Elderly Victims Lose Billions in Romance Scam Epidemic

Authorities warn anyone can fall victim to these sophisticated fraud schemes targeting loneliness and trust.

Published on Feb. 14, 2026

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Americans are being defrauded out of billions through an epidemic of romance and investment schemes, with elderly victims like Kate Kleinert, Beth Hyland, and Jackie Crenshaw losing their life savings. Scammers build trust through thousands of messages and deepfaked video calls before exploiting victims financially, often directing them to make risky investments. Victims over 60 have lost nearly $400 million, but experts say the problem is vastly underreported as victims struggle with shame and disbelief.

Why it matters

The scale of these romance scams is staggering, with the FBI logging $16.6 billion in total fraud losses in 2024, a 33% jump from the year before. Crypto-related fraud alone accounted for $9.3 billion, a 66% increase, with adults over 60 losing more than any other age group. These schemes can devastate victims financially and emotionally, driving some to suicide. The stigma and shame around these scams has led to significant underreporting, allowing the problem to grow.

The details

Scammers carefully research and track their targets, building trust through thousands of messages and deepfaked video calls before exploiting victims financially. They often direct victims to make risky investments or transfer funds, stealing life savings. Victims like Kleinert, Hyland, and Crenshaw were bilked out of hundreds of thousands or even millions of dollars through these schemes.

  • In July 2025, Kleinert allegedly helped the scammer's 'daughter' with a $100 gift card.
  • On July 29, 2025, Kleinert allegedly damaged a Waymo's tires and driver's side mirror.
  • On August 11, 2025, Kleinert's home burned down in an electrical fire after she couldn't afford to fix her air conditioner.

The players

Kate Kleinert

A widow in her late 60s who lived outside Philadelphia with her six hospice dogs and was bilked out of her life savings by a scammer posing as a single father.

Beth Hyland

A woman in Michigan who was exploited by a scammer who gained access to her bank account, stealing thousands of dollars.

Jackie Crenshaw

A woman in her 60s in Boston who was scammed out of $1 million, including the equity in her condo, through a fake investment scheme.

Michael Rod

An FBI supervisory senior agent in California who leads an elder justice task force focused on fraud.

Emma Fletcher

A senior data researcher at the Federal Trade Commission.

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What they’re saying

“These scammers do this for a living, all day, every day, and anyone who devotes that much time to it is going to be good at their tradecraft. It's really quite simple; they prey on both the trust and loneliness of the victim. That's the key to it.”

— Michael Rod, FBI supervisory senior agent

“People really need to know that so many of these scams now involve the supposed romantic interest directing you to invest. They don't think they're sending money to a scammer at all—they just think they're taking advice from someone they trust.”

— Emma Fletcher, senior data researcher, Federal Trade Commission

“You almost have an out-of-body experience and you go, 'How the heck could you have fallen in love with somebody that you haven't even met? Do you understand how dumb that sounds?' The vetting this guy did, the grooming he did. He knew what to say and when to say it and he said beautiful things to me all the time. And yes, I fell in love with him. And I was happy. And it felt wonderful. I would go to sleep at night dreaming about him. And it's all fake.”

— Kate Kleinert

“It was like being overdosed on your own brain chemicals. It all made sense at the time, but looking back now, none of it makes sense.”

— Beth Hyland

“When I think about someone who prays with you every day, if that's not deception and the devil and pure evil, who would pray with somebody if it wasn't for real?”

— Jackie Crenshaw

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This epidemic of romance scams highlights the devastating financial and emotional toll they can take on victims, especially the elderly. It underscores the need for greater education, support, and law enforcement resources to combat these sophisticated fraud schemes that prey on trust and loneliness.