Scammers stole more than $3.4 billion from older Americans last year, according to an FBI report released Tuesday that shows a rise in losses through increasingly sophisticated criminal tactics to trick the vulnerable into giving up their life savings.

Losses from scams reported by Americans over the age of 60 last year were up 11% over the year before, according to the FBIs report. Investigators are warning of a rise in brazen schemes to drain bank accounts that involve sending couriers in person to collect cash or gold from victims.

It can be a devastating impact to older Americans who lack the ability to go out and make money, said Deputy Assistant Director James Barnacle of the FBIs Criminal Investigative Division. People lose all their money. Some people become destitute.

The FBI received more than 100,000 complaints by victims of scams over the age of 60 last year, with nearly 6,000 people losing more than $100,000. It follows a sharp rise in reported losses by older Americans in the two years after the 2020 coronavirus pandemic, when people were stuck at home and easier for scammers to reach over the phone.

Barnacle said investigators are seeing organized, transnational criminal enterprises targeting older Americans through a variety of schemes, like romance scams and investment frauds. (AP)