On November 17, the DOJ released its Annual Report to Congress on Efforts to Combat Elder Fraud and Abuse. According to the report, criminal and civil litigators pursued 283 enforcement actions against over 600 defendants during the reporting period, highlighting 95 percent of the cases were criminal matters, with 36 percent involving scams such as cryptocurrency, investments, romance, and government impersonation. The DOJ noted these schemes disproportionately targeted older adults, and how fraudsters rely on networks within the U.S. to facilitate the movement and laundering of stolen funds.
The report further highlighted the FBI’s “Operation Level Up,” which launched in January 2024 with support from the U.S. Secret Service and aimed to identify proactively and notify potential victims of cryptocurrency investment fraud. According to the DOJ, as of June 30, FBI agents had notified 6,475 victims, 77 percent of who were unaware they were being scammed, resulting in estimated savings of nearly $401 million.
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