Banks are becoming bulwarks against scams for vulnerable seniors

The first call came just before Thanksgiving last year. She didn't recognize the phone number, but she answered anyway.

"The person said he was an officer of the Department of Criminal Investigations looking into drug trafficking and money laundering," the woman recalled. He seemed to know a lot about her: the states where she and her late husband had lived; his name and occupation; and her current address in Washington County, Rhode Island.

On her phone, he showed her a convincing badge and a photo ID with his name ("'Frank' something"), plus an article describing the supposed investigation. The woman, a 76-year-old retiree, denied any involvement.

"You can hire a very expensive criminal defense attorney, or you can cooperate with me," Frank told her.

"Now, when you think about it, it doesn't make any sense," the woman acknowledged recently. But persuaded by the badge and ID, she agreed to cooperate. Otherwise, "I thought they were going to come and arrest me."

Frank called each morning to learn where she was going, what she was doing. His team would be watching, he warned. The woman, feeling "petrified," started looking around as she drove to garden club meetings. Was somebody following her?

It was all a scam.

Because victims' sense of shame often leaves them reluctant to report such crimes, the extent of elder financial exploitation is hard to calculate. The Federal Trade Commission reported losses of $2.4 billion in 2024, largely driven by investment and romance scams and impersonations, with total losses much higher.

Americans age 60 and older lose more than $28 billion annually to financial exploitation, AARP estimated in 2023.

As those numbers rise, because the population is aging and predators are growing increasingly resourceful, banks and investment firms are becoming the first line of defense.

Frank's initial target: her account at Fidelity Investments. He instructed her to shift about $250,000 into her checking account, telling the financial adviser at her local office that she and her family intended to buy real estate.

That scheme fizzled when the adviser said Fidelity could not approve the transaction without more information on the property.

So Frank sent her to her local branch of Washington Trust Company to take $70,000 in cash from a home-equity line of credit. "We don't give out that much in cash," the teller said, quietly messaging the branch manager, who had known the woman and her husband for years.

The manager ushered the woman into her office to talk, and the scam stopped there, with a call to the local police. The woman's assets remained intact, but the experience proved so mortifying that she has not told even her family how close she came to losing much of her life savings. The New York Times is withholding her name to spare her embarrassment.

"I felt so stupid," she said. "I felt like a fool."

Financial predators targeting older adults represent "a heightened focus for us now," said Mary Noons, president and chief operating officer of Washington Trust.

A regional community bank, Washington Trust cranked up its efforts last fall to advise older customers and their families about finances, including the dangers of elder fraud and exploitation. It published and distributed a booklet called "Age With Wisdom" and brought in an expert on dementia to speak with staff members.

And it became one of the 1,500 financial institutions to date to use BankSafe, a free AARP video program that trains front-line employees to spot the red flags indicating possible elder exploitation and to intervene. Everyone at the branch where the 76-year-old banked had taken the training.

"Some older customers visit their bank far more frequently than they see their health care providers," Noons pointed out.

Until recent years, financial institutions placed "more of an emphasis on the autonomy of the client," said Pamela Teaster, director of the Virginia Tech Center for Gerontology and an elder abuse researcher. Their approach was, "an adult has the capacity to make poor choices, and we're going to let them make them," she added.

But changes in government and industry policies and practices have encouraged greater vigilance. Congress passed the Senior Safe Act in 2018, protecting banks and financial firms from liability if they reported suspected exploitation to authorities.

That year, the Financial Industry Regulatory Authority began requiring member firms to ask for a trusted contact person when investors open or update accounts. (The account holder isn't obliged to provide one, however.) And since 2022, it has allowed firms to place holds on older investors' transactions if they suspect exploitation is involved.

About half of states have enacted laws that permit financial institutions to deny suspicious transactions or impose holds for specified periods to allow investigations, said Jilenne Gunther, the director of BankSafe.

"It adds friction," she explained. "With space and time, the criminal gets worried and might move on. And the potential mark has time to stop and think."

Teaster's analysis of data from BankSafe, during a six-month pilot in 82 financial institutions, found that participants were much more likely to report suspected cases and save customers money than a control group was.

Not all of older adults' losses result from predators, however. They can, on their own, get caught up in investment fads, take on too much debt, or make otherwise unwise decisions, even without criminals pulling the strings or relatives looting their accounts.

Managing finances presents complex cognitive challenges, said Mark Lachs, co-chief of geriatrics and palliative medicine at Weill Cornell Medicine. "It requires a lot of brain," he said, including: "Memory, remembering that a bill is due. Executive function, the ability to manage your time. Abstraction, hypothesizing about your future."

He added, "Financial errors are not infrequently the first sign of impending dementia or a neurocognitive disorder."

A 2024 study by the Federal Reserve Bank of New York, for instance, found an increased probability of delinquent payments and deteriorating credit ratings in the five years before a dementia diagnosis. Those errors can reduce seniors' access to credit and raise their interest rates on loans at the very point when caregiving expenses are likely to soar.

Lachs has called on fellow doctors to recognize what he calls Age-Associated Financial Vulnerability, a syndrome that can affect even older people with normal cognition, especially if they contend with medical illnesses, sensory deficits, or social isolation.

And he remains skeptical about the financial industry's claims of heightened attention to its oldest customers. "I still see concerning financial transactions executed that should have received far greater scrutiny," he said.

Training more front-line staff members and increasing emphasis on establishing trusted contacts for older customers would help, Gunther said, because "once the money leaves the account, it's near impossible to ever retrieve it." More states could enact laws allowing financial institutions to deny suspicious transactions or impose holds.

Several related bills with bipartisan support are working their way through Congress. The National Strategy for Combating Scams Act would require the FBI to coordinate efforts to protect seniors. A bill that restores an IRS deduction would at least provide the consolation of excusing scam victims from paying taxes on money they no longer have.

However, new weapons like artificial-intelligence voice cloning — in which the supposed grandson four states away who urgently needs $5,000 in gift cards actually sounds like the victim's grandson — keep advocates and bankers awake at night.

In the Washington Trust branch where the Rhode Island woman didn't lose her money, employees just days earlier had stopped a scam similar to the one that had targeted her.

But more recently, nobody spotted any danger signs when an older woman withdrew $9,000 for a kitchen renovation, until it went to a scammer instead of a contractor. 

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Banks are becoming bulwarks against scams for vulnerable seniors 

How to Prevent Aging Parents and Relatives From Making Financial Mistakes

Getting family members to listen to you when you think they are headed down a dangerous financial path can be difficult. But there are preventive steps you can take.

In 2024, Rianka Dorsainvil’s mother came to her with a check that looked legitimate. It turned out to be part of a common check fraud scam.Credit...Jason Andrew for The New York Times

By Paulette Perhach

Jilenne Gunther’s uncle noticed her 91-year-old grandfather never seemed to have as much cash as he should in his wallet. A banker with access to the cash dye packs used to catch bank robbers, her uncle put one in a wallet in their home. When the money went missing, a trusted home care worker had the dye on her coat.

The experience inspired Ms. Gunther to dedicate her life to protecting elders from financial fraud, and she is now the director of the BankSafe Initiative at AARP.

Americans over 70 control $53 trillion in wealth, and they are the prime targets for scams. Their adult children are often the first people to notice when something seems amiss, but when elders are the victims of misdeeds, family dynamics can make it difficult to change their behavior. Experts say it takes empathy, due diligence and sometimes outside help.

It’s not just money that’s at stake, Ms. Gunther added: Financial exploitation can cause anxiety, depression, a higher risk of heart attacks and even suicide.

Ms. Gunther said older adults might require the help of grown children and trusted friends to see their financial lives more clearly.

“There’s a relationship between age and financially unsound decision-making,” Ms. Gunther said. “It follows this U-curve. Younger people and older people are more prone to making mistakes.”

A Range of Dangers

One of the most insidious situations can involve someone’s trusting a relative who doesn’t have his or her best interest at heart. Or it could be as simple as an investment that’s not appropriate for the elder’s stage of life, Ms. Gunther said.

“They know this is high-risk, but might not be disclosing that,” she said. “And so it’s really important to really slow down and think about things.”

Cybercrime against elders is skyrocketing. In 2024, the Federal Bureau of Investigation’s Internet Crime Complaint Center received nearly 150,000 complaints of cyber-enabled fraud against people 60 or older, with almost $5 billion in losses, according to the agency’s annual report. The victims lost an average of $83,000.

Scams can come from investment opportunities, impostors pretending to be the Internal Revenue Service or an online romance.

When you hear something that sounds off, you might react in the moment without thinking, but that would be a mistake, Ms. Gunther said. You want to lead with empathy.

“Coming right out and saying something like, ‘You’ve been scammed’ or ‘This is a horrible decision’ — those are things that are not going to open up the conversation,” she said. “So before writing off their decision as risky or bad, it’s important to do your own research and also to ask questions like, ‘What interests you about this investment? What are you hoping to achieve?’”

Free tools can help with your research. Any company that claims to be publicly traded in the United States should show up on the Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System. A financial adviser’s employment history, registrations and regulatory actions are available at the Financial Industry Regulatory Authority’s free BrokerCheck tool. The Consumer Financial Protection Bureau provides a searchable database of complaints about financial products and services. For companies, the Better Business Bureau lists complaints and ratings.

For anyone claiming to have a professional designation, check with the entity that provides that license to confirm that the person has it.

When asking who should be involved in a conversation about fraud, consider which family members talk regularly with the person in question.

“People can also leverage family trust in these types of situations,” Ms. Gunther said, adding that adult children who have maintained open dialogues with their parents are better positioned to influence financial decisions.

Looking for Red Flags

In 2024, Rianka Dorsainvil’s mother came to her with a check that looked legitimate. All she had to do was deposit it and then send a money order for a lower amount to a third party, and then she’d be able to keep the difference. It’s a common check fraud scam.

“I was like: ‘Mom, this is not true. This isn’t real,’” said Ms. Dorsainvil, the founder and senior wealth adviser at YGC Wealth. “These scammers are becoming so sophisticated in their tactics.”

People can now be scammed by clicking on a quiz on social media, signing up for a game or responding to a Facebook message that appears to be from a relative, she said.

Ms. Dorsainvil recommends looking out for if a loved one mentions anything that seems too good to be true. Other red flags include pressure to act fast or guarantees of making money.

If you see something suspicious and want to talk to an elder in your life, Ms. Dorsainvil recommended bringing in a neutral third party so that it doesn’t seem like just your own judgment.

“What I share with my clients, especially when it comes to their parents, is: Blame it on me,” she said.

Ms. Dorsainvil recommended that you acknowledge what they’ve taught you about finances, and then add to that what you’ve learned from financial experts and, if possible, pass them along to someone who can advise them.

“Approach it in an educational manner versus ‘I know more than you now,’” she said, “and I think they will appreciate that.”

Peter Lichtenberg, a former director of the Institute of Gerontology at Wayne State University in Detroit, said financial missteps could be a sign of a deeper issue.

Peter Lichtenberg, a former director of the Institute of Gerontology at Wayne State University in Detroit, said some people discovered dementia in their parents because their parents were losing money.Credit...Nic Antaya for The New York Times

“What we’ve found from some of our focus groups over the years is maybe about one out of every five people discover dementia in their parents because their parents are losing money,” he said. Usually, it takes the form of not remembering that they gave to a cause and sending money again, or falling prey to phone scams.

Signs that dementia may be involved include recent health problems that required hospitalization, increased falls, missed appointments or the repeating of things, like telling the same joke twice in an hour.

This concern adds a second dimension of stigma to the equation, but Dr. Lichtenberg suggested a two-part process for approaching the conversation.

First, take an inventory of your family. How taboo has money been? What are the privacy boundaries around it? How open is your relative to your input about his or her personal life?

Second, he said, “think of it as maybe a series of conversations, because one of the mistakes that people make is they think: OK, well, I’ll just show the person that they’re involved in a scam, and then they’ll logically realize, ‘I guess I have to give that up.’

“But that’s not, of course, what happens,” he added. “And so you’re really in a negotiation.”

Part of negotiation, he said, is a deep understanding of why the situation may be important to the older person. Don’t chide or correct, but instead ask questions in a respectful manner.

“You have to keep that anxiety at bay and that fear and really take it one step at a time as you progress in these conversations,” Dr. Lichtenberg said. “Talk about what the F.B.I. has learned — that older adults are being targeted more and more.”

You may suggest that your relative get a cognitive test during an annual wellness check. Make sure you work with a physician who specializes in older adults with dementia.

The condition can add severity to the financial dangers, Ms. Gunther said.

“We’re seeing with people that are being diagnosed with dementia, they’re losing half their wealth in the years leading up to the diagnosis,” she said, adding that the cause is usually from poor financial decision making or fraud.

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How to Protect Your Elders From Fraud

Get ahead of fraud with preventive conversations. Share data on the rise of fraud and ask if they would like help being protected. Letting them take the lead with independence will make it a smoother road.

Ask about protective account options. Some financial institutions offer transaction alerts, daily withdrawal limits or review for unusual transfers. Ask if your parents would add you as a trusted contact on their accounts so their bank, credit union or investment firm can contact you if it suspects fraud.

Ease into account monitoring. Discuss options such as view-only access or subscribe to an account-monitoring service such as EverSafe, which alerts both the account holders and a trusted contact to unusual activity.

Pass along the AARP Fraud Watch Network Helpline. At 877-908-3360, experts offer tips to avoid scams, help with identifying a possible scam and support for victims. They are also open to helping relatives concerned about an elder in their life.

Help them freeze their credit. To prevent new accounts from being opened in their name, your loved ones can freeze his or her credit for free. Equifax, Experian and TransUnion offer this free service, which can be temporarily lifted if credit is legitimately needed. 

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How to Prevent Aging Parents and Relatives From Making Financial Mistakes 

It’s a Holiday Miracle- Bipartisan Bills in Both Houses of Congress to Protect Older Adults

by: Shana Siegel, Norris McLaughlin P.A.

Scams targeting Americans aged 60 and up reported to the U.S. Federal Trade Commission (“FTC”) in 2024 reached $2.4 billion, well in excess of the previous year’s reports of $1.9 billion, according to the annual study published by the FTC on Dec. 1, 2025. And older Americans are less likely to report fraud -- Keith B. Anderson, former economist in the FTC, noted that as few as 3% of victims actually report fraud to a government entity. Therefore, the FTC estimates $61.5 billion as a more realistic measure of the value stolen from senior adults. FBI data shows the average amount lost by older adults in 2024 was over $83,000. Seniors are uniquely vulnerable to scams due to factors including isolation, loneliness, and reduction in processing speed. Those with cognitive impairment, even if mild, are even more at risk.

Two bills, the STOP Scams Against Seniors Act and the National Strategy for Combating Scams Act have been introduced with the goal of coordinating the federal response to scams and improving the cooperation among the state and federal authorities. The latter bill works as an organizational restructuring “to streamline cooperation among the many federal agencies responsible for addressing different forms of fraud.”

The Senate legislation would establish a federal working group led by the FBI to coordinate the efforts of more than a dozen federal agencies in combating scams. The house bill would authorize the creation of Elder Justice Task Forces to help local, state, and federal agencies work together to investigate and prosecute illegal scammers. The legislation encourages better use of technology, expanded data collection, and stronger partnerships with banks, tech companies, and law enforcement to help prevent scams and support victims.

The National Academy of Elder Law Attorneys (NAELA) is just one of the advocacy groups supporting the bills. Scams are one of many forms of elder exploitation. Elder lawyers work to prevent and halt financial exploitation of older adults. We can also help recover lost funds in some instances. You can view my video podcast to learn more about how to protect against elder exploitation. 

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It’s a Holiday Miracle- Bipartisan Bills in Both Houses of Congress to Protect Older Adults 

Elder scams are horrible, says Utah filmmaker. His heartbreak became ‘Sweepstakes’

By Pamela McCall

Every year, seniors in Utah lose $92 million to financial exploitation, according to figures from the state’s Department of Health and Human Services.

Across the U.S., FBI internet crime data show elders were bilked out of $16.6 billion by fraudsters in 2024 — a 33% increase from the previous year. The reported losses are likely higher, says the FBI, because “older Americans are less likely to report fraud because they either don’t know how to report it, are embarrassed, or don’t know they’ve been scammed.”

Fraudsters know seniors may have savings, can be trusting, a little naive, and, in some cases, even be in the throes of dementia. That's the case in the new Utah film called “Sweepstakes.” The plot was inspired by real-life events.

“My stepmother was scammed for a period of about 10 years, and she was suffering from dementia, but was undiagnosed,” said writer, director and producer Stephen Williams, a Salt Lake Community College film instructor. “We had no idea what was going on. She was sending gobs and gobs of money away every week to sweepstakes scams.”

When his family found out and confronted his stepmother, she was irate and refused to stop sending money to the scammers, not knowing fact from fiction.

“We didn’t know what to do,” Williams said. “My father was beside himself.”

His stepmother passed away at age 96 in 2022, but not before being defrauded of thousands of dollars.

The film that emerged started as a two-part series, but Williams has now produced a feature film, garnering interest from the AARP Utah and the FBI. Williams said representatives attended screenings and held panel discussions — shedding light on scammers who prey on the elderly, become friends with them and pretend to have their best interests at heart.

This interview has been edited for length and clarity.

Pamela McCall: How does your film bring the sad reality of elder scams to life?

Stephen Williams: The main character, 88-year-old Joanne, played by Anne Culimore Decker, is sliding into dementia. She’s enraged because she thinks her adult children are trying to control her when they start to realize her money’s disappearing. In turn, the scammer convinces her that he’s the only one that can be trusted.

PM: Joanne’s daughter discovers $9,000 missing from her mother’s account. Her brother tries to give his mom the benefit of the doubt. Is it hard for people to believe this can happen in their own family?

SW: Who wants to find out that a parent is being scammed, or that they have dementia? People might initially fight against it and write their loved one’s behavior off as normal memory decline that comes with aging. Meanwhile, the unscrupulous scammer is getting her to send him money. In the film, it totals $80,000.

PM: What can be done to protect against this kind of fraud?

SW: No matter who they think is calling, personal information shouldn’t ever be given out over the phone. Scammers can use caller ID to make it look like it’s someone the elderly person knows. Artificial Intelligence is particularly terrifying. A snippet of a family member’s voice and image can be gleaned from the internet and manipulated through AI to ask for money. It could be a Zoom call saying, “Grandma, I’m in prison in Ireland and need $15,000 right now,” when in fact, it’s a scammer.

PM: What will people take away from your film when it comes to elder scams?

SW: The film really is about reconciliation of the family, and ultimately, that's what matters. The money might be gone, but eyes are opened. The brother and sister judged their mother pretty harshly initially, but once they fully understood what happened, their hearts open, and there’s compassion. 

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Elder scams are horrible, says Utah filmmaker. His heartbreak became ‘Sweepstakes’ 

Grandparents to C-Suite: Elder Fraud Reveals Gaps in Human-Centered Cybersecurity

Cybercriminals are weaponizing AI voice cloning and publicly available data to craft social engineering scams that emotionally manipulate senior citizens—and drain billions from their savings.

by Joan Goodchild

A retiree answers the phone one afternoon and hears what sounds unmistakably like her grandson's voice. He says he's been in an accident and needs money right away. The caller knows her name, her town, and details about the family. Panicked, she sends the funds — only later learning that the voice was generated by artificial intelligence and the personal information came from publicly available data online.

Such scenarios have become increasingly common. According to the Federal Bureau of Investigation's 2024 Internet Crime Report, Americans over the age of 60 lost nearly $4.9 billion to cybercrime last year, a 43% increase from 2023. And recent analysis by privacy firm Incogni found that in 72% of these elder fraud cases, attackers relied on personal data available online — addresses, relatives' names, phone numbers, even job history — to tailor their scams.

"Fraudsters don't need to hack anyone when the Internet hands them a dossier," says Chris Olson, founder and CEO of digital safety company Proxyware. "They can sound authentic, look authentic, and automate the next attack within minutes."

Olson notes that the same digital profiling systems built to personalize ads and recommend content now give cybercriminals the same precision marketers enjoy. By exploiting the vast data trails people leave online, attackers can craft scams that feel personal, timely, and credible—especially for older adults whose information is widely available through data brokers and "people search" sites. "The same behavioral profiling that serves ads also guides criminals," he says. 

According to Incogni's analysis of FBI data, investment scams topped the losses in 2024—more than $1.8 billion in total, averaging nearly $194,000 per complaint—but phishing and spoofing grew fastest, surging 700% year over year. In Texas, Georgia, and California—the states with the highest losses per victim—seniors lost an average of more than $46,000 per incident. Experts say the real toll is likely higher, since many victims never report crimes out of fear or shame.

AI Supercharges the Elder Fraud Con

The generative-AI boom has made impersonation scams almost frictionless. Voices cloned from a few seconds of audio can now plead for help in a loved one's tone. Photos and social-media snippets feed large language models that compose believable messages in seconds. 

Olson says the underlying problem is the surveillance economy itself. When an algorithm knows you're a 75-year-old widow who likes gardening, it's easy to craft a lure that feels personal.

To understand the pervasiveness of these lures, Proxyware conducted a pilot program in nine senior communities in Virginia last year. By deploying decoy "personas" that mimicked the residents' typical online activities, the system recorded nearly 16 million attack attempts over a 12-month period. When the decoy identity appeared to be a senior citizen, roughly 1.5% of all webpages rendered included some form of scam or malicious code—double the baseline for other personas.

"It's like shooting fish in a barrel," Olson said. "The moment the Internet recognizes a user as an older adult, the attack rate spikes."

The pilot was conducted in collaboration with LeadingAge Virginia, a nonprofit organization representing aging services providers across the state. Its president and CEO, Melissa Andrews, says digital safety has become inseparable from overall well-being.

"Residents depend on technology for everything—from connecting with family to managing health records and finances," says Andrews. "But that same reliance opens doors for exploitation. We see phishing, fake tech-support calls, romance scams, and even AI-generated impersonations. Some residents are embarrassed to report what happened, which only increases the damage."

Education Isn't Enough; Policy is Needed 

LeadingAge's members now incorporate cyber awareness into their wellness programming, offering regular workshops, open discussions with families, and “gentle vigilance" that encourages seniors to ask for help without fear of stigma. Still, Andrews admits education alone can't keep up with automated deception. 

"Even our most tech-savvy staff sometimes struggle to tell what's real," she says.

That mirrors a broader problem in cybersecurity, Olson argued. 

"Traditional defenses protect machines and networks. They don't protect people," he says. "The industry's blind spot is social engineering—the human layer where most modern fraud begins."

Lawmakers are starting to pay attention. A bipartisan Financial Exploitation Prevention Act would grant financial institutions greater authority to delay suspicious transactions and require the Securities and Exchange Commission to study ways to curb financial exploitation targeting the elderly. The bill, introduced in the U.S. House of Representatives in March, remains in the Committee on Financial Services, and there is no indication of when it will be considered. The bill was introduced after years of escalating losses. A recent AARP study estimated that older Americans lose $28.3 billion annually to financial exploitation—most often at the hands of someone they know. However, according to Olson, that balance has shifted significantly: five years ago, roughly 80% of elder fraud began with caregivers or family members; today, he says, about 80% originates online.

What Security Practitioners Can Learn

For security professionals, experts say, the elder-fraud epidemic exposes the limits of conventional perimeter defense. Every deepfake plea or personalized phishing lure is also a proof of concept for corporate compromise. 

"Employees of corporations are targeted just like grandmothers," Olson says. He notes that the same digital-targeting ecosystem used to deceive individuals can also breach enterprises when it triggers the right emotional response.

Jonelle Gardiner, a certified fraud examiner who works with financial institutions, says she has begun teaching her own parents to pause before reacting to urgent digital requests. 

"Scammers rely on panic and emergency situations, because even the best of us can be flustered hearing our child has been arrested or kidnapped," she says. "All logic is lost. In short, pause and think — those short five seconds can be the difference between keeping or losing access to your pension."

Protecting seniors—and everyone else—will require a combination of stronger privacy regulations, improved consumer education, and industry-wide cooperation to dismantle criminal infrastructure more effectively.

"We have to look at this as protecting people," Olson said. "It's not just about fixing the Internet—it's about preventing harm before it happens." 

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Grandparents to C-Suite: Elder Fraud Reveals Gaps in Human-Centered Cybersecurity 

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.

Elder Abuse Awareness - Joan's Story

It’s a group that should be one of the most protected in our society, but they are often among the most preyed upon. So we're sharing some tips and warnings for you, as we work to prosecute predators to the fullest who target senior citizens. That victimization ranges from physically and financially abusing seniors, including an array of monetary scams, such as romance schemes, and those trusted with bank information who take advantage of that trust. 

Source:
Elder Abuse Awareness - Joan's Story

Scams are getting smarter — is your facility ready?

by John O'Connor

There’s a new kind of threat targeting your residents. 

It won’t show up on vitals, carry an infection risk or trip wandering alarms. But it can wipe out life savings and destroy trust. If left unaddressed, it can also put your facility at risk for financial, reputational and regulatory consequences.

The US Senate Special Committee on Aging’s 2025 fraud report, “Age of Fraud: Scams Facing Our Nation’s Seniors,” paints a troubling picture. Older Americans lost $4.8 billion to scams in 2024, up from $3.4 billion the year before.

What’s behind this surge? A powerful new accomplice: artificial intelligence. Scammers are cloning voices, creating fake videos, and impersonating relatives or officials with unnerving realism.

The FBI reported $16.6 billion in cybercrime losses last year, a 33% jump. Cryptocurrency scams targeting older adults accounted for nearly $3 billion. Peer-to-peer payment fraud — via apps like Zelle, Venmo and CashApp — added another $391 million.

This isn’t just a consumer protection issue. When a scam targets someone in your care, it becomes your operational problem. If a resident’s funds are drained, rent and care payments may stop. If a cognitively impaired resident believes they’re in danger, that anxiety becomes a care disruption. And when a scam goes undetected, tough questions can follow — from families, ombudsmen and regulators.

So, what’s an operator to do?

Start by treating scam prevention as part of your resident safety strategy. Train frontline staff to recognize red flags: urgent requests, secrecy, odd financial behavior, or shifts in mood or trust. If they can spot fall risks, they can learn this too.

Also, keep families in the loop. Yes, they’re busy — but they need to be informed about current scams, especially AI-driven ones.

And don’t forget to review your policies. Does your abuse prevention or incident reporting protocol mention financial exploitation? Do staff know when and how to escalate concerns? If not, now’s the time to update.

This threat isn’t going away. AI, cryptocurrency and social media are making scams more common and harder to detect.

Scammers are evolving. Skilled nursing providers must do the same. Preventing a mess is almost always easier than cleaning one up. 

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Scams are getting smarter — is your facility ready?

On Elder Abuse Awareness Day Seniors Told: Be Alert to Scams

SOURCE;  Amber Frost for Santa Barbara County District Attorney's Office 

In recognition of World Elder Abuse Awareness Day (WEAAD), June 15, the Santa Barbara County District Attorney’s Office is reminding the community to stay vigilant against the growing threat of financial exploitation and scams targeting older adults.

“Seniors in our community are being targeted by increasingly deceptive and aggressive schemes,” said Santa Barbara County District Attorney John T. Savrnoch. “This isn’t just a national issue, it’s a local one.

“That’s why, in observance of World Elder Abuse Awareness Day, we’re urging everyone to stay alert, speak up, and report suspected fraud.”

To help prevent elder financial abuse, the District Attorney’s Office provides educational presentations and outreach to senior centers, faith-based groups, and community organizations.

“We want the community to know that help is available,” said Savrnoch. “If you or someone close to you suspects a scam or is experiencing financial exploitation, report it immediately to local law enforcement or our office.

“No one should face this alone. We’re here to support you.”

As part of the office’s ongoing efforts to keep the public informed, Chief Investigator Kristina Perkins hosts a weekly podcast “Scam Squad,” which educates the community about common and emerging scams and offers practical tips on how to stay protected.

“Scam Squad” airs on Young at Heart on KTMS Newstalk 990 at 5:30 p.m. Saturdays and 9:30 a.m. Sundays; or listeners can access the podcast on Apple Podcasts and YouTube.

To report suspected fraud or request resources, call the Santa Barbara County District Attorney’s fraud hotline, 805-568-2442. 

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On Elder Abuse Awareness Day Seniors Told: Be Alert to Scams 

The Successes and Challenges of Navigating Company Websites to Report Fraud

By Alicia R. Williams, AARP Research 

Imposter scams are on the rise, with criminals posing as representatives of businesses, government agencies, and nonprofits to steal personal information and money.  According to the Federal Trade Commission (FTC), business and government imposter scams were the most reported form of imposter scams in 2023, resulting in over $1.1 billion in losses.

This research report reveals the following:

• Over the past three years, approximately one in eight adults (around 40 million individuals) have attempted to report an imposter scam they experienced to the impersonated company via its website.
• Banks and credit unions were the most contacted (44 percent), followed by online retail stores (29 percent).
• More than half (55 percent) of adults found it easy to navigate to the fraud reporting section on the company website to report their experience of imposter fraud. However, about a third faced difficulties, and 10 percent were unable to find the reporting location at all.
• A majority (58 percent) successfully reported their fraud experience on the website, with most (56 percent) not needing to log in. As a result, 80 percent felt very or moderately satisfied with their website experience.
  

The report highlights several important considerations for businesses to improve their fraud reporting mechanisms:

• User-Friendly Design: Websites should be easy to navigate with clear instructions on how to report fraud.
• Accessible Reporting Tools: Businesses should provide dedicated forms, hotlines, and prominently displayed email addresses for fraud reporting.
• Regulatory Compliance: Adherence to regulations like the Bank Secrecy Act (BSA) and the Gramm-Leach-Bliley Act (GLBA) is crucial for safeguarding sensitive data and detecting suspicious activities.
• Customer Education: Informing customers about common fraud schemes and how to protect themselves through FAQs, tutorials, and alerts about recent fraud trends is beneficial.

Methodology

This national omnibus survey was conducted from July 25, 2024, through July 29, 2024, among a sample of n=1,102 adults age 18-plus, using NORC’s AmeriSpeak probability-based sample of pre-recruited panel participants. The data are weighted to the latest Current Population Survey (CPS) benchmarks developed by the U.S. Census Bureau and are balanced by gender, age, education, race/ethnicity, and region.

For more information, please contact Alicia R. Williams at arwilliams@aarp.org. For media inquiries, contact External Relations at media@aarp.org.

The search metadata was created with the assistance of Copilot and has been reviewed for accuracy and appropriateness.

Suggested citation:

Williams, Alicia R. Navigating Company Websites to Report Fraud. Washington, DC: AARP Research, March 2025. https://doi.org/10.26419/res.00878.001

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The Successes and Challenges of Navigating Company Websites to Report Fraud

Keeping Seniors Safe From Scams and Fraud With the NJ State Library

From robocalls and fraudulent texts to phishing, identity theft, and more, scams are a pervasive and prevalent piece of the digital age. Each year, countless time, resources, and funds are lost thanks to fraudsters who prey upon the most vulnerable members of our communities. While anyone can fall victim to a scam, this issue is of particular concern for our senior population. With new healthcare scams and schemes popping up every day, there has never been a more important time to remain vigilant, educated, and alert of the signs of fraudulent activity. For those seeking to keep themselves and their loved ones safe from harm, equipping yourself with knowledge is the best protection you can employ against those seeking to do harm. And with the help of the New Jersey State Library’s upcoming webinar, you’ll be savvy to scams in no time.

On Tuesday, February 25th, the New Jersey State Library will be hosting “Scams and Frauds for Seniors”. This informative conversation will take place virtually from 12pm to 1pm on Zoom. Your host for the afternoon will be Michael Rosati, who will be representing the New Jersey Medicaid Fraud Control Unit. This discussion will cover a variety of important topics, including the various types of scams criminals employ today, as well as practical tips and strategies to utilize in your own life to better protect against these schemes.

As with all New Jersey State Library webinars, this discussion is completely free to attend. However, advanced registration is required. For those interested in tuning in, please register on Zoom, linked here: Register – NJSL. This conversation is perfect for seniors who are interested in keeping themselves safe from scams, as well as family and caregivers seeking to keep their loved ones safe.

The afternoon’s host, Michael Rosati, is a subject matter expert with years of relevant experience in the field. A member of the New Jersey Medicaid Fraud Control Unit (MFCU) since 2017, Mr. Rosati has worked a wide variety of criminal cases involving high-dollar provider fraud schemes, pharmaceutical drug diversion, theft, financial exploitation, as well as cases involving the abuse and/or neglect of disabled or elderly victims. As of May 2024, Mr. Rosati has been promoted to the rank of Sergeant within the MFCU, where he continues to conduct investigations and supervise a team of detectives assigned to the southern region of the state. Additionally, Mr. Rosati is a member of the New Jersey Elder Protection Task Force, where he works with communities across the state to help keep our seniors safe and thriving.

For more information about this and other upcoming events at the New Jersey State Library, please visit their website, linked here: NJSL – Home. To learn more about upcoming webinars and other resources, please visit the NJSL’s Events Calendar, linked here: Events – NJSL. You can also keep up with the New Jersey State Library on Facebook, X, Instagram, and YouTube. If you have any questions, please contact NJSL staff at (609) 278-2640 with any inquiries you may have.

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Keeping Seniors Safe From Scams and Fraud With the NJ State Library

Senior Services: The shame of scams

By Julie Randolph

According to Michigan’s Attorney General, more than 73,000 older adults in Michigan are victims of elder abuse.

From 2022 to 2023 the Financial Crimes Enforcement Network revealed financial institutions reported roughly $27 billion in suspicious activity related to elder financial exploitation. Examples of these suspicious situations include:

• An older adult unable to make ends meet after a family member experiencing financial trouble convinced them to take out a mortgage on their home with proceeds going to that family member. The older adult then finds themselves seeking assistance to obtain basic needs like heat and food because the resulting mortgage payment far exceeds their retirement income.
• People professing to be caregivers asking for unused automobiles, with promises to make payments, and then never returning to provide either the care or car payments.
• Situations where a seemingly credible stranger requested private information in an authoritative tone. Only after the older adult has provided account and identification numbers do they realize what has occurred.
• An older adult gave access codes to move their social security direct deposit to another account, believing it was their bank making necessary data changes.
• Family members reach out to us for advice about how to stop their parent from participating in money laundering schemes. The newfound purpose, friendship, productivity, and pride in work can make an older adult vulnerable to working for criminals.

The primary antidote to losing your hard-earned money to these criminals is simple: talk to others about your experience before taking any action requested by the callers. Scams are almost always introduced with an insistence on secrecy and urgency. Recognize the hallmarks of secrecy and urgency and remember that anything or anyone who restricts you from discussion with others has something to hide. 

Many older adults come to Senior Services for assistance because their family and friends made them feel shame for being the victim of the crafty coercion of criminals. If someone you know experiences financial exploitation, we encourage you to respond with grace. Speak openly, with kindness and understanding about the incident. Understanding and sharing may help others avoid the same fate.

Remember, if it is too good to be true, it is. If it provokes fear and feels wrong, it is. If it is the real thing, it can wait for open discussion with others before proceeding with information or actions. As always, Care Coordination staff is here to listen and assist, whether or not you are a current client.

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Senior Services: The shame of scams

Woman who lost $850,000 to scammers posing as Brad Pitt faces wave of online harassment and mockery

A French woman who revealed on television how she had lost her life savings to scammers posing as Brad Pitt, has faced a wave of online harassment and mockery, leading the interview to be withdrawn on Tuesday.

The woman, named as Anne, told the "Seven to Eight" program on the TF1 channel that she had believed she was in a romantic relationship with the Hollywood star, leading her to divorce her husband and transfer $850,000.

The scammers used fake social media and WhatsApp accounts, as well as AI image-creating technology to send Anne what appeared to be selfies and messages from Pitt.

To extract money, they pretended that the 61-year-old actor needed money to pay for kidney treatment, with his bank accounts supposedly frozen because of divorce proceedings with his ex-wife Angelina Jolie.

Anne, a 53-year-old interior decorator with mental health problems, spent a year and half believing she was communicating with Pitt and only realized she had been scammed when news emerged of Pitt's real-life relationship with girlfriend Ines de Ramon.

"The story broadcast this Sunday has resulted in a wave of harassment against the witness," TF1 presenter Harry Roselmack wrote on his X account on Tuesday. "For the protection of victims, we have decided to withdraw it from our platforms."

Anne was said by the channel at the time of its broadcast to have been suffering from severe depression and received hospital treatment.

The interview, in which she was filmed openly and even shared family photos with reporters, went viral on Monday.

It sparked a deluge of mocking comments and jokes, but some online critics accused TF1 of failing to protect a vulnerable individual who might not have been unaware of the consequences of going public.

Toulouse Football Club tweeted that "Brad told us that he would be at the stadium on Wednesday" for the team's next match, before withdrawing the message and apologizing.

Netflix France also posted on social media promoting "four films to see with Brad Pitt (really) for free."

Romance scams have been a feature of the internet since the advent of email, but experts say artificial intelligence has increased the risk of identity theft, hoaxes and fraud online.

"These people deserve hell"

Anne told TF1 that she was first contacted by someone posing as Pitt's mother shortly after she began using Instagram for the first time while on a ski trip with her family in France.

"She told me that her son needed someone like me," Anne explained.

The scammers messaged her again several days afterwards, this time posing as Pitt.

"At first I said to myself that it was fake, that it's ridiculous," Anne explained to TF1. "But I'm not used to social media and I didn't really understand what was happening to me."  

"I ask myself why they chose me to do such harm like this?" she continued. "I've never harmed anyone. These people deserve hell."

More than 64,000 Americans were taken for over $1 billion in romance scams in 2023— double the $500 million just four years earlier, according to the Federal Trade Commission.  

In 2023, senior citizens were conned out of roughly $3.4 billion in a range of financial crimes, according to the FBI data. The agency recently warned that AI has increased the "believability" or criminal scams given that they "assist with content creation and can correct for human errors that might otherwise serve as warning signs of fraud."

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Woman who lost $850,000 to scammers posing as Brad Pitt faces wave of online harassment and mockery

This isn’t ‘Home Alone’: Protecting seniors from real-life holiday crooks

by Tammy Weber

“Merry Christmas little fella. We know that you’re in there and that you’re all alone.” The crooks are plentiful and eager to capitalize on the loneliness of seniors, among other vulnerabilities.

The holiday season is soon upon us. It is a time of celebration and giving for most but beware of the takers. Online and other scams increase during the holiday season and many of these schemes target seniors. How can you identify and avoid senior scams?

Common Scams

Fake online stores — Watch out for online stores that are either fake or closely resemble a legitimate store/brand. If the price for a sought-after item is really low, it is too good to be true.

Gift card scams — These scams trick individuals to purchase fake gift cards or to use valid gift cards to pay for fraudulent goods or services. Make sure that you purchase gift cards from a reputable dealer. Online stores may advertise gift cards at a steep discount, and you may receive a gift card with no value. If you purchase gift cards in person, do not be upset when a cashier asks you the purpose of your purchase of multiple gift cards.

Phishing emails or text messages — If you receive a message from your bank or your credit card company that your account has been compromised, do not click on the link provided which prompts you to log into your account. Once you do this, the scammers have your personal information. Go to the main website of your bank or credit card company and log into your account or call the bank or your credit card company using the number on your bank statement or on the back of your credit card.

Tax relief services call, AKA government impersonator — “It looks like you still have some back taxes. I’m calling because you’re eligible to apply to have them eliminated through the total tax forgiveness program, but we need to enroll you now.” Of course, they will want your confidential information including your date of birth, social security number, address and more in order to enroll you. Do not give this information out over the phone. Remember the IRS will never call you on the phone. You will receive a formal letter in regular mail.

Grandparent scams — You get a call that your grandchild is in trouble and needs money to fix their car or make bail. The call may go like this — “Please don’t tell mom that I have been arrested. I need $1,000 for bail wired to this bail bondsperson.” The scammer is counting on the grandparent not being familiar with the grandchild’s voice.

Lottery phone scams — “You’ve won the lottery. We cannot wait to send you a certified check for your winnings, but we need x dollars in order to make sure your winnings get to you safely and are not stolen en route.”

Romance scams — In 2023, Americans lost $652 million in losses tied to romance and confidence scams according to the FBI’s Internet Crime Report. In They’re Giving Scammers All Their Money. The Kids Can’t Stop Them, Tara Siegel Bernard details the story of a son who could not stop his father from giving approximately $1 million to scammers, including one posing as a female wrestling star.

Warning signs

Are you noticing sudden changes in your love one’s financial habits? Are they going to the bank more often, or do you see unusual withdrawals of large sums of money by someone accompanying your loved one? Has a name been added to the bank signature card? Have funds disappeared or are valuable possessions no longer displayed in the home? Are bills going unpaid or late notices being received? Are formerly uninvolved relatives now in the picture and claiming rights to possessions and involvement in your loved one’s affairs? Are services being provided that are not necessary? Is there now a mortgage on a previously paid-off home? Have you received notice that you are no longer the agent under your loved one’s Financial Power of Attorney? Did the local bank teller mention that your loved one has been in to the bank with a “new friend?”

Protect Yourself

Do not respond to requests for money, bank account numbers or credit cards. Never give out personal information in a phone call or email. Do not give out your Social Security number. When in doubt, hang up the phone!

Trusted resources

Where do you go to report these types of scams? The Office of Attorney General (OAG) has a Senior Protection Unit which investigates elder scams and financial exploitation. You may contact the OAG by email at seniors@attorneygeneral.gov or by calling the Senior Help Line at 1-866-623-2137. For more on this, view the presentation called Seniors, Scammers, and Scoundrels. The Federal Trade Commission (FTC) has a website where you can report fraud and scams. There is also a listing of frequently asked questions to help educate you. You can also go to your county Area Agency on Aging.

“You guys give up? Or are you thirsty for more?” The scammers are not going to give up as they want more, but you can be vigilant.

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This isn’t ‘Home Alone’: Protecting seniors from real-life holiday crooks

Elderly Americans are losing millions to real estate scams

Fortune· Getty Images

by Elizabeth Blosser

Scammers have only become more sophisticated over time, stealing tens of billions from Americans annually, with the emergence of artificial intelligence (AI) exacerbating the problem. But one type of fraud in particular—elder real estate fraud and financial exploitation—has flown mostly under the radar, rising in recent years as the average price of homes has increased.

It is time to reverse this trend. State and federal governments must work collaboratively with the private sector toward a solution before more older adults fall victim.

The Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3) found that nearly 1,500 Americans ages 60 and older reported losing a total of $65 million in real estate scams last year. Overall, there was a 14% increase in elderly victims filing complaints and the Federal Trade Commission (FTC) reported that adults over age 60 lost over $1.6 billion to all types of scams last year.

Attractive targets

The median age of Americans has increased over the last four decades and our population is older today than it has ever been. Older Americans are less likely to report suspected fraud and as a group, tend to be financially better off than other demographic groups. This makes them attractive targets, but it also means steps must be taken to prevent the damage from being done in the first place.

Elder real estate fraud and financial exploitation covers a broad range of actions, including forging a signature on legal or financial documents; coercing or unduly influencing the signing of a legal or financial document; and non-disclosure of critical information; and inappropriate utilization of authority under a Power of Attorney (POA), just to name a few. Often the perpetrator isn’t a stranger, but rather a close relative, trusted friend or advisor of the victim, which makes the scam even more egregious.

The consequences can be financially devastating as FBI Public Affairs Officer Christina Garza noted in the wake of the IC3 report release: “We’re seeing people lose their entire life savings and their retirement funds on top of that. They’re losing their homes because they’re having to remortgage their houses to be able to keep up with the scams and the extortion if you will and manipulation that comes along with all of that.”

What government can do

The stark increase in scams targeting older adults is deeply concerning, which is why the American Land Title Association (ALTA) has joined together with the National Consumer Law Center (NCLC), National Association of Realtors (NAR) and AARP to share legislative, educational, and enforcement recommendations states and the federal government can implement to help combat the rise in elder real estate fraud and financial exploitation.

Legislatively, states could ban unfair and deceptive long-term real estate agreements that purport to create liens and result in financial loss. In addition, the Uniform Law Commission’s (ULC) Uniform Power of Attorney Act provides protection to guard against financial exploitation by those individuals acting in an official representative capacity. By enacting and enforcing the Act, states could shield older adults against bad actors looking to take advantage of them.

States could also educate consumers and practitioners on deed theft. Deed theft or fraud is a scheme that involves forging and recording a phony transfer of property ownership, allowing criminals to then sell the home or take out a mortgage on it.

Expanded enforcement could also help stem the rising number of older adults who fall prey to scams. States and the federal government could support data gathering and enforcement of protection laws by allocating the necessary resources and promoting initiatives through local Adult Protective Services (APS) and the Consumer Financial Protection Bureau (CFPB), among others.

Finally, the real estate industry must continue to share resources that consumers, practitioners, advocates, law enforcement, and other interested stakeholders can access to stay informed on rising threats targeting older adults.

Together, these collective efforts can help prevent future fraud and exploitation, safeguard the financial security of older Americans, and send a message that these abusive practices must end.

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Elderly Americans are losing millions to real estate scams