Bill Kelly: Outsmarting the Scammers- Simple Steps to Protect Yourself and Those You Love

Scams targeting older adults are becoming more sophisticated, but there is encouraging

news: families, financial institutions, states, and lawmakers are developing better ways

to fight back. And there are practical steps each of us can take today to make ourselves

much harder targets.

The size of the problem is significant. According to the FBI’s 2025 Internet Crime

Report, people age 60 and older filed more than 201,000 complaints involving

approximately $7.7 billion in losses—a 59% increase in reported losses from 2024.

Investment fraud, technology-support scams, romance scams, and impersonation

schemes accounted for billions of dollars.

Artificial intelligence is adding a new challenge. A recent USA TODAY article by

Madeline Mitchell describes scammers using AI to gather personal information from

obituaries and social media and even create convincing voices that may sound like a

family member. In one case, a grieving widow lost more than $7,000 after scammers

used information about her late husband to create a believable story.

But AI does not make scammers unbeatable.

One of the most powerful defenses is wonderfully low-tech: slow down. Scammers

depend on urgency. “Pay immediately.” “Don’t tell anyone.” “Your account is in danger.”

“Your grandson needs help.” These are signals to stop—not act.

If someone calls claiming to be a family member, bank, government agency, or

business, hang up and contact that person or organization using a telephone number

you already know. Even a familiar voice should no longer be considered proof of identity

because AI can clone voices.

Families can add another layer of protection by creating a simple family verification

word or phrase known only to close family members.

Financial safeguards are equally important. Consider turning on bank and credit-card

alerts for large or unusual transactions. Ask your bank or investment company what

protections it offers when financial exploitation is suspected. Families may also want to

identify a trusted person who can help review unusual financial decisions—particularly

when someone is experiencing cognitive changes.

There is progress on the legislative front as well. The U.S. House passed the Financial

Exploitation Prevention Act of 2025 (H.R. 2478) by a 414–2 vote in June 2026. The

legislation would give investment companies additional authority to temporarily delay certain transactions when they reasonably suspect financial exploitation of an older or

vulnerable adult. The bill is now before the Senate. Oregon is also among the states

that already provide certain protections involving suspected financial exploitation.

Perhaps the most important protection is conversation. Talk about scams before one

happens. Make it normal for someone to say, “I received a strange call—what do you

think?”

And if someone is scammed, respond with support rather than embarrassment or

blame. These criminals are professionals using increasingly sophisticated technology

and psychological techniques.

Our best defense is exactly what we value at Living Well With Dementia Sisters:

education, connection, and looking out for one another.

5 Rules to Stop a Scam

1. STOP.

   Never make a financial decision because someone is pressuring you to act immediately.

2. HANG UP AND VERIFY.

   Call the person, bank, business, or government agency back using a phone number you already trust.

3. NEVER SEND MONEY TO “FIX” AN EMERGENCY.

   Be especially suspicious of requests for gift cards, wire transfers, cryptocurrency, cash, or unusual payment methods.

4. CREATE A FAMILY SAFE WORD.

   Choose a private word or phrase family members can use to verify their identity during an unexpected emergency call.

5. ASK SOMEONE YOU TRUST.

   Before transferring money, sharing financial information, or making an unusual purchase, talk with a trusted family member or friend.

Remember: Urgency + secrecy + money = STOP and verify.