Core Insights - The elderly population, particularly those aged 60 and older, is increasingly targeted by scammers due to their potential lack of tech-savviness and accumulated savings, making them attractive victims [1] Group 1: Scam Statistics - The Federal Trade Commission reported an 800% increase in the number of consumers over age 60 who lost over $100,000 to scams, rising from $55 million in 2020 to $445 million in 2024 [2] Group 2: Consumer Advice - Consumers are advised to slow down and not provide any information when contacted about potential issues with their bank or investment accounts [4] - It is recommended to confirm any issues directly with the financial institution using official contact methods rather than links or numbers provided by the caller [5] - Adding phone numbers to the National Do Not Call Registry can help reduce unwanted telemarketing calls, although it may not eliminate all spam [6] - Individuals should be cautious of unexpected calls and verify the identity of the caller before providing any information [7] Group 3: Actions for Victims - If a person suspects they are a victim of fraud, they should immediately contact their financial institution using the official contact information [8] - Reporting scams to the Internet Crime Complaint Center of the FBI is encouraged, as it can aid in preventing future fraud, even if individual cases may not be investigated [9]

With the rise of AI, internet and phone-based scams are becoming harder to detect, especially among vulnerable populations like seniors. On this episode of Decoding Retirement, host Robert Powell speaks with Matthew Sommer, head of the specialist consulting group at Janus Henderson Investors, about the financial scams you need to look out for and what you can do if you're the victim of one. Matthew discusses different types of confidence scams, red flags to be wary of, and resources available to help those ...

Core Insights - Visa's new anti-fraud disruption department saved potential victims $350 million last year, part of a broader effort that blocked $40 billion in attempted fraud in 2024 [1] - The company has invested over $12 billion in technology over the last five years to reduce fraud and enhance network security [1] - Visa Scam Disruption (VSD) employs a cross-disciplinary team and generative artificial intelligence tools to proactively identify and mitigate scams [2][3] Investment in Technology and Human Resources - Visa emphasizes the importance of combining proprietary technology with the unique experiences of its personnel to effectively combat scams [2] - The use of generative AI tools allows VSD to analyze large amounts of data and identify impactful scam activities [3] Trends in Scams - There has been a notable increase in scams targeting banks and their customers, with fraudsters employing more sophisticated and personalized tactics [3][4] - Investment scams and romance scams are identified as the most financially damaging, with median losses of $1,104 and $1,996 respectively [5] Fraud Loss Statistics - The Federal Trade Commission reported that consumers experienced over $12.5 billion in fraud losses last year, marking a 25% increase from 2023 [6]