate seniors about scams, having formed a financial fraud unit and conducted presentations to senior groups as elder fraud increases in the county and nationwide. The article also covers unrelated topics including end-of-life medical decisions and a Disney attraction update.
thestar.com
Romance scammers are increasingly using artificial intelligence and deepfake technology to create convincing fake profiles and communications on dating apps and social media, making it harder for victims to distinguish real from fabricated interactions. According to the Canadian Anti-Fraud Centre, $52.4 million in romance fraud losses were reported in 2023, though actual losses are estimated at five to ten times higher due to underreporting; scammers typically target vulnerable individuals by building trust before requesting money for emergencies, investments, or other financial schemes. Experts advise that any request for money is a major red flag, and urge victims to report incidents to police despite potential embarrassment, as information sharing helps investigators identify patterns across
koaa.com
Colorado Springs police report that scams are increasingly catching seniors due to both the volume of daily attempts and seniors' particular vulnerability to emotional manipulation. Victims lose anywhere from hundreds to hundreds of thousands of dollars, with romance scams proving especially devastating—one woman lost her life by suicide after being defrauded of thousands of dollars monthly by a romance scammer posing as her fiancé. Experts identify key red flags including requests for non-traditional payment methods (gift cards, cryptocurrency, direct bank transfers) and note that seniors' generation-based tendency to trust authority figures, combined with isolation and loneliness, makes them prime targets for scammers posing as law enforcement, banks, or tech companies.
wlwt.com
Kenton County Sheriff's Office is warning of a phone scam where callers threaten arrest for unpaid fines and claim a judge has issued a "gag order" preventing victims from reporting the call to officials. The scam has affected residents in Northern Kentucky, with one woman recently losing $9,000; law enforcement emphasized they will never call about fines or warrants and never demand payment via cash, check, gift cards, credit cards, or cryptocurrency.
mymcmedia.org
Zhenyong Weng of Brooklyn was arrested in July 2024 for operating a government-imposter gold bar scam targeting an 82-year-old Silver Spring woman, Barbara Lampe, who lost over $900,000 with an attempted theft of an additional $2.5 million. The victim was lured by a fake computer alert claiming her accounts were compromised and instructed by a scammer posing as "Tracy" to transfer funds to prevent theft by Russia. Weng was apprehended while attempting to collect a package valued at over $70,000 from the victim, and authorities believe there may be additional victims.
mypunepulse.com
A resident of Rahatani, Pune lost Rs 23.5 lakhs in an online stock market scam in which fraudsters used WhatsApp to lure the victim into investing through a fake ACVVL online account app, promising high returns and pressuring them to deposit increasing amounts of money. A case was registered at Wakad Police Station under sections 419, 406, and 420 of the Bhartiya Nyaya Sanhita against unidentified accused, with Police Inspector Pawar investigating the matter.
cfpublic.org
Elder fraud is surging nationwide, costing seniors $3.4 billion annually, with investment scams and cryptocurrency schemes driving dramatic increases in losses. The Volusia County Sheriff's Office formed a dedicated financial fraud unit and launched awareness campaigns, including a screening of the movie "Thelma" that depicted a grandparent falling victim to an impersonation scam—a con that mirrors real schemes targeting seniors' trust and assets. In Volusia County alone, seniors lost approximately $4.6 million over the past year, with detectives recovering only $760,000 of the nearly 575 reported fraud cases.
coalvalleynews.com
Sophisticated overseas criminals are stealing tens of billions of dollars annually from Americans through internet and telephone scams, with the problem projected to worsen as the aging population and AI technology enable easier fraud perpetration. Victims—particularly older adults—rarely recover their money lost to romance scams, grandparent scams, technical support fraud, and other schemes, while law enforcement agencies struggle with inadequate resources and jurisdictional challenges that make prosecution difficult. The article highlights cases including a violent Uber driver scammer and a murder case in Ohio, and notes that many police departments and prosecutors do not prioritize financial crimes against elders, contributing to low reporting rates and minimal consequences for perpetrators.
actionnewsnow.com
Two suspects, Chintal and Shriram Upadhyay, were arrested by the Redding Police Department following investigations into computer malware-based fraud targeting elderly victims. The pair defrauded at least two elderly victims of approximately $100,000 combined—$60,000 in cash and gold from a Redding victim and $40,000 from a Walnut Creek victim—using malware to communicate with targets. Both suspects were arrested and booked on charges including grand theft, theft by false pretenses, conspiracy, and financial elder abuse, with gold, cash, and additional evidence seized during a search warrant service.
gritdaily.com
Two elderly men, Naum Lanstman (74) and Aleksey Madan (68), lost their retirement savings—$340,000 and $137,000 respectively—to a sophisticated cryptocurrency fraud scheme operated by "SpireBit." The article reports that over 101,000 U.S. seniors lost $3.4 billion to crypto-related scams in 2023, with loneliness, isolation, and lack of digital literacy making them vulnerable to grandparent fraud, romance scams, and confidence schemes. The piece emphasizes that prevention through education by family members and open communication about digital security is more effective than recovery efforts, as law enforcement and banks
wtop.com
An 82-year-old Montgomery County, Maryland woman lost $900,000 in a gold bar scam after scammers posing as federal agents convinced her to purchase gold bars for "safekeeping" following a fake computer security alert. Zhenyong Weng, 19, of New York City was arrested and charged with attempted theft; prosecutors indicate at least 17 victims in Montgomery County have lost millions of dollars in similar schemes, and recovery of the gold is unlikely due to its untraceable nature.
idahocountyfreepress.com
In 2023, seniors lost $3.4 billion to scams—an 11% increase from 2022—with common schemes including romance fraud, fake tech support, cryptocurrency conversion, and investment scams. The Idaho Attorney General and FBI provide educational resources and warning signs (unexpected contact, pressure to act quickly, requests for untraceable payments, demands for secrecy, and too-good-to-be-true offers) to help seniors identify fraud. Victims are encouraged to report incidents to local police, the FTC, FBI's IC3, or U.S. Postal Inspection Service despite shame or embarrassment, as reporting is critical to combating senior fraud.
prnewswire.com
Telehealth fraud, identified as the New York StateWide Senior Action Council's Medicare Fraud of the Month for July 2024, typically involves telemarketers obtaining seniors' Medicare information, paying providers to sign unnecessary orders without proper patient interaction, and submitting false claims to Medicare and Medicaid for durable medical equipment, lab services, or pharmaceuticals. The Council advises seniors to schedule telehealth appointments directly with their providers, guard their Medicare cards, reject unsolicited offers for free services, and review billing statements for suspicious charges, with Medicare fraud estimated to cost taxpayers over $60 billion nationally per year.
levittownnow.com
Pennsylvania House Bill 2064, sponsored by State Representative Joe Hogan, passed the House with bipartisan support (152-49 votes) and is headed to the Senate. The legislation aims to protect seniors from financial exploitation by requiring financial institutions and fiduciaries to report suspected abuse, temporarily halt suspicious transactions, and share information with area agencies on aging, while granting them immunity from liability. According to Hogan, tens of thousands of dollars are lost weekly to scams and fraud in Bucks County alone, making this decade-long legislative effort critical to safeguarding seniors' assets.
vinepair.com
This article discusses various scams perpetrated by bartenders and servers against their employers and establishments, including schemes such as reselling personal inventory for profit, reprinting old receipts to pocket customer payments, submitting fraudulent gift card tips that later bounce, and purchasing discounted drinks without making them to resell at full price later. The article highlights that workplace fraud in the hospitality industry is more common than many realize, with employees exploiting gaps in payment systems and inventory tracking to steal thousands of dollars monthly.
pulse.ug
A Ugandan romance scammer operating under the alias "Dr. Kalvin Sofika" defrauded a 53-year-old South African police captain of approximately 600 million Ugandan shillings (R2.9 million) between September 2023 and November 2023 by posing as a medical doctor, building a romantic relationship, and manipulating her into taking out loans, consulting a traditional healer, and ultimately resigning from her position in the South African Police Service (SAPS). The scam highlights the growing sophistication of romance fraud schemes that exploit emotional manipulation and cultural beliefs, with authorities warning the public to exercise due diligence in relationships
ghanaweb.com
Between 2023 and the present, multiple Ghanaians were arrested in the United States for various crimes including romance scams (sakawa), money laundering, and gun smuggling. Notable cases include Abdul Inusah, 32, who was sentenced to two years in prison and ordered to pay $128,000 in restitution for operating romance scams that defrauded victims across multiple states using false personas, and Eric Nana Kofi Ampong Coker, who pleaded guilty to illegally exporting firearms from Maryland to Ghana without proper licensing.
asiatimes.com
Chinese-led "pig butchering" romance scams have stolen billions of dollars from an estimated 300,000 American victims, causing severe financial devastation, emotional trauma, and in extreme cases suicide, according to a US Institute of Peace report. The scams operate from compounds in Myanmar, Cambodia, and Laos where scammers—many from developing countries—are allegedly imprisoned and tortured by Chinese-run gangs to force their participation in the fraud scheme. The report warns this criminal industry could soon rival fentanyl as a major threat to the United States.
timesnownews.com
Students at a private nursing school in Garia, South 24 Parganas, West Bengal, were defrauded of several lakhs of rupees by founder Maniklal Jana, who promised them jobs in exchange for payment but failed to deliver. After students complained to police and demanded refunds, the administration mistreated them, prompting vandalism of school property and leading to Jana's arrest. Police have registered a case and begun issuing partial refunds to affected students.
home.treasury.gov
The U.S. Treasury Department sanctioned three Mexican accountants and four Mexican companies connected to timeshare fraud schemes operated by the Cartel de Jalisco Nueva Generación (CJNG), which primarily targets U.S. timeshare owners in Mexico, including elderly victims. The scammers operate call centers impersonating legitimate brokers and attorneys, defrauding victims through complex multi-year schemes involving fake timeshare exits, re-rentals, and investment offers, with victims often re-victimized through impersonation of law firms and authorities. The stolen funds are funneled through wire transfers to Mexican shell companies and then laundered by cartel-connected money
justice.gov
Two Aiken County men, Thomas Allen Bateman Jr. (50) and Cody Lee Anderson (37), were indicted on three counts of bank fraud and conspiracy to commit bank fraud for allegedly manipulating an elderly woman lacking mental capacity into leaving all her assets to Bateman through a will naming Anderson as personal representative. Both men face up to 30 years in prison, with their first court appearance scheduled for July 31, 2024.
sandiegouniontribune.com
This article is not related to elder fraud, scams, or elder abuse. It contains event announcements and promotional information for the Del Mar racetrack season, local restaurants, community dances, and charity events in the San Diego area. It is not relevant to the Elderus research database.
justice.gov
Two Irish nationals, Patrick and Matthew McDonagh, were arrested and charged with conspiracy to commit wire fraud for stealing over $435,000 from an elderly Shoreline, Washington homeowner through a contractor scam. The brothers posed as repair workers, falsely claiming the victim's roof had holes and foundation was cracked, then pressured him to write multiple checks for fake repairs and building supplies over several days in January 2024. The FBI investigation also connected them to approximately $50,000 in additional contractor fraud complaints in Oregon and Washington using similar tactics of fake photos and misrepresentation.
amac.us
Senior citizens are increasingly targeted by impersonation scammers who pose as the IRS, family members, or trusted businesses to steal money or personal information. The IRS warns taxpayers to be cautious of unsolicited calls, texts, or emails claiming money is owed, and to recognize red flags such as requests for payment via gift cards, threats of arrest, and pressure for immediate action—none of which the legitimate IRS employs. Scammers exploit age-related vulnerabilities and use technology like caller ID spoofing to gain credibility, making education about these tactics essential for protecting older adults.
cbsnews.com
The U.S. imposed sanctions on three Mexican accountants and four firms linked to the Jalisco New Generation drug cartel for operating a multi-million dollar timeshare fraud scheme targeting Americans, particularly elderly victims. Timeshare fraud losses reached approximately $39.6 million in 2022 alone, with scammers using sophisticated tactics including impersonating U.S. Treasury officials and employing high-pressure sales tactics via unsolicited calls and emails. The Treasury and FBI issued guidance to banks and the public to remain vigilant against these schemes, recommending verification of company representatives and avoidance of time-sensitive offers.
yahoo.com
The U.S. imposed sanctions on three Mexican accountants and four firms allegedly supporting a timeshare fraud operation run by the Jalisco New Generation drug cartel that targets Americans. Timeshare fraud perpetrated by Mexico-based criminals results in tens of millions in annual losses, with the FBI receiving over 600 complaints in 2022 alone totaling approximately $39.6 million, with elderly Americans being particularly targeted. The Treasury Department and FBI advised banks to remain vigilant against these schemes and reminded consumers to be cautious of unsolicited communications regarding timeshares and high-pressure sales tactics.
punchng.com
Tech entrepreneur Kingsley Inegbedion was arrested and charged by the FBI for orchestrating romance scams and business email compromise schemes between April 2020 and May 2023, working with accomplice Efemena Igbe (still at large) to defraud American citizens using fake corporate entities and laundering funds through multiple accounts. The FBI is seeking restitution of funds and forfeiture of property obtained through the scheme, which involved converting stolen money into cashier's checks and cash withdrawals. The article also highlights similar cases including Nigerian crypto executive Linus Williams arrested for fraud and terrorism funding allegations, and the convictions of scammers Hushpuppi (
thewhistler.ng
Nigerian tech entrepreneur Kingsley Inegbedion was arrested by the FBI on a 16-count indictment for his alleged role in a $1.5 million fraud scheme operating from April 2020 to May 2023. Inegbedion and accomplice Efemena Igbe (still at large) operated fake corporate entities to perpetrate romance scams and business email compromise schemes targeting victims. The FBI is seeking full restitution of funds and forfeiture of all property obtained through the fraudulent operation.
tori.ng
Two individuals, Kingsley Inegbedion and Efemena Igbe, were indicted on 16 counts of money laundering and internet fraud for operating romance scams and business email compromise schemes that defrauded American citizens of approximately $1.5 million between April 2020 and May 2023. The defendants posed as legitimate businesses, directed victims to wire money into fraudulent accounts at major banks, and quickly distributed the funds to conceal the scheme; Igbe fled to Nigeria before facing charges while Inegbedion remained to defend himself. The FBI is seeking full restitution and forfeiture of all property obtained through the fraud.
gazettengr.com
The FBI charged Nigerian tech entrepreneur Kingsley Inegbedion and Efemena Igbe with a 16-count indictment for perpetrating romance scams and business email compromise schemes that defrauded American citizens of $1.5 million between April 2020 and May 2023. The defendants created fake corporate entities and directed victims to wire money into fraudulent bank accounts at institutions including HSBC, Citibank, and Navy Federal Credit Union, then quickly transferred funds to conceal the fraud. Igbe fled to Nigeria before charges were filed, while Inegbedion was arrested and remanded in custody; the FBI is seeking full restit
timesnownews.com
Over Rs 5 crore was stolen from Bengaluru residents in 2023 through FedEx and other courier company impersonation scams, with 163 police cases filed in the city. Scammers contacted victims claiming packages in their names contained drugs or illegal items, then impersonated police and CBI officials via video calls to coerce victims into transferring money to multiple accounts. Notable victims included a retired Lieutenant Colonel who lost Rs 73 lakh, a lawyer extorted for Rs 15 lakh, and a software CEO defrauded of Rs 2.3 crore.
highlandcountypress.com
Casey Alexander, a 27-year-old UK national, was sentenced to three years probation after pleading guilty to conspiracy to commit wire fraud in a cold-calling scheme targeting elderly American investors. The scam promised high returns on wine and whiskey investments held in European warehouses, defrauding over 150 victims of more than $13 million collectively, with one victim losing $300,000 over 18 months; Alexander was ordered to pay $202,195.58 in restitution.
foreignaffairs.co.nz
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tearsheet.co
**Type:** Educational/Industry Insights
Charlie, a fintech company serving Americans 62 and older, is addressing senior financial vulnerabilities through AI-driven fraud protection and personalized banking services. The company offers features like expedited Social Security access, advanced fraud safeguards, competitive deposit rates, and age-optimized design, while exploring additional products such as consumer-friendly home equity solutions and tax-optimized asset decumulation strategies for cash-poor, house-rich retirees. CEO Kevin Nazemi emphasizes the importance of ethical AI implementation and elegant fraud prevention measures—such as their "SpeedBump" 6-hour transaction pause—that protect seniors without creating
newsfirst.lk
The Sri Lanka Computer Emergency Readiness Team (SLCERT) warned of a surge in financial fraud scams where criminals impersonate government agencies through fraudulent emails bearing official letterheads and requesting payments. In the past five months, SLCERT received nearly 7,900 social media-related complaints, with 1,830 specifically involving financial fraud, representing a significant increase in recent days.
readingeagle.com
Elder fraud targeting older adults has significantly worsened, with reported losses from investment scams reaching $147 million in 2022—a 213% increase compared to 2020, according to FTC data. Scammers continue to exploit seniors by attempting to steal personal and financial information for fraudulent purposes.
filipinotimes.net
A Philippine legislative bill is advancing to protect senior citizens and persons with disabilities from internet and telecommunications fraud targeting these vulnerable populations. If enacted, the law would impose penalties including fines of at least PHP 500,000 and imprisonment of three months to six years or more for scammers, with severity depending on the amount stolen. The bill aims to address the growing number of fraud complaints against seniors and PWDs while promoting safer use of digital platforms.