Senior Scams Are More Sophisticated Than Ever — Advisors Must Stop Reacting and Start Leading

We need to say it plainly: the financial world has failed older adults on fraud prevention. For years, scams against seniors—phony sweepstakes, fake Social Security calls, romance schemes—were treated as tragic but inevitable. Now, armed with AI, criminals have taken these schemes to an entirely new level, and yet many advisors still treat fraud as a “client problem” rather than a core part of their responsibility. If we’re serious about helping people live fulfilling 100-year lives, that mindset has to change.

Scammers Have Evolved. Have We?

The numbers are staggering. The FBI’s2023 Elder Fraud Report found that Americans over 60 lost more than $3.4 billion to scams last year—a 14% jump from the year before. Technology isn’t just enabling this; it’s supercharging it. Fraudsters now use fake caller IDs, hyper-realistic phishing emails, and even AI-generated voices that mimic family members in distress.

Adam Frank, head of wealth planning at J.P. Morgan Wealth Management, calls it out bluntly: “The rise of AI is, for me, the most frightening aspect of all of this.” In theirwhite paper on senior exploitation, Frank’s team warns that as AI tools get more sophisticated, even vigilant seniors and families will struggle to separate reality from manipulation.

Why Advisors Can’t Stay on the Sidelines

Here’s the uncomfortable truth: advisors are uniquely positioned to stop this, yet too often they don’t. They see the patterns others miss—unusual withdrawals, sudden wires, requests that don’t align with a client’s usual behavior. But many treat this as “outside the scope” of their job. That’s a mistake.

Financial security is foundational to living well into our 80s, 90s, and beyond. It’s one of the 8 Life Essentials that determines whether we age brilliantly or anxiously. Advisors who ignore fraud prevention aren’t just neglecting dollars; they’re failing to protect their clients’ dignity, health, and independence.

What Must Change

To protect clients, advisors need to stop reacting to scams and start anticipating them. That means:

• Regular education and updates — Host quarterly briefings on emerging scams. Send timely alerts when new fraud tactics appear. Encourage clients to treat scam awareness as part of financial literacy.
• Defensive tech measures — Help clients implement multi-factor authentication, password managers, and credit freezes. Teach them how to verify calls and emails using official channels.
• Proactive transaction monitoring — Watch for patterns. If a client suddenly wires $25,000 overseas, ask questions—kindly but firmly.
• Family protocols — With client consent, establish procedures so trusted family members can be contacted if suspicious activity arises.

The Age Brilliantly Mindset: Protect and Empower

The goal isn’t to infantilize older adults; it’s to equip them. A fulfilling 100-year life means staying in control, not living in fear of every phone call or email. Fraud prevention must be part of holistic longevity planning—right alongside health, purpose, and relationships.

Advisors, families, and communities should embrace open conversations about risk without stigma. Ignoring cognitive decline, loneliness, or tech inexperience only helps scammers. Naming these vulnerabilities and building safeguards is how we keep older adults both safe and respected.

Why This Matters More Than Ever

We’re living longer. Wealth is increasingly concentrated among older generations. And AI scams are getting harder to spot by the day. If we don’t treat fraud prevention as central to financial planning, we risk undermining everything else—savings, retirement dreams, even the trust between advisors and clients.

Join the Conversation

How can advisors walk the line between protecting clients and respecting their independence? Should financial institutions be doing more to proactively stop fraudulent transfers? Have you or someone you know experienced one of these AI-driven scams?

Share your thoughts and experiences in theAge Brilliantly Forum. Conversations like these don’t just raise awareness—they lead to practical solutions that help every generation live safer, smarter, and more fulfilling lives.