Elder Scams and POAs: Protecting Yourself from AI-Powered Fraud

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POSTED ON: July 7, 2024

Elder Scams and POAs: Protecting Yourself from AI-Powered Fraud- Technology is rapidly evolving. That’s not always a good thing. In this case, the latest technology makes it easier for scammers to target the elderly. As Fedweek reports, criminals use AI to devise hard-to-detect, convincing scams. Families and older individuals must learn how to handle this new threat to their finances.

How are AI-Powered Scams Deceiving Seniors?

Scammers now use AI to clone voices and create deep-fake videos or images, artificially generated by a special kind of machine learning called “deep.” This makes it hard to identify them as fake, allowing them to impersonate trusted family members, authorities, or organizations. Targeting your emotions with fake emergencies is often their favorite strategy.

AI Elder Scam Tactics to Watch

Fraudsters pretend to be distressed loved ones, urging immediate money transfers. All they need is a few seconds of a person’s real voice recording, which AI can replicate with surprising accuracy. They can then create a convincing plea for help. Even if it sounds slightly off, the fear and concern these messages create can distract the victim and trick them.

Another tactic involves AI-personalized phishing emails. Before AI, spam filters and other tools could often detect malicious emails. However, AI makes it easy for scammers to mimic real messages and get past spam filters. These sophisticated, emotionally manipulative strategies make it hard to tell authentic and fake messages apart. Criminals need little personal information to create convincing scams and defraud you.

Elder Scams and POAs: Protecting Yourself from AI-Powered Fraud

What Precautions can Be Taken?

Many steps you can take to protect yourself from the new generation of elder scams are the same as ever. Don’t trust calls from strange numbers, don’t follow links from emails if you can avoid it and keep a clear head when someone tries to tell you there’s an emergency. However, you can also take new steps to identify those impersonating your loved ones. Three key steps you should take are:

  • Don't Share Personal Information: Be cautious about sharing details with unknown contacts.
  • No Money Transfers: Avoid sending money to unknown accounts or addresses.
  • Use a Keyword: Establish a private family-only keyword for emergency calls to verify the caller’s identity.

Using Elder Law to Protect against Scams

Proactive elder law strategies aren’t just for managing your inheritance. They’re also crucial for safeguarding your assets during your life. Here are a few ways estate planning can help protect you from fraud:

  • Power of Attorney: Elder scams have been on the rise for a prolonged time, and POAs can help. Choose a trusted person to manage financial affairs and prevent unauthorized transactions.
  • Living Trusts: Placing assets in a trust can ensure protection and management by someone reliable.
  • Advanced Directives: Clear instructions can prevent unauthorized decision-making.

Secure Your Future against Elder Scams

Don't let scammers threaten your family's financial well-being. Create a thorough, advanced estate plan that uses trusts and powers of attorney to secure your finances. Call our law firm today to protect yourself and ensure peace of mind.

Key Takeaways

  • AI-Powered Scams on the Rise: AI elder scams use technology to conduct convincing scams. Cloning voices and creating deep fake videos pose a new challenge to the elderly.
  • Common Targets: Seniors are common targets for AI fraud. These frequently center on emotionally manipulative "family emergency" scams and phishing emails.
  • Protective Measures: Avoid sharing personal information and sending money to unknown contacts and establish a family keyword to verify emergency calls.
  • Elder Law Strategies: Anyone can face elder scams, and POAs, estate planning and living trusts are valuable protective tools.

Schedule your phone consultation: THE LAW OFFICES OF CLAUDE S. SMITH, III

Elder Scams and POAs: Protecting Yourself from AI-Powered Fraud

Reference: Fedweek (Jan. 17, 2024), Scams against Older Persons Now Increasingly AI-Powered, Report Says

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