Elder financial fraud

Americans over 60 lose an estimated $3 billion+ per year to financial fraud, and that's just the reported cases. Many victims never tell anyone out of shame. Older adults are targeted because they tend to have more savings, are less familiar with current scam tactics, and are more likely to be polite on the phone — which scammers exploit ruthlessly.

The most common scams against older adults

• Grandparent scam: 'Grandma, it's me, I'm in jail, please send money and don't tell mom.' Voice AI is making this alarmingly convincing.
• Romance scams: long-term online relationships that eventually ask for money for emergencies.
• Government impersonation: fake IRS, Social Security, or Medicare calls threatening arrest or benefit loss.
• Tech support scams: popups or cold calls claiming computer infection, then remote access, then access to financial accounts.
• Investment schemes: 'guaranteed returns' pitched by friends-of-friends at events.
• Sweepstakes scams: 'You've won — just pay the fees and we'll send the prize.'

The conversation to have with aging parents

Have it before they need it, calmly, framed as 'this happens to smart people' — not as a capability judgment. Agree on three rules in advance: never send money based on a phone call without first calling the supposed caller back at their known number; never give a code over the phone; always call a designated family member before making any financial decision over $500 that wasn't planned.