Methods for securing yourself and your dear ones from financial fraud
In the ever-evolving digital landscape, a new and concerning threat has emerged: AI-imitated voice scams targeting seniors. These scams, which exploit seniors' politeness, trust, financial stability, and sometimes limited familiarity with new digital technologies, are causing significant financial and emotional harm.
According to recent developments, imposter scams, including AI voice fraud, accounted for $1.1 billion in losses in 2023. Tens of millions of older adults reported scams mainly involving banks and financial fraud [1]. Such scams contribute to the larger problem of spam and robocalls, leading to $25 billion in annual losses across the U.S. [1][3].
Legislative action is underway to combat this issue. There is strong bipartisan support among older adults for Congressional bills like the QUIET Act (Quelling Unwanted and Illicit Electronic Transmissions Act), designed to combat illegal AI-generated robocalls and digital forgery [1][4]. Additionally, state-level laws, such as Pennsylvania's SB 649, are being enacted to create legal consequences for those using AI technologies to defraud older adults [4].
Beyond financial losses, scams cause emotional distress, embarrassment, and sometimes physical health declines among seniors. Social isolation can worsen vulnerability, and fear of judgment may prevent reporting [2].
To protect elderly loved ones, it's essential to educate them about current scams, including AI-voice deepfakes, phishing emails, and fake tech support calls, emphasizing skepticism towards urgent requests for money or personal information [2][3]. Encourage verification by advising them to independently contact the person or institution through known numbers, not those provided in the suspicious call.
Technology protections can also help. Enable robocall blocking and spam filtering on phones, consider services or apps that detect AI-generated calls, and set up account safeguards such as financial transaction alerts, two-factor authentication, and regular reviews of bank and credit card statements [1].
Maintain open communication with elderly family members about their financial affairs and any unusual calls or messages to reduce isolation and embarrassment about scams [2]. If a scam is suspected, report it quickly to banks, authorities, and organizations like AARP that track elder fraud, potentially reducing harm and helping enforcement efforts [1][2].
In summary, AI-imitated voice scams represent an escalating risk to seniors’ financial and emotional wellbeing. Legislative, technological, and family vigilance efforts are all crucial to mitigate these sophisticated frauds [1][2][3][4]. Let us all work together to ensure the safety and security of our elderly loved ones in this digital age.
References:
[1] AARP. (2023). 2023 Scam Tracker Report. Retrieved from https://www.aarp.org/money/scams-fraud/info-2023/2023-scam-tracker-report.html
[2] Federal Trade Commission. (2023). Consumer Protection Data Spotlight: Scams Affecting Older Americans. Retrieved from https://www.ftc.gov/system/files/documents/reports/consumer-protection-data-spotlight-scams-affecting-older-americans/1312626/consumer-protection-data-spotlight-scams-affecting-older-americans.pdf
[3] National Association of Attorneys General. (2023). AGs Address Scams Affecting Older Americans. Retrieved from https://naag.org/naag/press-center/press-releases/ag-press-center/ags-address-scams-affecting-older-americans/
[4] Congressional Research Service. (2023). The QUIET Act: Quelling Unwanted and Illicit Electronic Transmissions Act. Retrieved from https://crsreports.congress.gov/product/pdf/R/R46539
The QUIET Act, a proposed piece of legislation supported by both political parties, aims to combat illegal AI-generated robocalls and digital forgery, which have been causing significant financial losses and emotional distress among seniors [4]. Scams targeting seniors, such as AI voice fraud and bank and personal-finance scams, accounted for billions in losses in 2023 [1]. Apart from legislative action, it's crucial for families to educate elderly loved ones about the risks of technological scams like AI-voice deepfakes, phishing emails, and fake tech support calls, and to maintain open communication about financial affairs and any suspicious activity [2].
