Financial fraud, romance scams skim U.S. elders of 27 billion in one year

Elder scams constitute the bulk of suspicious activity reports in Elder Financial Exploitation (Credit: Unsplash.com/ Beth Macdonald)

Elder financial crimes totaled $27 billion in one year, a criminal practice that largely affects both Whites and people of color in the country.

From June 2022 to June 2023, 155,415 filings were recorded, indicating more than $27 billion in suspicious Elder Financial Exploitation (EFE) activity, according to an analysis released by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).