Elder fraud has been an evolving issue for many years, and while scams have always been prevalent, advancements in technology have changed the landscape. Perpetrators of elder fraud are increasingly using tools like artificial intelligence (AI) and cryptocurrency to facilitate their crimes. Previous studies indicated that elder financial exploitation was usually committed by someone the victim knew, such as a family member, friend, or caregiver. However, more recent statistics are showing that many types of fraud are perpetrated by strangers who are scamming victims in their home countries and abroad. These perpetrators use society’s increased reliance on the internet, social media, and cellphones to identify targets and carry out fraudulent schemes. In 2024, the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) reported more than $16 billion in losses from suspected internet crimes, a 33 percent increase from 2023. Individuals over age 60 suffered the greatest loss—nearly $5 billion.