Common Scams are Evolving—Here’s What You Need to Know
Common Scams are Evolving—
Here’s What You Need to Know
What We'll Cover
In 2023, Americans aged 60 and older reported losing more than $3.4 billion to scams. And that’s just what was reported—many incidents go unshared because people feel embarrassed or blame themselves.
The truth is, scammers target responsible, financially secure, and protective people. We’ve seen highly educated, experienced professionals—including MBAs and scientists—fall victim to sophisticated schemes.
With AI-generated voices, convincing emails, and realistic fake websites, it’s no longer just seniors at risk. Awareness is your best defense. Here’s what to watch for and how to protect yourself.
The “Family Emergency” Scam
What happens: You get a call or message claiming to be your child or grandchild in urgent need of money for bail, medical expenses, or travel. Scammers may even use AI tools to mimic your loved one’s voice.
Why it works: It preys on instinct and love—you react before you have time to question it.
How to protect yourself: Always pause. Hang up, then call your family member directly or check with another relative before sending any money.
Tech Support and “Virus” Alerts
What happens: A pop-up suddenly appears on your screen warning of an infection, urging you to call a number for help—often claiming to be from Microsoft or Apple. Once you call, they may ask to access your computer or demand payment.
Why it works: The messages look official and urgent, especially for those less comfortable with technology.
How to protect yourself: Never give remote access or pay unexpected fees. Close your browser, restart your computer, and contact a trusted tech resource instead.
Government or Authority Impersonation
What happens: Someone claiming to be from the IRS, Social Security, or law enforcement says you owe money or are under investigation, demanding payment or threatening arrest.
Why it works: People naturally respect authority—and fear legal consequences.
How to protect yourself: No government agency demands immediate payment or asks for gift cards. Hang up and call the official agency number directly if you’re unsure.
AI-Powered and “Too Good to Be True” Scams
New twist: Scammers are now using AI to clone voices or create realistic emails that appear to come from people you know—your boss, your child, or even your financial advisor.
Another trend: Fake “investment opportunities” promising guaranteed returns or “exclusive” strategies.
How to protect yourself:
Verify unexpected requests through another channel before acting.
Be skeptical of urgency or promises that sound effortless.
Talk to us first—we can help you spot red flags before you commit money.
If You Suspect or Fall Victim to a Scam
Even with precautions, scams can happen. Here’s what to do immediately:
Stop contact. Don’t reply or send additional money.
Notify your bank or credit card company. They can often freeze or recover funds.
Change your passwords. Especially if you gave login information.
Report the scam:
Your state Attorney General’s office
Local law enforcement, particularly if you’ve lost money
Staying Secure Together
Scammers are clever, but they’re not unbeatable. With awareness, healthy skepticism, and open communication, we can protect ourselves and our loved ones.
At OLIO, our role goes beyond managing investments—we’re here to help you stay informed, confident, and financially secure in a fast-changing world. If something ever feels off, reach out to us first. We’re always here to help.
Disclosures
The content on this blog is for informational and educational purposes only and should not be construed as personalized financial advice, tax advice, legal advice, an offer or solicitation to buy or sell any security, or a recommendation to pursue any specific investment strategy. The information provided is general in nature and may not be suitable for your individual circumstances.
Olio Financial Planning, LLC (“OLIO”) is a registered investment adviser with the United States Securities and Exchange Commission, domiciled in Virginia. Investment advisory services are only provided to investors who become OLIO clients under a written agreement. Past performance does not guarantee future results, and all investments involve risk, including the potential loss of principal.
Nothing contained herein should be interpreted as a guarantee of any specific outcome. Forward-looking statements or projections are based on assumptions and current market conditions, which are subject to change without notice. Actual results may differ materially.
You should consult your own financial, legal, tax, or other professional advisors before making any financial decisions. OLIO does not guarantee that the information presented is current, accurate, or complete, and assumes no responsibility for any errors or omissions.