Elder Fraud Cases Rise, Fueled by Personal Data Exposure and SIM Swaps

Rising Elder Fraud Statistics

Elder fraud is a growing problem in the US, specifically targeting seniors due to lower tech literacy. An analysis of FBI data by Incogni indicates that 72% of elder fraud cases in 2024 were facilitated by victims' personal data being exposed online. These cases have led to $4.2 billion in losses.

Scammer Tactics: Personal Data and SIM Swaps

Scammers exploit family chat groups, using everyday updates like doctor visits or travel plans to gather personalized information. This data helps them convincingly impersonate family members. Despite end-to-end encryption in messaging apps, a dangerous tool used by scammers is the SIM swap. In a SIM swap, scammers use public personal information to trick mobile carriers into transferring a victim's phone number to a new SIM card controlled by the scammer. This allows them to intercept all texts, including SMS-based two-factor authentication codes for bank accounts and other services.

Exploiting Access and Creating Deepfakes

Once scammers gain access to family chat groups through SIM swaps, they combine the personal data they already found online with new details from the chats. This enables them to create highly convincing impersonations, persuading victims that they are family members in urgent need of assistance. Scammers can even use voice notes from these chats to create deepfake speech, making their impersonations even more believable.

Protective Measures for Families

To protect against these types of attacks, individuals can take three main steps. First, minimize the amount of personal data available online. Scammers use data broker sites to obtain information such as family names, phone numbers, hobbies, and travel history. Services like Incogni can assist in removing personal data from these brokers. Second, ensure that two-factor authentication (2FA) is enabled for all messaging apps, social media, and any other services that offer it.