Since 2024, seniors across the United States have been defrauded of more than $1 billion, underscoring the growing sophistication of modern scams. Criminals are no longer just cold-calling victims with far-fetched promises. Instead, they’re using technology, psychology and artificial intelligence to infiltrate lives and bank accounts with alarming precision.
Old Tricks, New Packaging
Many of the techniques being used to target older adults are not new, but scammers have found ways to disguise them more convincingly:
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The tech support hoax
Fraudsters pose as IT workers, sometimes claiming to represent big-name companies. Victims are told that their computer has a virus or that their accounts are at risk. Once “remote access” is granted, scammers install malware, steal login credentials and gain access to sensitive financial data. -
The fake fraud department
Con artists pretend to be calling from a victim’s bank. The ruse often begins with a claim that suspicious charges have been detected. Victims, eager to protect their accounts, are tricked into “verifying” passwords or even transferring money to a so-called “safe account” that’s really controlled by the scammer. -
Government impostors
These scams exploit trust in official institutions. Criminals pose as IRS agents, Medicare representatives or Social Security workers, insisting that benefits are in jeopardy unless immediate payment or personal information is provided.
AI Raises the Stakes
What makes today’s wave of scams especially dangerous is the use of artificial intelligence. AI has given fraudsters tools once thought to be the stuff of science fiction:
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Voice cloning: Scammers can now mimic the voice of a victim’s child or grandchild with unsettling accuracy. A desperate phone call: “Grandma, I’m in trouble, send money” may sound authentic enough to bypass doubt.
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Personalized deception: AI systems can scrape data from social media or past purchase histories, enabling scammers to reference real details from a victim’s life. A phony caller who knows where your client last shopped or the name of their pet instantly sounds more legitimate.
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Automated attacks: AI can generate thousands of personalized phishing messages at once, increasing the chances of catching even the most cautious individual off guard.
Why Seniors Are Targeted
Older adults are particularly vulnerable for several reasons. Many have accumulated significant savings over their lifetimes, making them attractive targets. Additionally, some may be less familiar with evolving digital threats or more trusting of authoritative voices on the phone. Isolation can also play a role because scammers often prey on seniors who may not have someone nearby to consult before acting.
Key Fraud Defense Practices
Knowledge remains the strongest defense against fraud. Here are a few key practices to discuss with your clients:
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Verify before trusting. If someone calls claiming to be from the bank, government or even a family member, hang up and call back using a verified phone number.
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Never share sensitive information. Passwords, Social Security numbers and bank details should never be shared over the phone, email or text.
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Be skeptical of urgency. Scammers often pressure victims to act quickly. Legitimate institutions rarely demand immediate action.
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Talk about scams. Regularly discussing scams with family members, friends and community groups helps reduce stigma and makes everyone more prepared.
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Report suspicious activity. If you suspect fraud, contact your financial institution and report it to the Federal Trade Commission.
The Bottom Line
The $1 billion stolen from seniors since 2024 is more than just a number; it represents lost savings, broken trust and shaken confidence. As scams grow more advanced, awareness and vigilance are critical. Seniors, families and communities must work together to stay informed and safeguard against a new era of fraud powered by AI. If your client or a loved one suspects that they’ve been scammed, they should contact an attorney immediately to find out what can be done to stop or reverse the fraud.
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