How Elder Fraud Has Changed: Crime Type Migration Analysis (2021—2025)
The elder fraud landscape of 2025 looks nothing like 2021. While total reported 60+ losses have grown about 360% nationally (to $7.748 billion in 2025, FBI IC3), the composition of that fraud has shifted dramatically. Investment scams have gone from a secondary concern to the dominant threat, while other crime types have risen or fallen in relative importance. This page tracks those shifts year by year, showing how criminal focus has migrated across different fraud categories.
Key Insight: In 2021, romance scams were the largest elder fraud category (22.9% of losses), followed by BEC (19.1%), tech support (13.1%), and investment (11.7%). By 2025, Investment alone accounts for 46% of all losses. This concentration of losses in one category represents a fundamental shift in how criminals target seniors.
Market Share: How Each Crime Type’s Slice Has Changed
The table below shows each crime type’s percentage share of total elder fraud losses for each year. A rising share means that crime type is growing faster than elder fraud overall; a falling share means it’s growing more slowly (even if absolute dollars are still increasing). (Dollar totals in the tables below are summed from the 52 FBI IC3 state and territory files and reach $7.43 billion for 2025; the FBI’s national headline total is $7.748 billion, which includes losses not assigned to a specific state.)
| Crime Type | 2021 | 2022 | 2023 | 2024 | 2025 | Shift |
| Investment | 11.7% | 29.9% | 36.6% | 39.3% | 46.0% | ↑ +34.3pp |
| Tech Support | 13.1% | 18.3% | 18.1% | 21.3% | 14.3% | ↔ +1.2pp |
| Romance | 22.9% | 12.8% | 10.7% | 8.8% | 8.2% | ↓ -14.7pp |
| BEC | 19.1% | 14.3% | 11.3% | 8.3% | 7.6% | ↓ -11.5pp |
| Gov. Impersonation | 3.2% | 4.2% | 5.5% | 4.6% | 5.8% | ↔ +2.5pp |
| Personal Data Breach | 5.5% | 3.9% | 3.3% | 5.4% | 4.2% | ↔ -1.3pp |
| Lottery/Sweepstakes | 2.9% | 2.1% | 1.9% | 1.9% | 1.9% | ↔ -1.1pp |
| Non-payment/Non-Delivery | 2.7% | 1.4% | 1.7% | 1.6% | 1.7% | ↔ -1.0pp |
Note: “pp” = percentage points. Shift shows the change in market share from 2021 to 2025. Categories don’t sum to 100% because some losses fall into categories not shown (e.g., phishing, employment fraud).
Absolute Dollar Growth by Crime Type
While share tells us about relative importance, absolute dollars show the real scale of each threat:
| Crime Type | 2021 | 2022 | 2023 | 2024 | 2025 | Growth |
| Investment | $210M | $956M | $1,214M | $1,865M | $3,416M | +1,530% |
| Tech Support | $235M | $584M | $600M | $1,012M | $1,065M | +353% |
| Romance | $412M | $408M | $354M | $416M | $609M | +48% |
| BEC | $343M | $456M | $375M | $395M | $568M | +66% |
| Gov. Impersonation | $58M | $135M | $182M | $219M | $428M | +640% |
| Personal Data Breach | $99M | $125M | $110M | $258M | $313M | +215% |
| Lottery/Sweepstakes | $52M | $68M | $63M | $88M | $138M | +163% |
| Non-payment/Non-Delivery | $49M | $46M | $57M | $77M | $127M | +161% |
Every major crime type grew in absolute terms — but the rates vary enormously. Investment fraud grew +1,530% while Lottery/Sweepstakes grew +163%. This divergence shows where criminal innovation and investment are concentrated. To see how these shifts fit into the bigger picture of scale, geography, AI, and the human cost, read our 2026 special study, Stolen Trust: A Special Study on America’s Elder Fraud Landscape.
Ranking Shifts: Which Threats Are Rising and Falling
How crime types rank against each other by total losses has shifted significantly:
| Crime Type | 2021 | 2022 | 2023 | 2024 | 2025 | Movement |
| Investment | #4 | #1 | #1 | #1 | #1 | ↑ +3 |
| Tech Support | #3 | #2 | #2 | #2 | #2 | ↑ +1 |
| Romance | #1 | #4 | #4 | #3 | #3 | ↓ -2 |
| BEC | #2 | #3 | #3 | #4 | #4 | ↓ -2 |
| Gov. Impersonation | #8 | #5 | #5 | #6 | #5 | ↑ +3 |
| Personal Data Breach | #5 | #7 | #6 | #5 | #6 | ↓ -1 |
| Lottery/Sweepstakes | #9 | #8 | #9 | #7 | #7 | ↑ +2 |
| Non-payment/Non-Delivery | #10 | #10 | #10 | #8 | #8 | ↑ +2 |
Winners and Losers: Biggest Share Shifts
Crime types gaining the largest share of elder fraud:
| Crime Type | 2021 Share | 2025 Share | Change |
| Investment | 11.7% | 46.0% | +34.3pp |
| Gov. Impersonation | 3.2% | 5.8% | +2.5pp |
| Tech Support | 13.1% | 14.3% | +1.2pp |
| Employment | 0.5% | 1.1% | +0.5pp |
| Data Breach | 0.4% | 0.6% | +0.2pp |
Crime types losing share (still growing, but slower than the overall trend):
| Crime Type | 2021 Share | 2025 Share | Change |
| Personal Data Breach | 5.5% | 4.2% | -1.3pp |
| Identity Theft | 3.2% | 0.7% | -2.6pp |
| Real Estate | 5.5% | 1.7% | -3.8pp |
| BEC | 19.1% | 7.6% | -11.5pp |
| Romance | 22.9% | 8.2% | -14.7pp |
Important: A declining share does not mean a declining threat. Romance scams dropped from 22.9% to 8.2% share, but still grew from $412M to $609M in absolute terms. Nearly every crime type on this page is stealing more from seniors than it was in 2021; identity theft is the only exception.
What’s Driving the Migration
Several forces are reshaping the elder fraud landscape:
- Cryptocurrency as an enabler: Investment scams surged because crypto provides a mechanism for rapid, irreversible, international transfers. Seniors who would never wire $500K to a stranger will “invest” it on a convincing-looking platform that shows fabricated returns.
- AI lowering barriers: Crime types that require convincing impersonation — like government impersonation and romance — benefit most from AI voice cloning and text generation. This explains their accelerating growth from 2023 onward.
- Scam industrialization: Large-scale operations have industrialized investment fraud with call centers, training programs, and AI tools. This concentration of resources naturally flows to the highest-return crime type.
- Diminishing returns elsewhere: As tech support scam awareness grows, criminals shift resources to investment fraud where victims are less skeptical and individual take is higher.
- Average loss economics: Investment scams extract far more per victim ($200K+) than tech support ($15K) or romance ($50K), making them more profitable even with fewer victims.
Implications for Protection
The migration toward investment fraud has practical implications for how we protect seniors:
- Traditional “don’t answer unknown calls” advice is insufficient — investment scams typically begin on social media or messaging apps, not phone calls
- Financial literacy is now a security issue — seniors need to understand that no legitimate investment guarantees high returns, and that cryptocurrency “platforms” can be entirely fabricated
- The grooming period is longer — unlike tech support scams (minutes to hours), investment scams develop over weeks or months of relationship building
- Family involvement is critical — by the time a senior realizes something is wrong with an “investment,” they may have already transferred their life savings across multiple transactions
- Bank and exchange detection is key — financial institutions need AI-driven anomaly detection for seniors making large, unusual transfers to crypto exchanges
For detailed information on each crime type, including protection advice and warning signs, visit our dedicated pages: Investment, Tech Support, Romance, Government Impersonation, Lottery/Sweepstakes, Extortion.
Related Research
- Fastest Growing States for Elder Fraud (2021—2025) — Which states saw the steepest increases.
- Five Years of Elder Fraud in America (2021—2025) — The full national data report.
- Elder Fraud Statistics & Research Hub — State-by-state data and research resources.
Source: FBI Internet Crime Complaint Center (IC3) Annual Elder Fraud Reports, 2021—2025. Totals here are computed from all 52 state and territory files for victims aged 60+ (summing to $7.43 billion in 2025); the FBI’s IC3 Annual Report headline national figure for 2025 is $7.748 billion. Share percentages are calculated against total elder fraud losses per year.
Sources & verification. Published by HCSK Inc. The information on this page is based on official federal data from the FBI Internet Crime Complaint Center (IC3). We last checked these figures against the original government sources in June 2026.