Decoding Retirement The $3.4B scam epidemic targeting older Americans
Oct 28, 2025
Matthew Sommer, Head of the specialist consulting group at Janus Henderson Investors, shines a light on the alarming rise of financial scams targeting seniors. He discusses the reasons behind this vulnerability, including loneliness and health issues. Sommer highlights types of scams such as romance fraud and the risks of cryptocurrency payments. He also introduces the SAFE program from Wayne State University as a vital resource for victims. Tune in to learn red flags and practical steps families can take to protect their loved ones.
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Scale And Sophistication Of Elder Scams
- Scams against people 60+ totaled $3.4 billion in 2023 and are likely underreported.
- Matthew Sommer says AI and tech have made scams far more sophisticated and broadly effective.
Contact SAFE Program Immediately
- If you’re scammed, contact Wayne State University’s SAFE program for free help with banks, law enforcement, and credit agencies.
- Matthew Sommer says the SAFE program uses trained social workers to walk victims through recovery steps at no cost.
Emotional Needs Fuel Financial Risk
- Emotional vulnerability like loneliness or depression increases financial risk for seniors.
- Sommer notes fraudsters exploit social needs, not just cognitive decline, to build compelling scams.