Mar 10, 2026
In this episode of Black Parents Aging, Olivia Smith and Nicola Robinson continue their conversation on elder fraud by focusing on investment scams, cryptocurrency fraud, and sweepstakes scams that disproportionately target older adults.
They discuss how scammers pose as investment professionals promising to double or triple retirement savings, why cryptocurrency scams are especially dangerous because the money is nearly impossible to recover, and how classic sweepstakes scams still trap many seniors today.
The conversation also shifts to practical steps families can take to protect aging parents and grandparents, including having open conversations about scams, freezing credit, blocking suspicious calls, monitoring financial accounts, and using tools like powers of attorney to help oversee finances.
The episode closes with warning signs families should look for and resources available to report elder fraud and scams.
• Cryptocurrency and
investment scams caused over $1.6 billion in losses for victims over 60 in
2024.
• Any investment promising to double or triple your money quickly is likely a
scam.
• Cryptocurrency scams are especially dangerous because
once the money is sent,
it is extremely difficult to recover.
• Sweepstakes scams often ask victims to pay a fee or taxes upfront to claim a fake
prize.
• Simply talking with
aging parents or grandparents about scams can significantly reduce
their risk of falling victim.
• Tools like the Do Not
Call Registry, call blocking, and credit freezes can help
protect against fraud.
• Services such as EverSafe or Carefull can monitor accounts for
unusual transactions or hidden subscription charges.
• A Power of
Attorney can allow trusted family members to monitor
financial accounts and protect loved ones.
• Sudden financial trouble, excessive packages, or unusual spending
may be red flags of a
scam.
• Elder fraud can be reported to the FBI’s Internet Crime Complaint Center
(IC3) or the National Elder Fraud Hotline.