Saint John – Although older people may be more vulnerable to fraud, according to… Federal Bureau of Investigation (FBI) In San Juan, Millennials and Generation Z reported the highest losses due to scams.
According to William Kelly, of the Bureau’s Intelligence and Analytical Division Federal Bureau of Investigation (FBI) In San Juan, fraud cases in all economic sectors are becoming increasingly complex, adding more victims and greater losses.
During the fourth session of the Financial Services Forum, which it organized International Banking Association (PRIBA, in English) and the International Insurers Association (PRIIA, in English) In Puerto Rico, fraud statistics are presented by age, where The population most vulnerable to victims are people between the ages of 40 and 49, who in 2023 reported 1,192 fraud incidents with losses of approximately $8.7 million.
| Age group | Number of victims 2023 | Total losses 2023 |
|---|---|---|
| Less than 20 years | 23 | $3,535 |
| 20-29 years old | 147 | $371,197 |
| 30-39 years old | 189 | $1,446,927 |
| 40-49 years old | 1,192 | $8,691,152 |
| 50-59 years old | 612 | $7,340,420 |
| 60 years or older | 215 | $2,845,110 |
While in 2022, the largest losses due to fraud were among consumers between the ages of 30 and 39, with 242 cases and more. $28.5 million losses.
“A lot of people think that older people, over the age of 65, are more vulnerable to fraud, and in some cases that doesn’t seem to be true,” Kelly said. “I think it’s really important to see that the greatest amount of loss is actually coming from millennials and baby boomers.” Z”.
Last year, 215 cases of fraud were reported against people 60 or older, with losses exceeding $2.8 million, according to the data.
According to the data provided, the types of crimes with the highest number of reported victims in Puerto Rico are Scams”No lead value“, with 1418 victims, Which consists of selling fake, irrelevant or unqualified contacts to do real business. This was followed by extortion cases with 157 victims, and investment fraud cases with 137 victims.
“In Puerto Rico, investment fraud is really big, as well as data breaches, commercial email compromise and some scams. Phishing “And plagiarism,” Kelly said.
According to fraud statistics conducted by the Federal Bureau of Investigation (FBI), in 2023, a total of $4.5 billion in losses were reported in the United States, which equates to an average of $16.6 million per victim.
The data was shared on Tuesday in the middle of the fourth session of the Financial Services Forum, which it organized International Banking Association (PRIBA, in English) and the International Insurers Association (PRIIA, in English) in Puerto Rico.
Increased use of generative artificial intelligence
The official stressed that there is growing interest in using generative AI platforms — for example, ChatGPT — to automate security practices. Phishing (fraudulent communications) and account monitoring.
Multi-level marketing plans
The FBI official noted that there has also been a notable increase in scams targeting job seekers, especially multi-level marketing (MLM) investment scams. In this type of scam, participants make more money by recruiting new people than by selling products or services.
After the COVID-19 pandemic, it has gained popularity due to the growing interest in generating additional income from home.
MLM-style scams, which encourage victims to recruit other victims by inadvertently increasing the size of the fraud, can cause widespread harm.
On the other hand, synthetic identity theft occurs when a fraudster creates new identities by collecting elements of a person’s personal information and combining them with false IDs. These scams are readily available on online criminal forums and marketplaces, and many are stolen through data breaches.
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