The United States Of Elder Fraud How Prevalent Is Elder Financial Abuse In Each State Comparitech

Over the last few years, our research team has set out to uncover the true cost of elder fraud in the US by analyzing and extrapolating data from government reports and registries.

Our reports have found that millions of seniors are subject to financial exploitation each year and suffer huge losses worth billions of dollars.

This year, with new 2020 figures, our team has found that elder financial abuse in the US has grown by around 10 percent, rising from 7.86 million to 8.68 million cases per year. Our study also found that the losses from these exploits exceed $113.7 billion per year.

Elder fraud, also called elder financial abuse or elder financial exploitation, is defined as the misappropriation or abuse of financial control in a relationship where there is an expectation of trust, resulting in harm to the elderly victim.

More than 369,000 scams and financial abuse cases targeting the elderly are reported to authorities every year, and most experts agree that’s just the tip of the iceberg. Our estimates show $4.84 billion in damages are reported to authorities, but the real figure likely dwarfs that amount when factoring in unreported elder fraud.

To calculate the full scope of the problem, Comparitech aggregated data from multiple studies on elder fraud in every US state, including the number of reports to authorities and average loss per case. We then used those numbers to estimate the total number of cases and total damages in each state, adjusted for the proportion of unreported cases.

Due to a lack of accurate reporting in every state from Adult Protective Services, we’ve used averages from other states to fill in the gaps for the number of cases reported and the dollar amounts lost. You can find more about how we conducted our research in the methodology section. Although not definitive, this exploratory study examines the potential cost and prevalence of elder abuse based on estimations, statistics, and hypotheses. It is an exploratory study to highlight the need for further research in this area.

Key findings

Only 1 in 23.5 incidents of elder fraud are reported to authorities, according to a 2011 report from the New York City Department for the Aging and Cornell University. Here are some of the key findings at a national level, based on that figure:

• More than 1 in 10 elderly people in the US fell victim to elder fraud in the last year.
• Over 8.68 million incidents of elder fraud occur every year in total.t
• Average loss per case is $20,015, calculated by averaging the mean reported loss from these organizations:
• $34,200 – Financial Crimes Enforcement Network (FinCEN)
• $9,175 – Federal Bureau of Investigation, Internet Crime Complaint Center (IC3)
• $16,670 – State Adult Protective Services or Law Enforcement
• In all 50 states, losses due to elder fraud total $113.7 billion each year.
• According to FinCEN reports, deposit accounts were the most common product involved with elder fraud cases (60%), followed by debit cards (24%) and credit cards (7%).
• For the first time, the IC3 has released an in-depth report on elder fraud which has given us a better insight into the true extent of internet crimes against the elderly. The IC3 report that 13 percent of internet crimes relate to those over 60 but the same age group accounts for around 28 percent of the $ amount lost.

According to the IC3, the number of reports from seniors increased by over 38 percent from 2019 to 2020 (rising from nearly 86,000 to nearly 119,000). The total amount lost to seniors also increased 11 percent from 2019 to 2020 (rising from just over $1 billion to $1.14 billion).

• $34,200 – Financial Crimes Enforcement Network (FinCEN)
• $9,175 – Federal Bureau of Investigation, Internet Crime Complaint Center (IC3)
• $16,670 – State Adult Protective Services or Law Enforcement

Extortion is one of the areas that has seen the biggest increase, almost doubling year on year from 12,242 in 2019 to 23,100 in 2020. The amount lost to these scams, however, has decreased significantly, dropping from an average of $2,497 in 2019 to $801 in 2020. The same wasn’t true for healthcare-related scams. In 2019, 72 cases saw losses of $38,900. This rose to 243 cases losing $2.65 million in 2020, meaning the average loss increased twenty-fold from $540 in 2019 to $10,915 in 2020. This could, in part, be due to the pandemic and the growing apprehension and anxiety around health and wellbeing.

Top 5 US states with highest rates of elder fraud

1. Oklahoma: 26,661 cases of exploitation per 100,000 seniors

The state with the highest estimated rate of elder fraud with 26,661 cases per 100,000 seniors is Oklahoma. We estimate that over 234,000 seniors are affected by elder fraud each year, losing an estimated $4.17 billion.

According to the Adult Protective Services (APS) report, 45 percent of substantiated cases relate to exploitation with around half of these stemming from caretaker exploitation.

Oklahoma has never appeared within the top five states for the highest rates of elder fraud in previous studies. In our 2020 update, it had a report rate of less than half of this year’s – 10,567 per 100,000 seniors.

Why the sudden increase?

This doesn’t necessarily indicate a huge increase in elder fraud exploitation but greater awareness and reporting of it. Nevertheless, in its latest report, the Department of Health Services did note a 58 percent increase in caretaker exploitation and a 60 percent increase in non-caretaker exploitation.

Oklahoma is home to 878,011 over 60s.

2. Vermont: 22,415 cases of exploitation per 100,000 seniors

With a small population of seniors (175,684), the estimated number of reports of 39,379 cases of elder abuse in the state pushes Vermont into second place.

The state’s APS opened investigations into just 17.5 percent of reports, and 29 percent of these related to exploitation. Investigations in the state decreased from 2019 to 2020 by 19 percent, despite the number of reports from 2019 to 2020 only decreasing by 11 percent. Citing the pressures of COVID-19 and the fact that the current statute doesn’t address financial exploitation, the number of reports is likely highly underreported/investigated.

We estimate that seniors in Vermont lose around $676 million per year.

3. Alaska: 22,104 cases of exploitation per 100,000 seniors

Another state with a small population of seniors (136,500), Alaska’s estimated 30,172 reports of financial exploitation for seniors see it entering the rankings in third. In our previous report, Alaska had a reporting rate of 15,897 per 100,000 seniors, meaning a 39 percent year-on-year increase.

The estimated losses in the state amount to nearly $275 million.

Due to the lack of reporting figures in the state, part of these reporting rates is based on average reports by state. However, the state did see a 69 percent in SAR reports, suggesting the figures could again be much higher than estimated.

4. Delaware: 22,078 cases of exploitation per 100,000 seniors

22 percent of Delaware seniors are estimated to have lost a total of $386 million in the last year. That’s 57,500 cases in total.

Delaware is home to 260,433 over 60s.

5. Nevada: 21,248 cases of exploitation per 100,000 seniors

Seniors in Nevada lose an estimated $1.34 billion to elder fraud per year, affecting more than one-fifth of the elderly population. We estimate the number of elder fraud cases at over 145,000.

Nevada is home to 683,000 over 60s.

Top 5 US states for elder fraud in total losses

1. California: $10.8 billion lost per year to elder financial exploitation

The most populous state in the nation loses the most money to elder fraud, according to our estimates. California lost nearly $10.8 billion to elder financial exploitation, impacting over 11 percent of the elderly population. That’s over 928,000 cases in total.

California is home to 8.17 million over 60s.

2. Florida: $9.4 billion lost per year to elder financial exploitation

As expected in the state with the highest percentage of senior citizens, Florida has one of the highest estimated number of elder fraud reports–over 700,000 in total. That’s almost 12 percent of elderly people. Losses amount to $9.4 billion in a year.

Florida is home to 5.9 million over 60s.

3. Texas: $8.1 billion lost per year to elder financial exploitation

Another big state, Texas lost over $8.1 billion to elder fraud in the last year. 11 percent of elderly people in the state fell victim, for an estimated 591,699 incidents in all.

Texas is home to 5.32 million over 60s.

4. New York: $7 billion lost per year to elder financial exploitation

Of the 4.58 million over 60s in the Empire State, we estimated that almost 11 percent are affected by financial exploitation each year. The cost of these cases is over $7 billion.

5. Virginia: $5.1 billion lost per year to elder financial exploitation

Just over 12 percent of over 60s in Virginia are estimated to have been victims of elder fraud, which amounts to nearly 230,000 cases and losses of $5.1 billion.

Virginia is home to 1.9 million over 60s.

*Due to lack of reports in some states, we’ve used averages for the number of cases reported and/or the dollar amounts lost. See the methodology section for more information.

Methodology

Notes and limitations

• Some APS reports give the overall figures for financial exploitation and don’t break it down by age group. They often give the distribution of age groups by percentage, so we multiply total figures by the proportion of seniors to get a figure for elder financial exploitation. In the cases where no percentages of age groups are given, we have taken the average of the APS sources where a percentage is given (81.09%) and have applied this to achieve a figure for over 60s.
• While cases reported by the APS and Long-Term Care Ombudsman (LTCO) are separate in most cases, there may be the odd occasion where some overlap.
• Often there is quite a significant difference between the number of cases reported and the number substantiated. When you look at APS caseworker numbers and time, this could be an indication as to why only a small percentage are investigated. This article shows how caseworkers are overwhelmed by reports of elder abuse. For our calculations, we used the total number of reports rather than substantiated reports.
• Some states refer to “elders” as 60+ while others deem this category 65+. The number of elderly people per state has been calculated at 60+ due to the IC3 and FinCEN stats relating to those aged 60 or over.
• Some data was not available for Washington, D.C. and Puerto Rico so these have been excluded.
• Even where crime statistics are available for a state, these haven’t been included in our overall scores due to large numbers of cases from FinCEN and IC3 potentially going to local law enforcement. However, $ amounts lost according to crime reports have been used to create case averages in several states.
• The IC3’s Elder Fraud report has given us precise figures by state for this update (previously they had been estimated) which is why $ lost figures are lower.

Sourcing elder fraud data

Elder fraud data was pulled from multiple sources in each state, including:

• Adult Protective Services (APS)
• Long-term Care Ombudsman (LTCO)
• Social Services and Health Services
• Crime Reports
• Suspicious Activity Reports (SARs) from the US Treasury’s Financial Crimes Enforcement Network (FinCEN)
• Federal Bureau of Investigation, Internet Crime Complaint Center (IC3)

29 out of 50 states have published the number of elder financial exploitation cases reported to authorities over the past year, most of which come from Adult Protective Services. The remaining 21 either do not publish this data or do not distinguish between financial exploitation and other types of elder abuse. So for the remaining 21 states, we multiplied the average APS reporting rate from all other states (0.0026 reports per senior) to their total elderly populations to get an estimated number of reported cases.

Only a couple of states publish the average dollar amount lost per elder fraud case and there are no estimated case figures for APS or LTCO reports across the US. So, to obtain our average for these cases we used the average amount lost per FinCEN case ($34,200), the average amount lost per IC3 case ($9,175), and the average amount lost in APS or law enforcement cases ($16,670) to create an overall average loss of $20,015 for LTCO and APS cases where the figures are unknown.

Figures based on SAR reports were calculated separately and added to the estimates from APS and other state agency reports. FinCEN’s SAR reports are limited to those filed by financial institutions and normally only include cases in which more than $5,000 was stolen. A 2019 Consumer Financial Protection Bureau study states less than one-third of these cases are reported to Adult Protective Services and the other state agencies listed above, and that the average dollar amount lost per case is $34,200 across all 50 states.

Based on that, two-thirds of the number of SAR reports for each state are added to the number of elder fraud reports that come from the APS and other state agencies.

Likewise, for each state, we multiplied the number of SAR reports by the average dollar amount lost ($34,200) to get a dollar amount lost per state. Two-thirds of this is then added to the loss figures calculated from APS reports.

Figures from the IC3 reports are estimated from the data given for the number of victims over 60 and the amount lost to this age group. Not all victims’ ages are known so we have applied the percentage of over 60s affected in the known age groups to the total number of victims to create an estimate on the number of senior victims. This has then been repeated for the total amount lost.

Factoring in unreported elder fraud

A number of studies show the vast majority of elder fraud cases go unreported:

• A National Center on Elder Abuse study (PDF) published in 1998 found only 16% of cases of elder abuse were reported to authorities
• A 2011 report, Under the Radar: New York State Elder Abuse Prevalence Study (PDF), estimates only one in 23.5 elder abuse cases is reported, while financial exploitation cases could be as high as 1 in 44
• Several government sources put the figure at 1 in 25 cases reported

For our final estimates, we multiplied the number of reported cases and loss amounts by 23.5 based on the Under the radar study. We chose this number because it is the most recent and well-substantiated. It has been used as evidence in Congressional Testimony (PDF) and is widely cited by experts.

You can view the final data set here.

Elder fraud by US State: APS stats and sources

Alabama

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Alabama to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Alaska

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Alaska to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Arizona

• APS Data suggests 6,343 reports of financial exploitation in 2020. 73.08 percent of all cases related to over 60s, which equates to 4,635.
• APS Abuse Registry shows $2,075,997 lost in 98 cases in 2020. This gives an average of $21,624.97 per case. (These cases are related to ALL vulnerable adults).

Arkansas

• DHS Reports show 10,870 complaints received in 2020. No breakdown but 2019 figures show 74 percent of all cases relate to over 60s and 16.15 percent of cases involve financial exploitation. 1,299 cases opened.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

California

• APS Overview – Total case figures increased from 205,348 to 206,848 from FY 2018/19 to FY 2019/20. Financial abuse increased 13 percent from 13,157 to 14,783. No age breakdown.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Colorado

• APS Report – 24,039 reports in total. 27 percent related to financial exploitation, 73 percent of all cases related to adults aged 60+ (4,928). 23 percent of all exploitation cases were substantiated.
• Approximate loss across all substantiated cases was $26.9 million = $21,430 per case in over 60s
• 24 percent of all abuse was committed by the victims’ children, followed by 18 percent who were friends, acquaintances, or neighbors.
• Crime Stats also indicate that 5,971 financial crimes were carried out on those aged 65+, 39 percent related to identity theft and 30 percent to false pretenses. These figures aren’t included in our overall scores due to the potential overlap between FinCEN and IC3.

Connecticut

• Elder Protective Services Report – No breakdown offered but 13.4 percent of all reports related to financial exploitation according to a 2005 report. 8,156 reports received in FY 2020, which equates to 1,092 reports of financial exploitation.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Delaware

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Delaware to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Florida

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Florida to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Georgia

• DHS Report – 9,620 reports of financial abuse or exploitation. No breakdown of ages, so average of 81.09 percent applied = 7,801.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Hawaii

• HS Report – 150 reports of financial exploitation (82 percent of cases relate to people over 60) = 123.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Idaho

• Commission on Aging Report – 632 cases of exploitation. 84 percent of cases related to over 60s = 531.
• Crime Statistics – also indicate that 1,668 financial crimes were carried out on seniors. Of the 1,374 fraud cases, 42 percent related to false pretenses. These figures aren’t included in our overall scores due to the potential overlap between FinCEN and IC3.
• Average losses per case = $2,409.32 (figures used to determine average lost to APS and LTCO cases).

Illinois

• APS Report – 6,308 reports of financial exploitation, 82 percent related to adults aged 60+ = 5,173
• 36 percent of abusers in all cases were the victims’ children, 23 percent were relatives.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Indiana

• APS Report – 2,729 cases of exploitation investigated. No breakdown of ages, so average of 81.09 percent applied = 2,213.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Iowa

• Dependent Adult Abuse Statistical Report – 1,578 reports of financial exploitation (769 in H1 and 809 in H2). No breakdown of ages, so average of 81.09 applied = 1,280.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Kansas

• APS Report – 1,224 reports of exploitation in the 60s and 686 reports of fiduciary abuse = 1,910.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Kentucky

• Elder Abuse Report – APS had 780 referrals for exploitation in the over 60s.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Louisiana

• Governor’s Office of Elderly Affairs Report – 819 cases of financial exploitation and 374 of extortion in the over 60s = 1,193.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Maine

• Office of Aging & Disability Services received 10,504 reports in total with 22 percent relating to exploitation and 12 to financial exploitation = 3,571. No breakdown of ages, so average of 81.09 applied = 2,896.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Maryland

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Maryland to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Massachusetts

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Massachusetts to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Michigan

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Michigan to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Minnesota

• APS Report -1,487 financial abuse (fiduciary) allegations received and 4,236 non-fiduciary allegations in the over 65s, totaling 5,723.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Mississippi

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Mississippi to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Missouri

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Missouri to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Montana

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Montana to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Nebraska

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Nebraska to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Nevada

• Elder Abuse Report – 2,168 cases of exploitation with 85.81 percent of cases relating to those over 60 = 1,860.
• Crime Stats – 2,453 cases of exploitation against older persons (aged 60+). These figures aren’t included in our overall scores due to the potential overlap between FinCEN and IC3.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

New Hampshire

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in New Hampshire to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

New Jersey

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in New Jersey to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

New Mexico

• Aging Department Report – APS received 1,808 reports. Elder Abuse Report suggests 12 percent of APS reports relate to exploitation = 217. No breakdown of ages, so average of 81.09 percent applied = 176.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

New York

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in New York to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

North Carolina

• 13,849 APS clients over 60 in FY 2019/20. In FY 2017/18, 14 percent of cases related to exploitation = 1,939.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

North Dakota

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in North Dakota to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Ohio

• APS Report – 8,257 reports of financial exploitation for all ages, 95 percent of cases related to adults aged 60+ = 7,844.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Oklahoma

• DHS Report – 1,020 substantiated cases of financial exploitation and neglect from the APS. 22,528 reports received in total, 2,275 were substantiated (10.1%) = 10,099 reports relating to financial exploitation and neglect. No breakdown of ages, so average of 81.09 percent applied = 8,189.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Oregon

• DHS Report – 4,104 allegations of financial exploitation. 89 percent of victims were over 60 = 3,668.
• Crime Stats – 3,668 cases relating to financial crimes among the over 60s in 2020. $ amounts used from 2019’s UCR crime report to gather average loss per case = $2,677.26. The report figures aren’t included in our overall scores due to potential overlap between FinCEN and IC3. But $ figures used to determine average lost to APS and LTCO cases.

Pennsylvania

• APS Report – 36,329 reports in total. 22 percent related to financial exploitation in the over 60s = 7,992.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Rhode Island

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Rhode Island to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

South Carolina

• APS Report – 1,932 reports of exploitation were accepted for assessment. No breakdown of ages, so average of 81.09 percent applied = 1,567.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

South Dakota

• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in South Dakota to get an estimated number of reported cases.
• Crime Stats – suggest 805 victims aged 60+ with the top being false pretenses (20.6%), impersonation (18.9%), and counterfeiting/forgery (15.4%). These figures aren’t included in our overall scores due to potential overlap between FinCEN and IC3.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Tennessee

• DHS Report – 4,591 reports of financial exploitation. No breakdown of ages, so average of 81.09 percent applied = 3,723.
• Crime Stats – 5,029 crimes against adults aged 65+. The top crimes were false pretenses (33.9%), intimidation (20.6%), and credit card/ATM fraud (16.8%). These figures aren’t included in our overall scores due to the potential overlap between FinCEN and IC3.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Texas

• APS Report – 13,097 allegations of exploitation in the over 60s.
• Crime Report – 16,904 reports of financial crimes against the elderly. Of these, 81.18 percent related to fraud and 17.7 percent related to counterfeiting/forgery. These figures aren’t included in our overall scores due to potential overlap between FinCEN and IC3.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Utah

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Utah to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Vermont

• APS Report – Of 3,649 reports, 639 investigations were opened (17.5%). 198 unsubstantiated investigations into exploitation and 84 substantiated = 282, equating to around 1,611 reports. No breakdown of ages, so average of 80.29 percent applied = 1,306.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Virginia

• APS Report – 37,398 reports received, 73 percent related to over 60s and 13 percent related to financial exploitation = 3,549.
• $93,075,535 is estimated to have been lost to financial exploitation victims. Based on 1,840 substantiated reports, this equates to $50,584.53 per crime. 40% of assets recovered.
• Crime Statistics – 7,134 cases of financial crimes against the over 65s. The highest rates were for false pretenses (41.7%) and credit card/ATM fraud (15.9%). These figures aren’t included in our overall scores due to the potential overlap between FinCEN and IC3.

Washington

• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Washington to get an estimated number of reported cases.
• Crime Stats – 10,947 financial crimes against seniors. The most common crime reported was identity theft (61.5%), swindle/con games (14.7%), followed by credit card/ ATM fraud (11.3%), and impersonation (10%). These figures aren’t included in our overall scores due to the potential overlap between FinCEN and IC3.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

West Virginia

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in West Virginia to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Wisconsin

• APS Report – 2,148 reports of financial exploitation. 16 percent of perpetrators were sons of the victim and 14.3 percent were sons (for all types of abuse).
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the report figures mentioned above.

Wyoming

• No specific reports on elder fraud.
• Report figures achieved by multiplying the average reporting rate from all other states (0.0026 reports per senior) to the total elderly population in Wyoming to get an estimated number of reported cases.
• $ figures achieved by taking the average dollar amount lost per case across FinCEN, IC3, and known APS/crime figures ($20,015) before multiplying by the estimated figure achieved in the first step.

Other sources:

State age statistics: https://www.census.gov/acs/www/data/data-tables-and-tools/data-profiles/

• Approximate loss across all substantiated cases was $26.9 million = $21,430 per case in over 60s

• 24 percent of all abuse was committed by the victims’ children, followed by 18 percent who were friends, acquaintances, or neighbors.

• Average losses per case = $2,409.32 (figures used to determine average lost to APS and LTCO cases).

• 36 percent of abusers in all cases were the victims’ children, 23 percent were relatives.

• $93,075,535 is estimated to have been lost to financial exploitation victims. Based on 1,840 substantiated reports, this equates to $50,584.53 per crime. 40% of assets recovered.

FinCEN SAR statistics: https://www.fincen.gov/reports/sar-stats

IC3 statistics: https://ic3.gov

LTCO statistics: https://agid.acl.gov/CustomTables/NORS_Complaints/Results/Alternative.aspx

Tips for preventing elder fraud

Despite the worrying prevalence of elder financial exploitation, there are some simple steps seniors and their friends, caregivers, and relatives can take to prevent fraudulent activities. We’ve listed 10 of these below:

• Plan ahead to ensure your assets are fully protected and your wishes will be followed. You might want to talk to a financial advisor or an attorney to find the best options for you.
• Always shred bank statements and receipts as well as unused credit cards before you throw them away.
• Never discuss your financial information with anyone you don’t know or trust. This includes giving someone your bank details, Social Security Number, and any other financial information over the phone.
• Order a copy of your credit report every year to make sure it’s accurate and that there aren’t any accounts on there that you don’t recognize. You could also sign up for identity theft protection so professionals are constantly monitoring your accounts for suspicious activities.
• Thoroughly check credentials and references before you hire anyone and don’t give workers access to your financial information. For example, you may want to lock up your account statements, checkbook, and other sensitive documents while others are in your home.
• Look out for charity fraud hoaxes by doing thorough research into the charity, not responding to solicitations for donations, not sending any of your bank details or mailing cash, and discussing the charity with your friends and family first.
• Never pay taxes or fees to collect lottery “winnings” or sweepstakes.
• Pay for things using your debit or credit card so you have a paper trail of all the transactions you’ve made.
• Trust your gut. If something doesn’t feel right – tell someone. And if you do feel threatened or intimidated (or you’re concerned for an elderly person you know), contact your local Adult Protective Service.
• Finally, don’t be afraid to say “no.” This is your money and you’re entitled to say how you want to use it.

Data researchers: Charlotte Bond, Rebecca Moody