Elder Fraud Losses Soar, Devastating Victims

FBI and NYC officials warn of growing threat targeting older Americans

Published on Mar. 2, 2026

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The FBI reports that older Americans lost $4.8 billion through fraud in 2024, with a 43% jump in theft through fraud in just one year. Retired couple Carlos and Irene Velazquez were scammed out of their $500,000 life savings, leaving them struggling to make ends meet. Authorities say elder fraud is a "huge concern" as scammers increasingly use AI to target vulnerable seniors.

Why it matters

The rise in elder fraud has devastated many older Americans, robbing them of their life savings and financial security during their retirement years. This trend highlights the need for greater awareness, prevention efforts, and support services to protect vulnerable seniors from these predatory schemes.

The details

Carlos Velazquez, 78, a retired attorney, and his wife Irene, 75, a theater performer, were scammed out of their entire $500,000 life savings in September. The couple says they were contacted about a job opportunity that turned out to be a fraudulent investment scheme, with the alleged con artists convincing them to make multiple wire transfers to Indonesia and Pakistan. Now, the Velazquezes are struggling to pay their mortgage and basic expenses, having to sell jewelry and clothing to make ends meet.

  • The FBI says older Americans lost $4.8 billion through fraud in 2024.
  • Reports of theft through fraud jumped 43% in just one year.

The players

Michael Ratta

Special agent in charge of the FBI's New York criminal division.

Carlos Velazquez

A 78-year-old retired attorney who was scammed out of his $500,000 life savings.

Irene Velazquez

A 75-year-old theater performer who was scammed out of her $500,000 life savings along with her husband, Carlos.

Lorraine Cortes-Vazquez

Commissioner of the NYC Department of the Aging, who oversees programs to help elderly crime victims.

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What they’re saying

“Elder fraud is a huge concern for us.”

— Michael Ratta, Special agent in charge of the FBI's New York criminal division (CBS News)

“The rug was pulled right out from underneath us, and our whole life changed.”

— Irene Velazquez (CBS News)

“I feel horrible. I feel so stupid. I'm not supposed to be doing stuff like this.”

— Carlos Velazquez (CBS News)

“It's so devastating ... I was sleeping so late because I don't want to get up.”

— Irene Velazquez (CBS News)

What’s next

The FBI is fighting back with two initiatives: "Take a Beat" to increase fraud awareness, and Operation Level Up to focus on victims. Authorities also recommend creating a family safe word to verify the identity of callers claiming to be relatives.

The takeaway

The surge in elder fraud has devastated many older Americans, underscoring the need for greater protections, support services, and public awareness to safeguard vulnerable seniors from these predatory schemes that can rob them of their life savings and financial security.