Senior Scams Are More Sophisticated Than Ever. How to Protect People You Care About.

By Steve Garmhausen 

Financial exploitation of the elderly is nothing new: From the theft of Social Security checks to mail fraud schemes to romance scams, reprobates have long used their victims’ social isolation, loneliness, and cognitive decline to separate them from their money. Digital technology is making seniors more vulnerable than ever, says Adam Frank, head of wealth planning and advice at J.P. Morgan

JPM+0.70%  Wealth Management, who with his team recently wrote a white paper on senior exploitation.

 Using fake caller IDs and delivering increasingly legitimate-looking emails, scammers are harnessing modern technology for nefarious ends, says Frank, and the rise of artificial intelligence is likely to make it all worse. “The rise of AI is, for me, the most frightening aspect of all of this,” he says. 

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Senior Scams Are More Sophisticated Than Ever. How to Protect People You Care About.