Elder fraud is a growing concern in the United States, with criminals increasingly targeting individuals over the age of 60. 

Increasingly, data brokers have been identified as a favored tool among criminals, providing access to personal information that criminals use to improve their scamming schemes.

Economic loss through scams continues to increase each year

Using data from the FBI for the calendar year 2023, researchers have found that economic losses from scams continue to increase. In addition to financial loss rising over time, scam complaints have risen for the first time since 2020. Americans over the age of 60 lost over $3.4 billion to scams in 2023 alone. They reported more than 101,000 scams, representing a 14.5% increase compared to the 88,000 reports filed in 2022.

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Americans over the age of 60 lost over $3.4 billion to scams in 2023. (Kurt “CyberGuy” Knutsson)

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The states in which scammers stole the most

Residents of Hawaii who were 60 or older lost the most money to scammers in all 50 states, with more than 453 complaints filed and a total of $28 million lost, meaning the average amount lost per scam was $61,000. While Hawaiians were impacted the most, this is due to the state’s smaller population size. When we look at a large-population state such as California, we see more than 11,000 complaints filed, equaling a financial loss of $643 million.

A man working on his laptop (Kurt “CyberGuy” Knutsson)

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Which types of scams occur the most?

Tech support scams occurred the most in 2023. An example of these scams is those pesky phone calls you might receive telling you your iCloud account has been compromised. More than 17,000 tech-support scams were reported in 2023, which is also nearly the same number as reported in 2022. Behind tech-support scams were personal data breaches, which were reported 7,800 times in 2023.

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A man working on his laptop (Kurt “CyberGuy” Knutsson)

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How do data brokers factor into scams?

Researchers found that elder abuse scams were made possible by personal data being available online. This happens largely thanks to data brokers, which are large companies that make money by selling personal information for the purpose of advertising.

So what can you do about it? Invest in personal data removal services. While no service promises to remove all your data from the internet, having a removal service is great if you want to constantly monitor and automate the process of removing your information from hundreds of sites continuously over a longer period of time. Check out my top picks for data removal services here.

Additional tips to protect against elder fraud scams

As elder fraud continues to rise, it’s crucial for seniors and their families to be proactive in safeguarding personal information and recognizing potential scams. Here are some additional actionable strategies to help mitigate the risks.

1. Monitor financial accounts regularly: Set up alerts for any unusual activity on bank accounts and credit cards. Review statements monthly and consider using financial management apps that can help track spending and detect anomalies.

2. Use strong, unique passwords: Create complex passwords that combine letters, numbers and symbols. Avoid using easily guessable information like birthdays. Consider using a password manager to generate and store complex passwords.

3. Enable two-factor authentication: Two-factor authentication adds an extra layer of security by requiring a second form of verification.

4. Limit sharing personal information: Be cautious about the information you share online and over the phone. Scammers often use social media to gather details about potential victims. Adjust privacy settings on social media accounts to limit who can see your information.

5. Verify before trusting: Always verify the identity of anyone requesting personal or financial information. Use official contact numbers to confirm the legitimacy of the request.

6. Be skeptical of unsolicited calls, emails or messages: Never click on links or download attachments from unknown or suspicious sources because they may contain malware or phishing attempts. The best way to safeguard yourself from malicious links that install malware, potentially accessing your private information, is to have antivirus software installed on all your devices. This protection can also alert you to phishing emails and ransomware scams, keeping your personal information and digital assets safe. Get my picks for the best 2024 antivirus protection winners for your Windows, Mac, Android and iOS devices. 

7. Report suspicious activity: If you suspect a scam, report it to local authorities or organizations like the Federal Trade Commission. Early reporting can help prevent others from falling victim to the same scam.

8. Stay connected with family and friends: Regular communication with loved ones can help reduce feelings of isolation, which scammers often exploit. Encourage seniors to stay socially active through community groups, clubs or regular family gatherings. Also, be sure to check out five ways tech can help you feel less alone.

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Kurt’s key takeaways

Data brokers and the entire system of selling personal information for advertising money have contributed to increased scams against all people in the last few decades. Elder Americans, specifically those aged 60 and over, tend to become victims more frequently due to a lack of tech savviness and higher degrees of income. It’s important to be cautious when giving your personal information out online, and we recommend finding a service that can help you keep track of it and remove personal information from the internet.

Have you noticed an increase in scam attempts targeting you or elderly relatives recently? How have the tactics changed? Let us know by writing us at Cyberguy.com/Contact.

For more of my tech tips and security alerts, subscribe to my free CyberGuy Report Newsletter by heading to Cyberguy.com/Newsletter.

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First, it was Spotify, then Verizon, then PlayStation, and now it’s apparently Bank of America’s turn to have an outage this week. Some customers reported problems accessing their bank accounts on Wednesday, with the balances showing $0 or “—-” instead of what should be there.

“Some mobile and online banking clients experienced an issue accessing their accounts and balance information earlier today,” writes Bank of America media relations executive Matt Card in an email to The Verge. “These technology issues have been fully resolved. We apologize for any inconvenience.”

Reports spiked just before 1PM ET on Downdetector, with posts across X and Reddit from people reporting that their account balances don’t show anything (some mentioned that the amounts they owe, however, appear to be displaying accurately).

We verified this afternoon that the bank’s app was showing customers a notification that “Accounts temporarily unavailable” and that “Some accounts and/or balances are temporarily unavailable,” as reported previously by CNN. Some people have reported their accounts are working or intermittently gaining access to their information, and it’s unclear how many people have been affected. In July, Bank of America said 58 million clients use its “digital capabilities to help manage their financial lives” and that they connected a record 23.4 billion times last year.

There’s no word on what might have caused the problem, but let us know if things are working for you now.

Update, October 3rd: Added updated Bank of America statement.

Apple’s iOS 18 brings a host of new features aimed at enhancing your accessibility. 

Among these, the upgraded Magnifier app stands out with its innovative Reader Mode, designed to assist you in reading small or dark text with ease.

Ensure you have iOS 18 installed

Before you can take advantage of the new features in the Magnifier app, make sure your device is running iOS 18. Follow these steps to check and update your iOS.

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Check your current iOS Version:

• Open the Settings app on your device
• Tap General
• Tap About, and you’ll see the version number next to Software Version.

Update to iOS 18:

• Go to Settings
• Tap General
• Tap Software Update
• If iOS 18 is available, tap Download and Install
• Follow the on-screen instructions to complete the update

Steps to update to iOS 18 on iPhone (Kurt “CyberGuy” Knutsson)

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The power of Magnifier’s Reader Mode

Have you ever struggled to read something small or in poor lighting? The new Reader Mode in iOS 18’s Magnifier app is here to help. By simply snapping a picture, this feature translates all the text in the image into a clear, easy-to-read page. Here are the steps to use Reader Mode.

• Launch the Magnifier app on your iOS device. You can do this by searching for it in the Spotlight search or accessing it via Control Center if you’ve added it there.
• Once inside the Magnifier app, tap on the Settings icon (or gear icon) in the top or bottom corner of the screen.
• In the settings menu, click Capture to enable Reader Mode by toggling the switch.
• Click the left-hand yellow arrow in the upper left of the screen to exit.
• Next, tap Done

Steps to use Magnifier Reader Mode (Kurt “CyberGuy” Knutsson)

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• Now, position your camera over the text you want to read and tap the Capture button to take a picture.
• After taking the picture, you’ll see an option to apply Reader Mode. Tap on the Reader Mode icon to convert the text into a clear, readable format.
• Customize your reading experience by adjusting font size, contrast and background color using the controls at the bottom of the screen. This helps improve readability, especially in low-light conditions or for small fonts.
• You can scroll up and down the screen to read the text.
• When you are done, just tap the X in the black circle in the upper right of the screen.
• Then tap the X in the yellow circle where it says close below it to completely exit.

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Steps to use Magnifier Reader Mode (Kurt “CyberGuy” Knutsson)

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Text-to-speech functionality

In addition to visual adjustments, the Reader Mode also includes a text-to-speech option. This allows the app to read the text out loud, making it even more accessible for those with visual impairments or those who prefer auditory learning. Here’s how to use the Magnifier’s Reader Mode.

• Launch the Magnifier app on your iOS device. You can do this by searching for it in the Spotlight search or accessing it via Control Center if you’ve added it there.
• Now, position your camera over the text you want to read. Tap the Capture button to take a picture.
• After taking the picture, you’ll see an option to apply Reader Mode. Tap on the Reader Mode icon to convert the text into a clear, readable format.
• Customize your reading experience by adjusting font size, contrast and background color using the controls at the bottom of the screen. This helps improve readability, especially in low-light conditions or for small fonts.
• Then tap the Play button at the bottom of the screen to listen to the text.
• Tap the X at the top right of the screen to exit.
• If you want to keep the text for later or share it with someone, tap the Share icon to save or send the readable version of the text.
• When you want to exit, tap the yellow circle with the X in the center of it. 

Steps to use text-to-speech functionality in Reader Mode (Kurt “CyberGuy” Knutsson)

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Kurt’s key takeaways

The new Reader Mode in iOS 18’s Magnifier app is a game-changer for accessibility. By offering customizable reading options and text-to-speech functionality, Apple continues to lead the way in making technology more inclusive for everyone. Whether you’re reading small print or navigating low-light conditions, the Magnifier app ensures that you can access the information you need with ease.

What other features would you like to see in future iOS updates to enhance your iPhone experience? Let us know by writing us at Cyberguy.com/Contact.

For more of my tech tips and security alerts, subscribe to my free CyberGuy Report Newsletter by heading to Cyberguy.com/Newsletter.

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Answers to the most asked CyberGuy questions:

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