AI-powered scams cost seniors $800 million a year: How to protect yourself
Experts estimate that seniors in America lose around $800 million each year to imposter scams, which are becoming harder to spot due to AI technology. To protect themselves, seniors are advised to record suspicious calls or texts, block potential scammers, and report them to their state attorney general.
Seniors in the US are losing an estimated $800 million annually to imposter scams. Jay Foley, president of Max Guard Wealth, says seniors are targeted due to their accumulated wealth. Scammers use AI to make their attempts more convincing. There are two main types of scams: imposter scams, where someone claims to be someone they're not, and investor scams, which promise unusually high returns with little risk. To avoid being scammed, seniors should record suspicious interactions, block scammers, and report them. If something doesn't feel right, they should trust their instincts and ask questions.
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