Last year, Americans over the age of 60 reported losing $7.7 billion to online criminals, a staggering 59% increase in just one year. More than 201,000 people became victims, with an average loss of $38,500. Even more alarming, over 12,000 victims lost more than $100,000 each.
Experts believe these numbers represent only a fraction of the actual losses because fewer than one in twenty victims ever report the crime.
These aren’t stories happening to someone else.
They’re happening to our parents, our neighbors, our clients...and increasingly, to us.
The Game Has Changed
Artificial intelligence has transformed fraud.
The old “grandparent scam” relied on a shaky phone connection and someone pretending to sound like a loved one.
Today?
A scammer needs only a few seconds of audio from a Facebook video, Instagram Reel, voicemail greeting, or podcast interview to create an eerily accurate clone of someone’s voice.
Imagine receiving a phone call late at night.
“Grandma...I’ve been in an accident.”
“Please don’t tell Mom and Dad.”
“I need money right away.”
The voice sounds exactly like your grandchild.
Because it does.
Or at least AI has made it sound that way.
It Happened to My Family
This isn’t just something I read about.
It happened to my parents.
To this day, my mother is convinced the caller was my son, Chase.
It wasn’t.
But the voice sounded exactly like him.
That experience changed how our entire family thinks about phone calls, urgency, and verification.
The FBI reported thousands of AI-related fraud complaints last year, resulting in hundreds of millions of dollars in losses. The technology is inexpensive, widely available, and becoming more sophisticated every month.
The Four Biggest Scams Targeting Seniors
1. Investment Fraud
Nearly half of all financial losses among seniors now come from investment scams.
It often begins with a friendly text sent to the “wrong number.” A relationship develops over weeks or months before the victim is introduced to a fake investment platform showing extraordinary returns.
The account balance looks real.
It isn’t.
2. Tech Support Scams
More than $1 billion was lost last year through fake tech support.
A pop-up or phone call claims to be Microsoft, Apple, or your bank and asks for remote access to your computer.
Once they have access, they have everything.
3. Romance Scams
These scams are built patiently through Facebook, Instagram, or dating apps.
Trust grows.
Then comes the emergency.
Money follows.
The scammer disappears.
4. Recovery Scams
Perhaps the cruelest of all.
After someone has already been victimized, another scammer contacts them claiming they can recover the stolen money—for a fee.
The victim loses even more.
A Special Warning for Home Buyers and Sellers
As a real estate professional, I also want to remind you that wire fraud remains one of the biggest threats during a real estate transaction.
Criminals monitor email communications and send fake wiring instructions just days before closing.
Never wire funds based solely on emailed instructions.
Always call your escrow officer using a phone number you already know—not one included in the email—and verify the instructions verbally before sending money.
That one phone call can save your life savings.
Six Habits That Can Protect You
1. Pause for ten minutes.
Urgency is a scammer’s greatest weapon. Legitimate requests can wait. Scams usually can’t.
2. Hang up and call back.
Use a phone number you already have—not the one the caller provides.
3. Create a family code word.
Choose a phrase only your family knows and ask for it before sending money or personal information.
4. Never allow remote access.
And never send cryptocurrency to someone you’ve only met online. Legitimate businesses won’t ask you to deposit cash into a crypto kiosk.
5. Talk to someone first.
Isolation is a scammer’s greatest ally. A quick conversation with a trusted family member or friend can prevent a devastating mistake.
6. Report every attempt.
Visit IC3.gov or call the Justice Department’s Elder Fraud Hotline at 1-833-FRAUD-11.
There is absolutely no shame in being targeted by professionals whose full-time job is deception.
One Last Request
Please forward this article to your parents.
Share it with your children.
Send it to your friends, neighbors, and anyone you care about.
Then pick up the phone.
Have the conversation before the scammer does.
It could save someone you love from losing far more than money.
As seen in Piedmont Living Magazine and The Piedmont Post
Real Estate Advisor | Speaker | Author
DiMaggio Betta Group | Corcoran Icon Properties
📞 510.414.6777
📧 Debbi.DiMaggio@corcoranicon.com
🌐 www.DiMaggioBettaGroup.com | www.DebbiDiMaggio.com
Unfortunately, so important to be aware and vigilant. Thank you.