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A convincing phone call or fraudulent email can now threaten savings that took decades to build. Seniors are particularly attractive targets because scammers often assume they have retirement funds, 401(k) accounts and other accumulated assets.
“Older people generally have more money because by the time you are considered elderly, scammers know to target retirement savings and 401(k)’s,” said Jon Tran, a senior associate at the Chertoff Group, a security and risk management consultancy.
Artificial intelligence has made those schemes more sophisticated. Fraudsters can use voice cloning, deepfakes, spoofed phone numbers and fabricated social media identities to impersonate people their targets trust.
Tran said scammers can make calls appear to come from relatives or friends, increasing the likelihood that a senior will respond to an urgent request for money without questioning it.
Technology is only part of the threat. Many scams also exploit loneliness, grief and social isolation.
Cynthia Deitle, a former FBI agent who now works on fraud and scams at Meta, said criminals deliberately approach seniors when they show signs of vulnerability. Some spend significant time developing a relationship and earning a target’s confidence before asking for money.
“A lot of seniors just want someone to talk to, and scammers take advantage of that social isolation,” Tran said.
Fraudsters also manufacture urgency. They may claim that money or personal information is needed immediately, limiting the victim’s opportunity to contact someone, investigate the story or reconsider the request.
Tran said the pressure is designed to make targets respond from fear instead of thinking critically and verifying what they have been told.
Several practical precautions can reduce the risk. Seniors should independently confirm unexpected calls, limit the personal information they share online and speak with a trusted relative or friend before transferring money.
“When you get a text message or a phone call, slow down,” said Zile Javaid, a Public Affairs Bureau officer with the Fairfax County Police Department. If someone unexpectedly requests financial or personal information, Javaid said, the recipient should end the conversation and report it immediately.
Regular contact from relatives and friends can provide another line of defense. Staying involved makes it easier to notice unusual behavior or suspicious financial activity before a major loss occurs.
“The more people who are aware of the situation, the better the chances of stopping it early,” Deitle said.
As fraud techniques evolve, protecting seniors will depend on awareness, vigilance and strong connections with family and the wider community. Although scammers have gained more powerful tools, their schemes still rely on finding victims during moments of fear, confusion or isolation.
“Scam operators will fail their mission without victims,” Deitle said. “If we teach people how to identify scams and stay alert, we can stop them before they succeed.”