Over the years we’ve published a number of posts on the ever-increasing ways that older adults are at risk of being scammed. While it would be great if we could wave the “mission accomplished” banner at this point, and tell you that fraud and scams perpetrated against older adults have been solved, that would be just one more scam. The reality is that this problem is ongoing and in many ways, it is evolving and becoming more difficult to uncover and track, as new technologies make it harder to be savvy and victims are reluctant to report due to embarrassment or shame. As a reminder, older adults are frequently the focus of such scams because they represent the perfect storm for scammers: They tend to have more money, may suffer from isolation or loneliness, and may have cognitive impairment, adding up to a rich target for those who want to commit fraud. So let’s take a look at some recent developments and newer resources to help you stay aware and up-to-date in order to protect yourself.

In a 2024 report from AARP, 2000 respondents were surveyed about their experience with financial fraud or exploitation. Half of the respondents were ages 18-49 and the other half were over 50. 48% of all respondents said they had been the victim or intended victim of financial fraud. 22% of those over 50 said they had already been scammed out of at least $5000 (only 13% of victims under 50 reported this). What was perhaps most interesting was that an overwhelming majority of older respondents want their financial institutions to help monitor withdrawals or suspicious behavior and want caregivers to be notified when suspicious activity is detected. In fact, regular engagement with financial institutions and advisers appears to reduce your risk of being scammed. Other data confirms the prevalence of senior scams, including an estimate that between 5-11% of all older adults have been victims of some kind of financial fraud (though it appears that only 1 in 25 victims report the crime).

What types of scams and crimes are most prevalent these days? Cryptocurrency scams are very common, with anonymity and easy fund transfers seen as fueling these hoaxes and unsophisticated investors are likely to be lured in by promises of high returns and low risk. Further complicating these scams is the fact that money handed over will then quickly leave the country so it becomes difficult if not impossible to trace it and return it to its rightful owner. Text message scams are also increasingly common, with reports that in April of 2024, over 19 billion spam texts were received by Americans. Those looking to defraud an older adult via a text may either send a malicious link that they hope the recipient will click, thereby downloading malicious software onto the phone; or they may send a text “by mistake” and then strike up a friendly conversation to lure the recipient into a fraudulent investment, or use a one-time “password” to gain entry to the data on your phone. It’s even possible for scammers to access payment apps on your phone and send themselves money. And speaking of phones, the expert advice if you receive a call from an unknown number on your cell phone? Don’t answer and let it go to voicemail. You can even set up a system on your smartphone so that only phone numbers saved in your contacts will actually ring and everyone else will automatically be sent to your voicemail. As one expert made clear, “Don’t overestimate your ability to outsmart the fraudsters. This is their job. They make a living doing this — they’re highly motivated to be good at this job.”

So what’s out there to help you protect yourself and your loved ones from scammers? You may first want to take a look at this comprehensive recent New York Times article on both avoiding scams and reporting them. Marketwatch also recently published a list of 7 steps that you and your loved ones can take together to protect each other, including creating trusted contacts to give to your financial institutions and creating a team of professionals, family, and/or friends to help ensure you and your finances are safe. There is also a new study from the University of Wisconsin that reports that online, interactive training programs can help older adults detect a scam in ways that written materials alone don’t seem able to do. You should ask if your banking or other financial institutions have such interactive training programs for their customers. And speaking of online support and safety from scammers, Wayne State University’s Institute of Gerontology has a number of resources that can educate you about scams and provide support should you become a victim. The Institute’s SAFE program (Successful Aging Through Financial Empowerment) has an array of online resources, and there is an online Financial Vulnerability Survey to help you determine your level of risk.

Finally, you may want to check out the movie Thelma, about a 90-year-old woman defrauded by a “grandparent scam” and determined to get back the $10,000 she lost. The movie was written and directed by Josh Margolin, who came up with the concept after learning that his grandmother almost fell prey to the same sort of scam. While the movie may not keep you from being vulnerable to financial exploitation, it should be an enjoyable source of entertainment with its rating of 99% on Rotten Tomatoes. It’s now streaming for home viewing on many digital platforms. So pop some popcorn and watch the trailer here.