When caring for older adults, protecting them from elder financial abuse is often a top priority. The common fears include scammers draining their bank accounts, telemarketers pushing unnecessary products, or others exploiting their generosity. And as if these threats aren’t enough cause for concern, the rise of artificial intelligence (AI) has opened a new door for fraudsters that also deserves our attention.

From voice cloning to phishing, here are some of the most prevalent types of AI-driven scams,  and what you can do to fight back and help protect your loved ones. 

Voice cloning

AI can replicate a person’s voice with eerie accuracy using just a few seconds of audio. This allows fraudsters to call an older adult in a voice that is difficult to distinguish from a family member, especially if there are hearing problems involved. The technology can be used to make this voice sound in distress, and in urgent need of money or sensitive information. This type of scam is particularly unsettling – and effective – because it preys on emotional bonds and the instinct to help a loved one in need. 

AI phishing attacks

Phishing attacks are a staple in the scammer’s toolkit, and they are becoming more sophisticated. AI can analyze a target’s online behavior and create highly personalized emails or texts that are difficult to distinguish from legitimate communications. These can easily trick people into revealing personal information or clicking on malicious links. In the near future, AI will likely be able to analyze habits so well as to time a phishing attack to when a person is most likely to be distracted or stressed, increasing the chances of someone falling for the scam.

Deepfake videos

Beyond audio alone, AI can create realistic videos that manipulate appearances and speech. Scammers can use deepfakes to make it appear as though someone is saying or doing something they never did. While less common than voice-cloning scams, deepfakes add another layer of complexity and deception to the fraud landscape.

These types of AI-driven scams remain relatively uncommon—for now. However, financial experts predict that AI could enable fraud losses to reach $40 billion in the U.S. by 2027, representing a 30% annual increase in these crimes. This is of particular concern for older adults, who are five times more likely to be scammed than their younger counterparts.

How to help safeguard your aging loved ones

Here are some practical strategies to protect your aging loved ones against these new threats:

1. Stay educated

Scams – and technology – are constantly evolving, and so should your knowledge. In addition to following reputable news outlets, you can sign up for newsletters or alerts from trusted organizations like the Federal Trade Commission (FTC), Consumer Financial Protection Bureau (CFPB), or other consumer protection agencies. These organizations often issue warnings about new fraud schemes.

2. Share smart tactics

Talk to your loved ones about ways they can protect themselves from becoming a victim of fraud. Make sure they’re aware of these tips, which can help them identify and avoid many types of scams. Other tactics include:

• Be wary of common warning signs like unsolicited communications that demand immediate action—even if the person sounds familiar. 
• Develop a “verify before acting” mindset. If you receive a call from a family member in distress, hang up and call that person back to confirm. Also, consider establishing a family code word that can be used to verify identity in case of an emergency.
• Limit the personal information you share online, including adjusting privacy settings on devices and social media accounts. Bad actors often use publicly available data to craft convincing scams. 

3. Use tech tools

Technology is helping scammers, but it can also be used to shield against fraud. You can help your aging loved one take advantage of new tools or features of their existing financial services that can help monitor and prevent fraud. 

• Implement payment safeguards on accounts, such as daily transaction limits or blocking certain types of transactions commonly associated with scams. True Link’s platform can be particularly useful here, allowing family members to monitor spending in real time and customize spending rules to fit their loved ones needs. 
• Set up automatic alerts on bank and credit card accounts to receive notifications of unusual activity, such as transactions over a certain amount or attempts to change account details. With True Link, you can also set up alerts for when charges are blocked, which can prompt you to check in with your loved one and make sure everything is ok. 
• Use multi-factor authentication (MFA) on financial accounts to add an extra layer of security. MFA requires users to provide two or more verification factors to access their account, making it more difficult for scammers to gain unauthorized access.
• Consider setting up a credit freeze for an older adult which will prevent any new credit accounts from being created in their name and can help prevent identity theft.  

4. Report scams

Encourage your loved ones to report any scam attempts, even if they didn’t fall victim. Sharing information about scams can help authorities track patterns and prevent others from being targeted. Reassure them that there’s no shame in being cautious or reporting suspicious activity — when they speak up, they can help others identify a potential scam. 

5. Check in regularly

Frequent conversations with your aging loved ones can help you spot any signs of potential scams, such as unusual requests for money or changes in behavior. It also reinforces your role as a trusted resource they can turn to if they suspect something is wrong.

One of the most concerning aspects of AI-driven scams is their ability to become increasingly sophisticated over time. As AI systems learn and adapt, they can develop new methods of deception that are harder to detect. Thankfully, the resources available to combat AI-driven scams are also improving. Cybersecurity tools are using AI to better identify and mitigate risks in real-time, offering hope that as scams become more sophisticated, so will our defenses. 

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While it’s important to be aware of these new threats, it’s equally important not to let fear take over. With the right precautions, you can help your loved ones stay safe and independent, even in a world where AI is transforming the landscape of fraud.

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