I frequently read the Wall Street Journal to stay on top of market trends, but a recent article caught my eye for a different reason. It wasn’t about interest rates or stock indices; it was about a much more personal threat: financial fraud targeting older Americans.
The statistics are sobering. According to the article, Americans over 60 lost $4.9 billion to scams in 2024—a 40% increase from the year before. The most recent report from the FBI is even more sobering. Americans over 60 lost over $7.7 billion to scams in 2025. But behind those billions are stories of real people, like an ASL interpreter mentioned in the article who lost $135,000, or a nuclear physicist who was defrauded of $100,000.
These aren’t “clueless” people. These are intelligent, hardworking individuals who were targeted by sophisticated criminals using high-pressure tactics and, increasingly, Artificial Intelligence.
The “Red Flag” Tactics to Watch For
The article highlighted several ways these scammers gain a foothold. I want to reiterate them here because awareness is our best defense:
- The “Urgency” Trap: Scammers want you to act before you have time to think. If someone tells you your account is compromised and you must move money “right now” to save it, hang up.
- The Impersonation Game: They pose as PayPal, Medicare, your bank, or even grandchildren (sometimes using AI to clone voices).
- The Number in the Email: Never call the phone number provided in a suspicious email or text. Always look up the official number on the back of your actual debit card or your monthly statement.
Steps We Can Take Together
As your advisor, I see myself as a partner in your financial safety. Here are a few practical “safety nets” the article suggests—and that I highly recommend:
- Designate a “Trusted Contact”: Most financial institutions now allow you to list a “Trusted Contact.” If the firm sees suspicious activity and can’t reach you, they have permission to contact this person (a child, sibling, or friend) to verify your safety.
- Set Withdrawal Limits: You can work with your bank to set daily limits on transfers or withdrawals. This ensures that even if a scammer gets in, they can’t empty the vault in one sitting.
- The “Slow Down” Rule: No legitimate government agency or financial institution will ever pressure you to withdraw cash, buy gift cards, or send money via a courier. If you are ever unsure about a request, call me first. I am always happy to be your “sanity check.”
“Scammers don’t just use technology; they use fear. Remember: No legitimate government agency or bank will ever threaten you with arrest or demand immediate payment over the phone. When in doubt, reach out to me first.”
– Chip Hunt
Final Thoughts
It is easy to feel a sense of shame if you’ve been targeted, but as the experts in the article noted, there is almost no family that won’t encounter this at some point.
The best defense is a good offense: stay skeptical of unsolicited calls, keep your security software updated, and remember that time is your friend. Anyone who won’t let you hang up to verify a story is someone who doesn’t have your best interests at heart.
I’m sharing this because, to me, being a fiduciary means more than just managing a portfolio—it’s about helping you protect the life you’ve built. Please share with friends and family you think would benefit.
“Scam Prevention” Safety Checklist: A Guide to Protecting Your Hard-Earned Savings
Scammers are becoming more sophisticated, but they all rely on the same thing: Pressure. Use this checklist to stay in control and protect your accounts.
1. The “Immediate Red Flags” (If you see these, HANG UP)
- [ ] The “Secret” Rule: The caller tells you not to tell anyone, including your family or your financial advisor.
- [ ] The “Courier” Request: Someone asks you to put cash in a box, or buy gold/gift cards to be picked up or mailed.
- [ ] The “Device” Access: Someone asks to “remote into” or take control of your computer to “fix a virus.”
- [ ] The “Verify” Trap: You receive a text or email with a link or a phone number to “verify” a charge. Never use the info in the message. Always call the number on the back of your actual bank card.
2. Practical Safety Nets to Set Up Today
- [ ] Designate a “Trusted Contact”: Call your bank and brokerage firm. Add a trusted family member or friend as a “Trusted Contact.” They can’t move your money, but the bank can call them if they see something suspicious.
- [ ] Set Withdrawal Limits: Ask your bank to place a daily limit (e.g., $300 or $500) on electronic transfers and ATM withdrawals.
- [ ] Use a Password Manager: Avoid using the same password for your bank and your email. A simple password manager can keep track of unique, strong passwords for you.
- [ ] Screen Your Calls: If you don’t recognize the number, let it go to voicemail. If it’s important, they will leave a message, and you can verify the caller’s identity on your own terms.
3. If You Suspect a Scam: The “Three-Breath” Rule
If you feel your heart racing or feel pressured to act quickly:
- Stop: Take three deep breaths.
- Disconnect: Hang up the phone or close the laptop. You are in control.
- Verify: Call a trusted family member or call my office. I am here to be your “second set of eyes.”
This article is provided for informational purposes only. It is always best to counsel with your financial advisor or your tax professional to ensure that you make the best decision for your circumstances.
Get a Second Set of Eyes on Your Financial Safety
Schedule a no‑pressure conversation to review your accounts, safeguards, and next steps.
