New York Securities Fraud Lawyers Blog
Elder financial exploitation, or “EFE,” has been on a rise in recent years. According to a June 2024 press release published by the FBI, “[i]n 2023, a total of $3.4 billion losses were reported, and elder fraud complaints increased by 14% from the year prior.” Then, in its 2025 press release, the FBI indicated that “[a]ccording to 2024 data from the FBI’s Internet Crime Complaint Center (IC3), there was a total of $4.885 billion in losses from 147,127 complaints. This is a 46% increase in complaints from 2023, as well as a 43% increase in losses.”
Based on the FBI’s 2024 Internet Crime Report, investment-related EFE was ranked number five for the amount of complaints filed (9,448), but it was ranked number one in overall losses incurred ($1,834,242,515). If you or your elder family member’s investment accounts have declined in value and it may be the subject of an EFE scheme, you need to consult with an EFE law firm like Malecki Law in New York.
EFE can be caused by a random scammer located elsewhere, a stranger that tries to get to know you and eventually obtains your trust through social media (i.e., pig butchering or romance scams), or someone close to you with access to your accounts (i.e., an adult child or caregiver). The last category can also include your trusted financial professionals.