Remember way back to earlier this year when a French woman was conned into believing she was in a relationship with Brad Pitt? Only after leaving her husband and sending nearly $850,000 to ‘Brad’, she realized she’d been scammed when his relationship with his current, real-life girlfriend became public. Adding insult to financial and mental injury, the woman/victim was mercilessly mocked online. 

WTF was she thinking you may be asking yourself, but hear us out. With advances in AI and the enormous amounts of money at stake, scams of every variety are getting increasingly more sophisticated. And like Brad’s character in Ocean’s 11, they’re pretty convincing too. While finding yourself in online love with a global celebrity sounds unimaginable, consider yourself savvier than most. The Global Anti-Scam Alliance reports that financial losses from scams were north of $1 trillion globally in 2024. That's a trillion with a T.

We’re tossing around some big numbers. Scary figures when you’re wondering just how much money your parents have to care for themselves as they live out their golden years. This week’s topic hits close to home - as in - our own Mom’s house. While in the ICU for leukemia complications, we discovered our own, seemingly intelligent and aware mother, had been scammed more than once when we stumbled across wiring instructions and Western Union receipts. This sh*t is real.

With adults over 60 less likely to report losing money to fraud than any other age range, the financial scam issue is only going to increase. Embarrassment and fear of lost freedom keep mom and dad silent on this incredibly serious, yet sensitive subject. The Federal Trade Commission (FTC) recently stated in their Protecting Older Consumers 2023-2024 report that while the total amount of reported dollars lost to scams in 2023 was $1.9 billion, they estimate the amount may be as high as $61.5 billion.

So, what are the top scams you should make your parents aware of? A few weeks ago the National Council on Aging (NCOA) posted their list. It includes:

The grandparent scam. This one is as obvious as it is heartbreaking. Scammer calls your parents, pretending to be your kid in distress and your mom and/or dad send them money. 

Financial services scam. Scammers reach out to your parent via text, email, or phone, pretending to be their bank or financial institution, and ask for personal info i.e. social security number. Dad willingly shares and within minutes, his bank account is empty. 

Tech support scam. Given mom’s propensity to post, it’s hard to believe that tech support scams still crack the top 5 list. However, anyone who’s ever tried to troubleshoot their computer gets the allure of a quick fix when the ol’ restart method fails to correct the blue screen of death.  

Government impersonation scam. The over 65 crowd knows just how important  Social Security and Medicare benefits are. Fearful of benefit and resource disruption, sharing personal information isn’t too much of a stretch to consider when your dad thinks he’s supplying it to agencies that already have it. 

Romance scam. Mom is lonely, doesn’t want to bug you because she knows how busy you are. A stranger on the other side of the internet, advanced in their love bombing abilities, convinces her that he (or her) just needs a loan to help get through an emergency that’s often overseas. Mom, who’s got the best cookies and a big heart, simply wants to help. The scammer is just looking for an easy target. They don’t even know she bakes.

Remember, anyone at any age can fall victim to fraud. Go easy on your parents when you talk with them. We like these tips to start the convo. We understand that even the best intended conversations may not land well - we’ll cover that topic in coming newsletters.

🥵 Feeling the double whammy of menopause and caring for an aging parent? Cutting Alzheimer's Risk through Endocrinology (CARE) announced a $50 million research effort focused on the impact hormones have on dementia diagnoses in women. We won’t forget to report on the findings.  

🧠 Last week, the U.S. Food and Drug Administration (FDA) approved a therapy, known as adaptive deep brain stimulation, or aDBS. By using an implanted device that continuously monitors the brain for signs that Parkinson’s symptoms are developing, it can detect specific patterns of brain activity and deliver precisely calibrated electric pulses to keep symptoms at bay. Here’s what you need to know about the Medicare coverage for DBS therapy. F*ck yeah, science! 

😞 At 95, Gene Hackman was found deceased in his home this past week, alongside his wife and one of their dogs. While the circumstances of their deaths are still being investigated, NPR reports Gene’s pacemaker data indicates he had died several days before being found. We like to think his line as he portrayed Coach Dale in sports classic, Hoosiers, aptly applies to supporting our aging parents. “That kind of commitment and effort deserves and demands your respect. This is your team.” While it’s unlikely your folks can beat aging, we do believe it’s best played as a team sport. Rest easy, Mr. Hackman.