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Welcome to the watch floor. I'm Sarah Adams. Financial fraud isn't random. It's deliberate. It's targeted, and it's increasingly sophisticated. And one of their primary targets are older Americans. Isn't because they're naive, but it's because they have what the scammers want. Today, we're not going to go into the cliches of the romance scams, even though plenty still fall for them, which is frustrating. Or the calls from NYPD that you have a warrant out for your arrest. We're going to go a lot deeper and talk about the tactics, the psychology, and some of the lesser known scams that are really draining the bank accounts of the people we love the most. To set the stage, let's actually look at the numbers. In 2024, Americans over the age of 60 reported about 150,000 scams which stole over $4.8 billion. The crazy part is these are incredibly underreported because of course, there is no require report. And a lot of people feel shame, fear, and they're really worried about these crimes actually being escalated against them. So experts say it's probably in the tens of billions of dollars yearly. I mean, think of how insane this is, right? We expect our loved ones to enjoy their retirement years and they're being targeted. And some are losing their entire life savings in these scams. Older Americans are losing more in scams than any other demographic. And the rate of victimization has quadrupled since 2020. So it's not getting better. Even as there's more and more literature going out saying, watch for this scam, watch for that scam, they're still falling for these campaigns. And when one scam kind of gets out there and they learn about it, you know, these bad act actors just come up with a whole new ruse and it just keeps happening, compounding on top of each other. Don't think of these as random acts. A lot of these are systematic campaigns. Some are literally run by criminal organizations. And then of course, as we know, a ton are ran from overseas, from call centers. And while many will blow off these scams against their loved ones as kind of a nuisance, there is actually real psychological damage. So even if they only lost, let's say, a few thousand dollars, they now might have years of anxiety, fear, and even depression. And once they fall for the scam, once, it makes them more vulnerable to future attacks. And that's why we have to stay on this. So why are older Americans so visible on these scammers radars? Let's just Break it down really quickly. So first they have accumulated wealth. They have retirement accounts, savings accounts, home equity, all prime targets for scammers. They also have this tradition of trust. Older generations really trust in authority. They trust in like the irs, their bank, like words from a government employee. There's also a digital divide with banking going online and social media. There's really this like gap that a lot of people can exploit. Especially because the older Americans, you know, aren't as tech savvy. Another issue is isolation. When someone is lonely, they're more easily to basically pull into a scheme and really emotionally manipulate. There's no one there to tell them, hey, this doesn't seem right. This seems off and all that right. We get very engaged with our loved ones, but if they don't have that outreach and connection, there's no to say this looks like a red flag. Another thing is routine predictability. So the daily pattern is pretty much always the same. So you know when to call them and they'll be at home and answer. You know when to send an email and they'll be receptive to answering. You know when to stop by the house for a visit. This episode is brought to you by Oneskin, the skincare company led by an all female team of longevity researchers. What caught my attention about one skin isn't the hype, it's the science. 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It's research backed, it's simple and it delivers. What really makes me trust that it's backed by four peer reviewed studies that show the OS1 peptide actually works. At the cellular level, not just on the surface. Born from over a decade of research, One Skin's OS1 peptide is proven to target the visible signs of aging, helping you unlock your healthiest skin now. And as you age, for a limited time, try OneSkin at 15% off at OneSkin co. Watch again, that's 15% off at OneSkin Co with Code Watch. And after you purchase, they'll ask where you heard about them. Please support the show and let them know the watch floor sent you. So it's not just about age, it's about profile. Now we have someone here with time, resources, social trust, and they have often limited support and that makes them a high value target for scammers. Most scams are very familiar, but they really have evolved over time. And the ones you heard about five years ago, some might still exist, but there's a lot more new ones and every day different ones pop up. So we all heard the tech support scam. So it now becomes more of a finance type of scam. So scammers reach out and say, hey, there's something wrong with your device. You know, we're going to assist you in fixing it. Give us a make a payment from your bank account. Sometimes it's even a payment from your retirement account. And of course, the scammer gets this remote access as they're doing the tech support and they rob you. This one's been going on for years, but it still keeps happening. In Florida, there's a case where a teacher was told she had a virus on her computer. She paid with her bank account, had 12,000 stolen. And the problem is once this money goes out of your bank account, it's almost impossible to bring it back. And that's why it's really important to make it to where you're paying a lot of attention to when wires are going out. I feel banks are getting better at saying, hey, you're wiring this money to Thailand. Do you really want to do that? But a lot of people are disassociated and they're not engaged and they're really not protecting the consumer in the way they should. So that's unfortunately when family really has to step in and be a little overbearing in these situations, so they don't happen. Now why this works for the scammers is there's kind of like this pressure, this urgency, and then they have this trust and authority. Right? They might think they're talking to Microsoft. Well, we know Microsoft. Of course you can trust Microsoft to fix this problem. And that's how easily it happens. So another one is these investment scams. And so you'll get a call, it'll be from someone who says they're an investment advisor. They're not your investment advisor, or they'll say they're your bank, or they'll even say they're the government. Like they might even say something like, oh yeah, we're the irs, which is crazy. The IRS is not helping you make proper investments. Now people over the age of 60 has lost in just one year over $700 million solely to this scam. And so what happens is they call individuals and say, hey, we're selling this high yield government bond. They're pretending maybe to be your bank. And they say you invest in it, you get whatever 9% return. And so the majority of people will put a large sum into this, right, because of the return rate. And so the average person is losing 50,000 when they do this. So don't take investment advice over the phone from people you don't know. Use a trusted advisor, one that you have trusted for many years. And don't assume it's your bank calling. You can say, I'll call you back and you hang up. And then you directly call your bank and have a discussion. And better yet, you go in person to your bank. Nothing should be done over the phone. Now we're going to cover a few scams that are a little more under the radar, but they seem to happen more frequently. One is this caregiver scam. And this actually happened to my mom's neighbor. In that case, you know, this gentleman was just in the parking lot of the grocery store and these two individuals came up to him and said, hey, we have a caregiving service, you know, would you like it? And he signed on for it. And they would come to his house, so do chores, some cleaning, maybe help him with some of his medical issues, etc. Well, as they do that, and sometimes it's a paid service and sometimes it's volunteer, which should be very concerning. They now get access to your home, your keys, and then eventually they get access to your banking and your wills. We had a case in Ohio where a woman let in this caregiver an oversee six months. They basically wrote checks in their name, they stole their pension checks, they stole actually up to $80,000. And the whole time, you know, they're showing up every day doing their job. And lots of times this doesn't really get realized till after the fact. And the scary part is sometimes when these victims realize it, they're like well, it's not that big of a deal. They're providing such a benefit to me. You know, I don't want to rock the boat. Or they become a little fearful. They're like, oh, they have keys to my home. They know everything about me. And it puts them in this uncomfortable situation where they don't know exactly how to deal with it. So, you know, really good thing to look for is if your loved one has a caregiver and they're asking questions about, like, financials and personal information that they don't need, kind of in that realm. That's when the red flag should go up and it should be like, hey, something is off here. Another thing is you should not pick up caregivers on the street, right? They should be licensed. They should be from a company with proper reviews, hopefully a company your friends are using and not having problems. A lot of family members don't even know where their loved ones are getting these caregivers until after the fact when this fraud has occurred. So this is a new one that's been happening a lot, and it's this overpayment refund type of trap. So they tell you, hey, you overpaid on some bill, and we have to, you know, send you a check or get you the money back or you received extra money from our company and you have to send it back when really there was never any overpayment. Some people sometimes maybe pretend to be your electric company when they do this. So anytime, in this case, you again, you hang up the phone, you ignore the mailing, and you actually call that company, especially if you're a customer of them. If you're not a customer of this company, you should know right away this is fraud. But if you're a customer of the company, you call the customer service. Not the number that called you, but the real customer service number. And you have a discussion with them because they're making you feel like you have to solve this problem right away. Either you got to get this money back to us, or you have to pay this quickly. That doesn't give you time to pause and think, but you need to. And you need to say, hey, I'll call you back. Let me look at the problem here. And then connect directly with the company. Very simple to solve. Nothing is ever immediate. No one's calling you and saying you have to pay something within five minutes or your electricity is turned off or the IRS is going to kick in your door. None of that ever is factual. All of that is a scam. Now, this One's famous and it's happened a lot, but I don't think a number of people have still shared it with their loved ones. Right. It's the fact that these scammers are taking families voices and making these deep fakes. And then they call you and they have a crisis. I just had an accident. You have to wire me money for the ambulance. I'm behind on my child support, I have to pay it today or I have to go to court, et cetera.
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I knew that was his voice. It just couldn't have been anybody else. Shirley Murrow answered her phone and says she instantly recognized her grandson Joseph, a Marine who visited her often. But this panicked phone call alarmed her. He says, I hit a lady in a car who was eight months pregnant and she is in the hospital and I'm in jail. Crying and in shock. Shirley says Joseph handed the phone to another man claiming to be an attorney. The man said, well, if you can raise $9,000, the charge will be dropped and Joseph will be released. The 91 year old rushed to her bank taking out the full amount in cash, not realizing she'd actually fallen victim to an all too common scam.
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There's a scene thing where it's like urgency and it's secrecy. It's like, Graham, I'm calling you because I'm embarrassed by this and I know you'll help me. And it's this like emotional manipulation. And then it's almost like, well, it's a crisis and emergency, I have to wire this money right away. And this has happened a lot of times, thousands of thousands of dollars. When again, it's one of those issues, if you take a step back, you verify, right? You call. If it's your grandchild, like one of their parents, you directly call their phone because they can make it look like they're calling you from their phone. These scammers, that's how good they've come. So you always do a second level of verification, especially if they're calling for bail, any sort of medical issue or an emergency like an accident. Because think about it, think of the times in your life when you've been in an accident. When have you ever had a handover cash in the middle of the accident? You don't. And so think through these things as they're happening. Don't let the panic of the situation lead you to make mistakes. Now this is one that's been happening a lot more too. It's this Medicare and health care fraud. So scammers will call people and say, hey, we have free equipment we can provide you, or let us verify your benefits and find out what we could get free for you. It could be different medical equipment like chairs, maybe hearing aids, et cetera. So then what a lot of people will do is they'll hand over their Medicare information so they can check to see if you're eligible. And then of course, it's essentially an identity theft. They steal your information and then they start, as you can imagine, doing billing against your Medicare. So there's a number of situations where people have had a bunch of this equipment show up or they found out they've had like 20 or $30,000 submitted in Medicare claims that of course are fraudulent claims. But these are, as you can imagine, a lot of work to fix and backtrack. Another issue is the Medicare number can be stolen and used for medicines, and sometimes then those medicines get sold on the black market. So it becomes a really big issue. So don't take any unsolicited call requesting your Medicare number, your Social Security number, or any health related information. Just view all of them to be a scam and then go through, of course, your trusted medical provider if you need those supplies. Now I've seen this tons and I've seen pretty much every demographic fall for it. It sees charity and disaster relief. Kind of like hijacks is the best way to put it. So something's bad's happening, right? We're in the aftermath of a hurricane. There's local tragedies, maybe a school shooting. Then these scammers will use what sounds like real organizations and they'll slightly alter domain names to bring in donations. A really good example is after hurricanes, they'll send out mailers that look like the Red Cross, this actually happened in Louisiana. And, and then they'll say, hey, donate, you know, help your community. And in that case, I think it was like $250,000 went out the door before like authorities realized that, you know, people are falling for the scam. Another thing is they'll do a lot of fake charities to maybe widows. They do this a lot with like foreign law enforcement, unfortunately, a lot of like the fallen to do with like post 9, 11, et cetera. And they'll say, hey, donate to the causes to support, you know, these officers foundations. And they'll be scams. And a lot of these are easy to detect because first off, they usually ask for a strange way of payment. They'll say, oh, it's easier if you do a gift card or you just wire us the money, or you transfer cryptocurrency to us, right? All very, very strange things. If I can't drive down to the local Red Cross and hand them a check, it's probably not going to be legitimate. And even in those cases, remember a lot of these well known organizations, I think Red cross, only about 7% of your donations actually go to the people in need. So the best is always donate as local as possible and to organizations you know well, your town has more. Plenty of organizations that like help people or animals, food banks, etc. Like give locally and there's less a chance you'll be a part of any of these scams. Another one that has affected people kind of at different age ranges is this like fake government grant. And a lot of it happened to around Covid saying hey, you have free money, there's $8,000 available to you. So what they do is they say you're eligible for this grant, you just have to pay this processing fee. And then we'll provide the money to you, we'll wire it to you, send it as a check, et cetera. And the fees aren't very big. 2002-503004-00500. So you pay this processing fee and then of course no money ever comes. Just think about it. It's very rare the government gives you free money. But even when they do give you free money, you see still had to submit for it somehow on a government website. Did you submit anything on a government website? And then if you did, reach out exactly to that organization, look at your status of that application and go through that route. Don't just believe some random mailing that came or a phone call that came to you. So how these scammers carry out these events is pretty methodical. And I want to break it down for you. They first do actual reconciliation. They'll look at social media, public records, any of these breach databases and then they'll start their target selection. And they do have preferences. They look for people who are isolated so away from their families. They look for recently widowed individuals, they look for recently retired persons. And then there's kind of like this multi channel effort engagement. So they'll do pressure tactics, emotional triggers, like I said, they'll time bound kind of their scams and what they need from you. And then of course there's this control and exploitation where there's like this escalation of a request, there's info money and then there's the secrecy element of this. Right? There should never be a secrecy element, of course, when handing over money. So these Aren't isolated incidences in any way. I mean this is repeatable. This happens around the globe. Like it's highly documented how these scammers do this. Like they're half the world away doing this. They're in India, heck, some are in Cambodia, they're in Nigeria, and they're stealing your money. So knowing how they operate is one thing and then acting on it is another. So I want to talk a little bit and quickly through how to protect yourself or those you love first. And the easiest, and a lot of people do this, and it's super great, is just have a family verification phrase. If you get a call and it's a crisis or an emergency, say the word. They can't say the word, you hang up. Another is you always do a second person confirmation, hopefully with someone in your family. So before you agree to hand over any money or do anything, you double check with another member of the family. Another thing is you need to have some sort of like financial alerts and oversight within your family. So I can't be scammed and send $20,000 to Malaysia without a second family member approving the wire. Now a lot of people don't like that. It almost seems like it takes away a freedom, but it doesn't. If you know you love each other, you have each other's best friends interest. That's what we're doing. It's an oversight function. Another thing is any kind of important contacts or financial information or passwords should be stored off of your computer. Because I think older Americans don't exactly always understand how easy it is for these actors to get into your computer to do phishing, et cetera. So if you just keep all that information off the computer, you don't have have to worry about it being compromised to begin with. The most important thing we brought up a couple times is pause before acting. Nobody's urgently calling you for money. That has to be done right now. You can always set the phone down, confirm something and take time to make a decision. And actually even a five minute pause drastically reduces the chances a personal fall for the scam. Like only 5 minutes is all it takes. Of course, like we're doing today. Education is so important, but also just do like simulations, walk through some of these scams we talked about or when you get like a mailing from your local police department and they talk about a scam and just walk through how it would occur. So then it's at the top of their mind. And you've already practiced dealing with this scenario and then Your loved one knows right away, oh, this is a scam. We brought this up to check the source. Anytime someone reaches out, it's a government, your bank, the police department, doesn't matter. It does not matter who they say they are on the phone, say, thank you, I'll call you back. You hang up the phone, you look up the real number, and then you call them directly and you deal with the issue. Or better yet, you go in person and make sure if there is an issue, you're dealing with it in person. You know the person's name in front of you. You know they're right there in your town and you know you're solving a real issue. Lastly, to help others, you do need to report when this happens, right? You have to report any of these scams you see, you know, to the Federal Trade Commission. Because if we're not sharing it, then the information isn't getting out to others, and then we end up with more and more victims. So as you see, in these scams don't just go through because of, like, ignorance. It's calculated targeting. Right? They exploit trust psychology and they'll use the institutions you trust the most against you. Right? They'll just claim to be part of that institution. So older Americans aren't just losing money in this case. They're losing confidence and dignity and a peace of mind. And if we understand kind of the tradecraft, the psychology and what these emerging threats are, we can break the cycle and we don't have to worry about those we love being a target. So if you found this useful, you know, share it with someone you love, because it is about protecting them, and it is our responsibility to take that seriously. Thanks for being here today on the watch floor.
Podcast: The Watch Floor with Sarah Adams
Host: Sarah Adams
Date: April 22, 2026
In this episode, former CIA Targeter Sarah Adams investigates the alarming rise in financial fraud targeting older Americans. Moving beyond common scam warnings, Adams unpacks the sophisticated tactics, psychological manipulation, and lesser-known scams that are rapidly draining the life savings—and peace of mind—of vulnerable individuals. The discussion is both a warning and a practical toolkit for families hoping to stay one step ahead of scammers.
Action Step:
Share these strategies with your family and especially elderly loved ones. “It is our responsibility to take that seriously.” (30:30, Adams)