Older adults lost more than $2.4 billion to scams in 2024, a sharp increase from $600 million four years earlier, prompting the National Academy of Elder Law Attorneys to launch a May awareness campaign against the growing threat.
The scams have become increasingly sophisticated, employing artificial intelligence, spoofed identities and psychological manipulation tactics designed to exploit trust and create a sense of urgency, according to NAELA President Eric Einhart.
"Criminals have upgraded their playbook," Einhart said. "They're leveraging technology in ways that make it nearly impossible for ordinary people to distinguish the genuine from the fraudulent."
Scammers can now mimic the voice of a legitimate bank over the phone or craft convincing emails posing as distressed family members, making it difficult for older adults to identify fraud attempts.
NAELA has compiled a comprehensive guide identifying common schemes targeting older Americans, along with warning signs and resources for victims. The organization's annual conference in Milwaukee this month will bring together experts from organizations including AARP to help elder law attorneys educate clients about scam prevention.
Einhart emphasized that knowledge is the strongest defense. When older adults, their families and trusted advisors can recognize warning signs, they become informed gatekeepers of their own security, he said.
Beyond financial loss, successful scams can erode independence, shake confidence and trigger cascading financial and emotional consequences that affect entire families. However, many victims do not report scams due to shame.
Prevention is far more effective than recovery after a scam succeeds, Einhart said.
