(WDRB/InvestigateTV) — Financial scams targeting older adults are evolving, and researchers say the combination of traditional fraud tactics and new technology — including AI-generated voice calls — is making them harder to detect.
Julie Brancale, an assistant professor at Florida State University, and Dean Thomas Blomberg study the causes and consequences of financial exploitation against older adults.
"We try to take all of our research and translate that into policy and practice recommendations that can make a meaningful difference and try to help stop this growing social problem," Brancale said.
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."
Blomberg said the rise of artificial intelligence has added new dimensions to an already persistent problem.
"AI is introducing all these new dimensions," he said. "And it’s a constant barrage and many feel overwhelmed and a level of helplessness."
Blomberg added education is one of the most important tools for combating financial fraud against older adults.
"I think one of the biggest things that we are doing and trying to do is education," Blomberg said. "And if you talk to victims, they will tell you, we need more education."
Blomberg and Brancale said it is also important to teach students about elder abuse and financial fraud at the higher education level.
"We want our graduates to be change makers, positive change makers," Blomberg said. "And so they’ve got to be scientifically trained, but they also have to have the knowledge on how to implement and how to work with people to make the world a better place."
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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