Financial scams targeting older adults are becoming more sophisticated, with fraudsters using a combination of traditional tactics and new technology like AI-generated voice calls.

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Researchers Julie Brancale and Dean Thomas Blomberg from Florida State University study the causes and consequences of financial exploitation against older adults to provide policy and practice recommendations.

Brancale said fraudsters often look for specific vulnerabilities among older adults.

“Older adults, they have accumulated wealth throughout their life,” Brancale said.

“A lot of them are retiring and living off of a fixed income. And couple that with just age-related changes that older adults are experiencing — an increase in the frequency of health conditions, perhaps a mild cognitive decline.”

The rise of artificial intelligence has added complexity to the problem, leading to feelings of helplessness among victims.

Education is crucial in combating financial fraud against older adults, with a focus on teaching students about elder abuse and financial fraud at the higher education level.

Experts say one of the main red flags in financial scams is urgency.

If someone demands that money be sent immediately, experts recommend stopping, slowing down and speaking with a trusted person before taking any action.

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