Fraud isn’t just something you read about in headlines; it’s a growing and deeply personal threat, especially for older adults and those who are socially isolated. Common scams take more than money, they take trust, peace of mind, and in many cases, years of hard-earned financial security.
According to the Federal Trade Commission (FTC), Americans lost $12.5 billion to fraud in 2024, which was a sharp 25% jump from the year before. Older adults were hit especially hard. The FBI reports that adults over 60 lost nearly $4.9 billion, with an average individual loss of $83,000. I’ve seen the emotional and financial aftermath of these common scams, and we shouldn’t take them lightly. Let’s walk through what to watch for, how to take proactive steps to protect those you care about, and how I help clients who’ve been impacted.
1. Too-Good-To-Be-True Investment Scams
What they are: Many of us are curious about new investment types, especially when the traditional investment markets feel uncertain. Scammers take advantage of that. They pitch exciting opportunities in cryptocurrency or “can’t miss” business ventures, often through fake websites that mimic real trading platforms.
How to act: Often, the initial pitch can come through social media. I’ve spoken with clients who considered investing after seeing a friend’s post, only to find out later that the friend’s account had been hacked. Even seasoned investors have been caught off guard by fake NFTs and fraudulent digital wallets. It’s okay to explore new opportunities, but always verify the source and talk with a trusted advisor before sending any money.
How I help: I help clients review complex financial documents and evaluate whether investment opportunities are legitimate or carry hidden risks. If someone has already invested and suspects fraud, I can assist with reporting the scam, pursuing potential recovery, and protecting remaining assets. We can also update your estate plan to reflect new safeguards, so your finances remain under your control, not someone else’s.
2. Romance Scams: When Love Isn’t What It Seems
What they are: Romance scams, also known as confidence scams, can be emotionally devastating. The fraudster builds what feels like a genuine connection over time, sometimes for months or longer. Then, they start exploiting the victim.
How to act: Some patterns show up again and again in these kinds of common scams: sudden crises requiring urgent money transfers, an unwillingness to meet or video chat, and requests for funds through gift cards or cryptocurrency. These are all red flags, and under no circumstances should you send them money. It’s important to remember: if you haven’t met someone in person, never send them money, no matter how compelling the story is.
How I help: When a client or their loved one has fallen for a romance scam, I step in to assess financial damage, help stop ongoing transfers, and initiate efforts to recover funds where possible. I can work with banks, financial institutions, and law enforcement to freeze assets and file fraud reports. More importantly, I help families put protective legal tools in place, like Powers of Attorney or Conservatorships, to reduce future vulnerability and restore peace of mind.
3. Tech Support Calls That Aren’t What They Seem
What they are: You get a call or a pop-up on your computer, and it’s someone claiming to be from Microsoft or Apple saying your device is infected. They sound professional and concerned. But this is often a front to gain remote access to your computer or your accounts.
How to act: If someone reaches out to you unsolicited, it’s okay to hang up or close the window. No reputable company will ever call you to fix your computer without you reaching out first.
How I help: If access to accounts or devices has been compromised, I help clients navigate the next steps. This can include: contacting financial institutions, setting up fraud alerts, or locking down vulnerable accounts. If sensitive estate or legal documents may have been accessed, I assist in revising or re-executing those documents to maintain your legal integrity and prevent misuse.
4. The Grandparent Scam – Now Powered by AI
What they are: One of the hardest common scams to detect is also one of the most personal. A phone call comes in: “Grandma, I’m in trouble. I need help.” The voice sounds real. That’s because it often is, but the words are generated using artificial intelligence and samples from social media or voicemails.
How to act: In moments like this, fear kicks in. But before acting, pause. Hang up and call your grandchild directly using a known number to check it’s them, or call another family member and ask about the situation. Taking a moment to verify could prevent a significant loss.
How I help: In these emotionally charged scenarios, I help families put communication protocols in place. This can include written agreements among family members about how to verify emergencies, as well as naming trustworthy agents under a durable Financial Power of Attorney. If a scam has already occurred, I help pursue restitution and take legal action to prevent it from happening again.
5. Common scams That Pretend to Be the Government
What they are: These scammers use fear as a tactic, often claiming to be from the IRS, Social Security, or Medicare. They may say you owe money or that your benefits are about to be cut off. But here’s the truth: no government agency will ever ask for gift cards or threaten arrest over the phone.
How to act: If you receive a call like this, don’t respond. Instead, go directly to the agency’s website to check your account or get in touch.
How I help: I help clients identify legitimate government communications and dispute fraudulent tax or benefit claims. If a scam has led to identity theft or unauthorized changes to Social Security or Medicare records, I can help you file the necessary legal paperwork to correct the record and protect your benefits.
What to Do If You Think You’ve Been Scammed
If you or someone you love has been targeted by a scam, don’t panic, but do act quickly. File a police report to document the fraud. If the victim is an older adult, reach out to Adult Protective Services. And finally, report the fraud to federal agencies like IdentityTheft.gov and ReportFraud.FTC.gov. These reports help track patterns and protect others.
As an elder law attorney, I do more than prepare wills or trusts. I help clients create safeguards that reduce vulnerability to scams, protect family wealth, and respond quickly when things go wrong. Whether it’s contesting unauthorized transfers, updating your estate plan, or recovering from identity theft, I’m here to provide legal clarity and peace of mind.
You Don’t Have to Navigate This Alone
These common scams are designed to create isolation and shame. That’s why so many victims don’t speak up. If you suspect a loved one is being targeted, reach out gently but firmly. Ask questions, offer support, and encourage them to talk to someone they trust.
If you and your family have been impacted by any of these common scams, we would like to help, and if you would like more information about these scams, you can watch our recent webinar on how to spot and stop elder fraud on the Rocky Mountain Elder Law Resources page.
