Older Adults and Financial Scams
Financial scams that target older adults have become so prevalent, there is now a World Elder Abuse Awareness Day. Scammers are using much trickier tools these days, including fake cryptocurrency deals, automated social media messages, and artificial intelligence to clone people’s voices or faces. Enforcement data from 2024 shows that technology-assisted scams steal an eye-watering $3.4 billion every year from everyday consumers across the country.
In Utah, adults aged 60 and older are the most heavily targeted group, suffering the highest number of attacks and the biggest financial losses from investment fraud. National data from the Financial Industry Regulatory Authority (FINRA) confirms that seniors lose billions annually to sophisticated operations. To help you protect your hard-earned savings, let’s break down the main tricks scammers use and the major red flags to watch out for.
Con artists do not just make cold calls anymore; they reach out through text messages, email, and social media apps. Often, they do not ask for money right away. Instead, they take weeks or months to build a friendly relationship, chatting with you to earn your trust before they ever mention a fake investment. Criminals also regularly clone the online profiles, public documents, and names of real, licensed financial advisors just to trick you. Once they make contact, they love to use high-pressure tactics. They will tell you that an offer is exclusive or a “once-in-a-lifetime” deal that expires tomorrow. This pressure is a psychological trick designed to cause stress, so that you send money before you have time to double-check their story.
When looking at any investment, remember the basic rules of money. Anyone promising guaranteed profits with zero risk is lying. Real investments are always tied to the ups and downs of the market. If an account shows perfect, uninterrupted growth month after month, the numbers are likely fake. Legitimate financial professionals must be able to explain exactly how an investment makes money. If someone tries to hide behind highly complex math, secret formulas, or confusing technology that they cannot explain clearly, walk away.
Protecting your retirement savings means doing your own homework rather than trusting the contact info or web links a salesman gives you. You can also add an extra layer of security to your accounts by naming a “Trusted Contact Person” with your financial institution. This gives your bank or broker legal permission to contact a designated friend or family member if they suspect you are facing fraud or cognitive decline, but it does not give that person any power to see your balance, make trades, or withdraw your cash. Take these proactive steps to keep your money safe:
Scammers frequently impersonate real, licensed professionals. To ensure you are not dealing with an imposter, never rely on the phone number, email, or website provided in an initial solicitation.
Look up the firm’s official phone number on its public website, in a formal regulatory filing, or in your official account statements, if you already have an account.
Review official credential disclosures independently using a database such as FIRNA Broker Check.
Establish a designated Trusted Contact Person on all active brokerage and retirement accounts by submitting an official authorization form to your financial institution.
Reach out to senior citizens you know who may be facing scam vulnerability and make them aware of the steps they can take to stay safe from these scams.
Source: Utah Department of Commerce, 2026 (www.commerce.utah.gov)
As always, please reach out to us if you suspect you have been targeted by a financial scam or if you would like to discuss something you are unsure about, especially if you have been contacted about a financial investment by someone you do not know.