Guide To Protecting Yourself From Fraud

Did you know that October is National Cybersecurity Awareness Month? We've seen a sharp rise in scams over the past year, many of them more convincing, personalized, and sophisticated than ever. The tactics are evolving to exploit just about anyone. Today's scams are designed to catch people off guard, from AI-generated phone calls and fake tech alerts to phishing emails that appear legitimate.

In 2024 alone, global scam losses topped $1 trillion. Among adults over age 60, two in five have already been victims, with average losses of $3,590. Even more alarming, nearly three in four said they know someone who's been scammed, suggesting the true reach is even greater.^1,2

While seniors remain a primary target, no one is immune. These scams are designed to exploit trust, urgency, and distraction—things we're all vulnerable to at times. That's why we've put together a guide highlighting the most common and convincing scams we're hearing about, along with some steps to help protect yourself and your loved ones. Feel free to share this information with anyone you know who might benefit from it.

Online Shopping Scams:

Cybercriminals now build websites that look nearly identical to legitimate retailers or set up fake storefronts on well-known marketplaces. The goal? Steal personal information or payments with "limited-time deals" that never ship.³

What may help:

Think twice before clicking on suspicious links in texts or social media ads
Type known URLs manually rather than clicking on search results
Use credit cards instead of debit cards—fraud protection might be better³

Tech Support Scams:

Imagine seeing a pop-up on your computer that looks like it's from Microsoft: "Your computer is infected. Call now." You call, access is granted and just like that, scammers have access to everything.

These scams cost Americans over $175 million in 2023 alone, with seniors being five times more likely to be affected than the next generation.⁴

What may help:

Legitimate tech companies don't call or ask for remote access
Think twice before clicking pop-up links or calling numbers from unverified warnings
If unsure, shut down the device and ask a trusted person before acting⁴

Phishing and Impersonation Scams:

Phishing messages now look and sound eerily convincing, especially with new tools powered by artificial intelligence.

Common tactics aimed at seniors include:⁵

Medicare scams asking for ID numbers under the guise of "coverage updates"
Grandparent scams where the caller mimics a grandchild's voice pleading for emergency money
IRS threats demanding urgent payment with threats of arrest
Fake charities requesting donations after natural disasters
Bank impersonations saying your account has been compromised⁶

The red flags in all of these? Urgency, secrecy, and unfamiliar contact methods.

AI-Powered Scams Are Escalating—And Harder to Detect

Scammers no longer need to be tech experts. AI now allows them to clone voices, generate personalized emails, and create "deepfake" videos that appear shockingly real. In one tactic, scammers use just a few seconds of audio from social media to impersonate a family member's voice and request money.⁷

The FBI has flagged this as a growing threat: "As technology continues to evolve, so do cybercriminals' tactics."⁷

How Can I Protect My Family?

We're encouraging clients to take a few practical steps with their loved ones:

Consider freezing credit for family members not applying for new loans
Register for the "National Do Not Call Registry"
Add a "trusted contact" to investment accounts—so your financial institution has someone to notify if something looks off8
Tell someone about any unusual message, especially those requesting urgent money, BEFORE ever replying or engaging
Use unique passwords and enable two-factor authentication
Install antivirus software, password managers, and enable banking alerts
Review bank and credit card statements
Limit personal information shared online—scammers are watching

Scams are no longer about carelessness or naivety; they're about highly personalized deception.

By following these tips and maintaining vigilance in your online activities, you can significantly reduce your risk of falling victim to cyber threats. By sharing this information, we hope to strengthen your ability to spot red flags early. Remember, cybersecurity is not just for one month; it's a year-round commitment to safeguarding your digital presence in an increasingly interconnected world.

We welcome you to visit our Cybersecurity Hub on our website for more information or Contact Us with any questions.

Sources:

1. Medicarefaq.com. May 20, 2024

2. Forbes, March 18, 2025

3. Keeper, January 08, 2024

4. AARP, December 16, 2024

5. Consumer Affairs, June 11, 2025

6. National Council on Aging, February 20, 2025

7. National Council On Aging, October 31, 2024

8. NASAA, June 2025

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.