SPONSORED CONTENT -- (StatePoint) Amid technology advances enabling scammers to commit fraud, elders and their loved ones need to stay informed.

Typically, elder scams involve the transfer of money to a stranger or imposter for a promised benefit or good. In 2023, banks reported more than $27 billion in suspicious activity related to elder scams, according to the Financial Crimes Enforcement Network, and reports filed by the public to the Federal Bureau of Investigation indicated an average loss of more than $33,000 per case. And these numbers may be conservative, as elder fraud cases may be underreported.

One technology behind these staggering figures is artificial intelligence (AI). Advanced methods of masking one’s identity using AI make it difficult to detect fakes. Voice print – or voice clone – scamming is becoming more of an issue when it comes to impersonation fraud. Using voice clips from social media or by calling and having a brief conversation with someone, criminals can generate an imitation to be used as part of their ruse. “Older adults are often easier prey for these types of fakes, because a recognized voice when applied to certain scam strategies is often enough to elicit action,” says Mark Kwapiszeski, head of Enterprise Fraud at PNC.

Two Scam Strategies to Watch For

Most scams targeting elders generally follow one or two main strategies: 1) elicit strong feelings and apply a sense of urgency to get someone to act quickly before thinking, and/or 2) entice someone with an offer that seems too good to be true, yet too alluring to pass up. Here are some of the more common types of elder scams:

Scams That Apply a Sense of Urgency:

• Tech Support. Someone will claim they need to remotely access the victim’s computer to fix a software problem, then use that access to steal personal or financial information.

• Government Imposter. The fraudster may tell the victim they owe a debt that must be paid immediately or face arrest, asset seizure or termination of benefits.

• Grandparent. An elaborate story is given by phone and sometimes involves a voice print of an actual grandchild, claiming a loved one is in trouble and needs money to be protected.

Scams That Offer Something Too Good to Be True:

• Investment. The scammer makes claims of a high-return investment to trick the victim into giving them money, often asking to be paid in an unconventional way, like cryptocurrency, where there’s little to no chance of recovering the funds.

• Romance. The scammer develops a fake identity and creates the illusion of a romantic relationship to manipulate or steal from the victim.

• Lottery/Sweepstakes. Scammers make contact by phone or mail to tell the victim they’ve won the lottery or a sweepstakes but claim the elder has to remit a processing fee before they can get their prize.

Take Protective Measures and Stay Alert

The most effective way of preventing fraud is to pause when being rushed and take time to verify the legitimacy of both the person making contact and their claims. To reduce the odds of your voice being cloned, experts suggest exercising caution when speaking on the phone with strangers. If someone unfamiliar contacts you, disconnect from the original communication channel, verify their identity, then attempt to make contact through a different channel. For instance, hang up the phone, get a number for the company, government agency or family member from a trusted source (such as a company’s official website) and use that to call back and verify.

When it comes to scammers that establish a relationship over time, verify legitimacy using third-party resources before investing. Be leery of anyone asking for nontraditional payment forms, and when logic may be clouded by romantic feelings, confide in someone you trust for an objective opinion.

To learn more about cyber fraud, visit PNC Bank’s Security & Privacy Center for educational resources.

If you believe you or someone you love has been a victim of fraud, contact the Department of Justice Office for Victims of Crime’s National Elder Fraud Hotline website or call 1-833-FRAUD11.

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