As we approach the holidays, it’s more important than ever to stay aware of possible financial scams. Fraud that targets seniors is one of the fastest-growing crimes in the U.S., costing older Americans nearly $3 billion annually. These crimes often go unreported and are difficult to prosecute, making them low risk for criminals and devastating for victims, leaving many in a vulnerable position with little time to recover.

Scammers are always devising new tactics. Many scams targeting seniors fall into the broad “impersonator” category, in which scammers pose as trusted individuals or authorities to gain confidence or pressure their victims into taking action.

While many scams come from strangers, more than 90% of reported elder abuse cases involve family members, so vigilance is critical. Scammers prey on seniors’ desire for security, independence, and family care, using increasingly sophisticated strategies.

Emerging Scam Trends in 2025

• AI-driven impersonation: Fraudsters are using artificial intelligence to mimic voices and create convincing emails or texts, posing as family members or trusted institutions. AI–generated videos may promote fake services or investments. Scammers also may exploit deepfake technology or real-time face- and body-swapping tools to convince victims they are someone else.

• QR code and digital wallet fraud: These codes have gained popularity as a touchless option to do things like read a restaurant menu or make a payment. Scammers take advantage of this trend by placing their own QR codes in a public location, sending users to a fraudulent website or payment page.

• Crypto and “investment opportunity” scams: Holiday-themed offers promising quick returns are common traps. These schemes have taken different forms over the years, including scams involving fake prizes, contests, giveaways or early investment opportunities.

• “Accidental” text messages: Wrong-number texts are often the first step in a romance or employment scam, and they are quite prolific; scammers use AI messaging bots to target thousands of people at a time.

Common Scams We Still See

• Grandparent scam: This happens when a scammer pretends to be the victim’s grandchild, often making up a stressful situation and asking for financial assistance. To avoid raising suspicions from other family members, they will ask you to keep everything secret. This is such a devious approach because it preys on one of older adults’ most reliable assets: their hearts.

• Online romance scam: These scams occur when someone builds an online romantic (or platonic) relationship with you while using a fake identity and then starts asking for money. The scammers might create complete social media profiles and have full backstories for their identities. It may be a long con game, taking weeks or months to get to know you before asking for anything. The scammers may ask you to invest in a business, send them money or help a family member who is sick in the hospital. Like the grandparent scam, they want you to keep their request for money a secret.

• Texting and phishing scams: Fake text messages have been on the rise since the pandemic. These scammers try to trick you into believing you are communicating with a legitimate representative of Amazon, Apple, PayPal, Netflix, or another online company. They tell you that your account has been compromised, suspicious activity has been tracked or a package is delayed. Once you click the link, they try to obtain your valuable personal information and even your credit card information.

• Medicare scam: These scams target Medicare beneficiaries by claiming to be a Medicare representative and asking for personal and medical information. Once they obtain your information, they will then use it or sell it to identity thieves. Since every U.S. citizen over the age of 65 qualifies for Medicare, scammers rarely need to research specific health insurance information to target their victims.

• Pop-up virus scam: Fake antivirus alerts trick victims into downloading malware or paying for bogus services.

How You Can Help Elderly Parents

• Educate, don’t dictate: Don’t just tell your parents to hang up or throw out the letter. Discuss the “why.” They may need help identifying red flags that seem obvious to you. For example: You didn’t win the Ed McMahon sweepstakes. You don’t have to pay a fee for winning the lottery. Government agencies don’t make unsolicited calls and ask for personal information.

• Avoid shame: Remind your parents what they taught us years ago: Don’t trust strangers, especially those seeking money or personal information. Remind your parents that you are there to help and that they should not feel ashamed. Show compassion during this stressful time.

• Stay connected: Talk to them about the risks of sharing their personal information online, over the phone or by mail. Encourage them to contact you immediately if they think they have been scammed. They may be embarrassed, but the longer they sit on it, the worse it can get.

• Set up alerts: Help your parents receive alerts if their account has been hacked or if the bank detects suspicious activity. Discuss having them give you access to view their bank accounts online.

• Teach digital hygiene: Show them how to spot suspicious emails, texts, QR codes and websites. They should look over the messaging and the website to make sure it is legitimate.

• Opt-out lists: Remove phone numbers and addresses from marketing databases.

• Document everything: Save suspicious messages for reporting to authorities.

Trusted Resources

• FTC scam alerts: ftc.gov/scams
• FBI Internet Crime Complaint Center: ic3.gov
• Better Business Bureau Scam Tracker: bbb.org/scamtracker
• FINRA investor alerts: finra.org/investors

Please know that we are here to help, too. As your fiduciary, if we recognize any signs of elder abuse, we will notify Kestra, who will in turn notify the proper federal agencies. We are on your team and are ready to help without judgment. We can help buffer with the family and facilitate the conversation in a safe, supportive environment.

We ask that you share this email with your friends and family members in the hope that your loved ones will not get scammed and will avoid the headache and embarrassment that affect so many.

The CD Wealth Formula

We help our clients reach and maintain financial stability by following a specific plan, catered to each client.

Our focus remains on long-term investing with a strategic allocation while maintaining a tactical approach. Our decisions to make changes are calculated and well thought out, looking at where we see the economy heading. We are anticipating and moving to those areas of strength in the economy and in the stock market. 

We will continue to focus on the fact that what really matters right now is time in the market, not out of the market. That means staying the course and continuing to invest, even when the markets dip, to take advantage of potential market upturns. We continue to adhere to the proven disciplines of diversification, periodic rebalancing, and forward-looking strategies, while avoiding reliance on stale retrospective data.

It is important to focus on the long-term goal, not on one specific data point or indicator. Long-term fundamentals are what matter. In markets and moments like these, it is essential to stick to the financial plan. Investing is about following a disciplined process over time.