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Fraud Trends Targeting Seniors. Old Tricks, New Packaging!

Risk Management

As a financial advisor and Accredited Investment Fiduciary (AIF®), my role is to help families protect both their assets and their peace of mind. Education, vigilance, and trusted professional guidance are critical to protecting your finances and your family. Unfortunately, seniors today face increasing risks—not just from market volatility, but also from sophisticated fraud schemes that can erode a lifetime of savings in moments. Staying informed is one of the best defenses.

Fraud Trends Targeting Seniors  By Emily A. Martin, Attorney, Hook Law Center

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:

  • 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.

For more resources to safeguard seniors in our community, I encourage you to sign up for Arizona advocate, Joyce Petrowski’s monthly R.O.S.E. newsletter (Resources/Outreach to Safeguard our Elderly)  by emailing: joycepetrowski@roseadvocacy.org.

If you have addition resources to add please give me a call at 480-513-1830.

All the best, Charles

Charles C. Scott AIF®, CDP®

ACCREDITED INVESTMENT FIDUCIARY®CERTIFIED DEMENTIA PRACTITIONER®

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Watch, The Five Biggest & Costliest Misconceptions About Long-Term Care, click here. 

Download, The 10 Critical Things Seniors Need to Know About Long-Term Care, click  here.