Confidence Tricksters: Elderly Scam Protection

Financial crime is on the rise, and advancements in AI are making these scams more sophisticated and harder to detect.  Vulnerable populations, particularly the elderly, are disproportionately affected. Nearly three in five (61%) older people say that they have been the target of a financial fraud, with 17% falling victim.  This growing problem calls for increased awareness, especially among older adults, who are often targeted due to their perceived vulnerability.

One shocking example reported recently, involved a French woman called Anne, who lost her life savings after being duped by scammers impersonating Brad Pitt.  Using AI tools they created realistic images and messages, together with a fake video news report in which the AI-generated anchor talked about Pitt's "exclusive relationship with one special individual... who goes by the name of Anne”.  The fraudsters convinced her she was in a romantic relationship with the Hollywood star and that Pitt needed money for kidney treatment, his bank accounts being frozen due to divorce proceedings with Angelina Jolie. Ultimately, she transferred $850,000, leaving her emotionally and financially devastated.

Scammers employ psychological tactics that manipulate trust, exploiting emotions like loneliness, compassion, and fear. To gain trust and sympathy, rather than extract personal information from the victim, they confide with the person, sharing the trickster’s own made-up sob story.   They skilfully present themselves as relatable, trustworthy figures.  For the elderly, who may be seeking companionship or feeling isolated, these tactics can be particularly effective.

Scammers tailor their approach to suit their target’s vulnerabilities, whether through phishing emails, fake investment opportunities, or romantic frauds. They use storytelling to build plausible narratives and gain sympathy.  They then use high-pressure tactics to instil urgency, preventing victims from seeking advice or reconsidering.

Elderly individuals can take specific steps to protect themselves. Awareness is the first line of defence. Questioning unexpected offers, verifying identities independently, and consulting trusted family members or professionals can help avoid falling victim to scams. Learning to recognize warning signs—such as requests for secrecy or urgent financial transfers—can also help seniors stay safe.

Family members, caregivers, and health professionals can help raise awareness about common scams and foster a culture of vigilance and support.  More efforts are needed to safeguard our elderly community from financial predators and mitigate the devastating impact of these crimes.

Top tips for the elderly: 1) Never open emails or attachments from someone you don’t know. 2) Your bank will NEVER call you and ask for your PIN or for you to give your card to a courier. 3) With doorstep callers remember: Stop, Lock, Chain, Check. 4) Avoid pension scams by getting independent advice before making decisions. 5) Don’t believe letters claiming you have won a fortune. If you haven’t entered a lottery or prize draw, you can’t have won it!  6) Don’t be embarrassed to hang up, say no, or ask someone to leave.