Scammers are unfortunately getting bolder—and elderly adults are often prime targets. In one case, couriers spent two years collecting cash and gold bars from victims in Massachusetts who believed they were helping loved ones or paying urgent debts.

In reality, it was a sophisticated fraud scheme that stole millions. We have continued to see scammers exploit trust, isolation, and limited familiarity with technology through fake emergencies, romance scams, and impersonation. The financial and emotional toll can be severe for the victims of these ongoing scams. However, as with any risk management issue, awareness and prevention are the best defenses. Here’s what we recommend:

Four steps to help protect against elder scams:

1. Avoid contact with unknown entities:

Scammers thrive on engagement. They sound helpful and convincing—but only if you respond. Think twice before answering calls or texts from unknown numbers or emails from unknown addresses. Even recognizable entities like your bank can be spoofed. Let the call go to voicemail, then verify using a trusted number or contact your banker directly. Take the same precautions with any unexpected messages from government agencies, shipping companies, or similar sources. A few extra minutes to verify can save hours of dealing with identity theft or financial loss.

2. Add safety protocols:

Work with your advisory team to streamline bank accounts and ensure all necessary security measures are in place. If your bank accepts instructions via email, make sure it requires two-part verification, as scammers often mimic emails to request wire transfers. Whenever you receive a suspicious or unclear inquiry, consult your team immediately. Send any notice from the IRS to your Certified Public Accountant (CPA) for verification, and forward anything from government agencies to your lawyer.

3. Involve family members:

It can be difficult to ask for help, but adding a trusted adult child or relative as a financial proxy can offer protection and peace of mind. Families with older generations should have sensitive conversations about transferring financial responsibilities earlier rather than later.

Encourage older relatives to check with someone before responding to suspicious messages. This might mean texting a screenshot to a family member or using apps that allow trusted access to devices when needed.

4. Review cyber-insurance:

Coverage for scams and fraud can vary significantly between policies, so it’s important to discuss the details with your account executive. As a reminder, most policies do not cover voluntary money transfers, even if they are solicited by a scam.

Scammers are constantly finding new ways to deceive, making it even more important to stay vigilant and support the vulnerable people in your life. Protecting yourself and your loved ones starts with awareness and caution. If you ever have questions or concerns, please don’t hesitate to reach out. We’re here to support you and help you feel confident keeping scams at bay.