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How to Help Your Loved Ones –
Cyber scams targeting seniors are systemic attacks on older adults holding massive intergenerational wealth. BOXX Insurance reports a sharp surge in fraud against older adults. FBI data confirms a record‑high financial toll.
Seniors are more digitally active than ever. Pew Research finds that most adults over 65 own smartphones. Yet only 26% feel confident with technology. That confidence gap is where scammers strike.
“The truth is, most seniors have embraced digital tools, but not digital security,” says Neal Jardine, BOXX Insurance’s Chief Cyber Intelligence and Claims Officer.
Elder fraud losses hit $4.88 billion in 2024 — a staggering 43% jump from the previous year. The average senior victim lost over $83,000.
FBI’s 2024 IC3 Elder Fraud Report
$85 Trillion Wealth Still in the Crosshairs
Our prior report showed Baby Boomers and the Silent Generation control roughly $85 trillion in private wealth. As that wealth shifts, cybercriminals are aggressively targeting older adults using online scams.
Elder Fraud Losses Soared to Nearly $4.9 Billion in 2024
According to the FBI’s 2024 IC3 Elder Fraud Report, individuals aged 60+ filed 147,127 complaints, losing a combined $4.885 billion. That represents a 43% rise over 2023. The average elder fraud victim lost more than $83,000 in 2024.
The Scammer’s Toolkit: Deepfakes, Crypto, and Social Engineering
BOXX Hackbusters® and IC3 report AI tools accelerate scams. One case involved a grandmother wiring $7,500 after an AI-generated voicemail mimicked her grandson.
Elder fraud included phishing, romance scams, fake emergencies, tech support fraud, and crypto investment pitches. Investment scams alone cost seniors $1.83 billion. Crypto-enabled investment fraud exceeded $2.84 billion.
One Minute Watch – Cyber Scams Against Seniors: A Growing Family Crisis
Responsibility Still Lags at Financial Institutions
Cybersecurity experts have been critical of banks for distancing themselves from elder fraud risk. Some advocate for dedicated staff trained to assist seniors facing suspicious outreach. We recently reported on a new deepfake detection API from Reality Defender that could serve to protect the elderly and all consumers alike.
Cyber Insurance as a Digital Safety Net
Cyberboxx® Home by BOXX pairs coverage with preventive tools. Members gain access to dark web monitoring, credit alerts, and 24/7 expert support.
Anna Brusco of Marsh MMA says adoption is rising. Once reserved for high‑net‑worth individuals, personal cyber insurance now appeals to average families. It offers recovery support, legal resources, and rapid response after scams.
Legislative Action Taking Shape
The proposed Tax Relief for Victims of Crimes, Scams, and Disasters Act aims to restore tax deductions for stolen retirement funds. Representative Jamie Raskin says seniors shouldn’t face “tax punishment” on money they never received.
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The Urgent Takeaway for Families
Scams targeting seniors are not new. The rise of cybercrime has introduced a far more sophisticated and scalable threat. What was once a phone call or in-person trick is now a deepfake video or AI-generated voice message.
Elder fraud has become the new normal, and consequences extend beyond finances. Victims endure emotional trauma, isolation, and in some tragic cases, even suicide.
BOXX, cybersecurity experts, and regulators reiterate the urgent need for coordinated action by families, institutions, and insurers to protect seniors from evolving threats.
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