Think you’d never fall for a scam?

Maybe not today. But what about 20 years from now? What if a phone call sounds legitimate, includes personal information, and appears to come from a government agency or even a loved one?

In this episode of Simons Says Podcast, Dave Simon and fellow Certified Financial Planner™ Brandon Malinckrodt discuss the growing threat of financial scams and investment fraud, particularly those targeting retirees and older adults. They share a real-life case involving scammers impersonating the Federal Trade Commission (FTC) and offer practical ways families can help protect loved ones before it’s too late.

Financial Scams Are Becoming More Sophisticated

Scammers are no longer relying on obvious phishing emails or poorly scripted phone calls.

Today’s fraudsters use realistic websites, convincing documentation, AI-powered technology, and psychological manipulation to gain trust. In some cases, they even impersonate government agencies or public officials, convincing victims they are helping protect their assets when they are actually stealing them.

The result? More people are falling victim to scams every year despite growing public awareness.

4 Warning Signs a Parent or Grandparent May Be Targeted

1. Unexplained Withdrawals or Transfers

Pay attention if a loved one suddenly starts moving money between accounts or making unusual withdrawals without a clear reason.

2. Changes in Financial Habits

Large cash withdrawals, frequent transfers, or sudden secrecy around finances can signal outside influence.

3. Unusual Asset or Property Transfers

Unexpected changes involving investment accounts, real estate, or other assets should prompt a conversation.

4. Cryptic or Secretive Conversations

One of the biggest red flags is when a loved one starts using confusing explanations or insists they cannot discuss what is happening because they have been instructed not to.

Scammers often work to isolate victims from the very people trying to help them.

Protect Your Personal Information

Many scams begin with information people willingly share online.

Before completing online forms, responding to advertisements, or providing personal details, ask yourself:

• Is this organization legitimate?
• Why do they need this information?
• Do I really need to provide it?

The less information available to scammers, the harder it is for them to build convincing stories.

Always Verify Before You Act

Dave shared an example of a client who received what appeared to be a legitimate email from Fidelity. Instead of responding, the client simply asked, “Is this real?”

It wasn’t.

That quick question potentially saved the client from becoming a victim.

The lesson is simple: if something seems unusual, verify it with your financial advisor, bank, CPA, attorney, or a trusted family member before taking action.

Create a Trusted Support System

One of the best defenses against elder financial abuse is a strong support network.

Make sure aging parents and grandparents have trusted people they can contact when something feels off. A second opinion can often stop a scam before any money is lost.

Use a Family Safe Word

With AI-generated voices becoming more common, scammers can sometimes imitate family members.

A simple solution is to create a family code word or phrase known only to close relatives. If someone calls claiming to be a loved one and cannot provide the code word, that is an immediate red flag.

It is a simple step that can provide an extra layer of protection.

Beware of “Guaranteed” Investment Returns

Another common scam involves promises of high, guaranteed returns with little or no risk.

As Dave points out, legitimate investing does not work that way.

If someone promises 10%, 15%, or 20% guaranteed returns year after year, skepticism is warranted. Successful retirement planning, wealth management, and investing are built on long-term discipline, not get-rich-quick promises.

The Bottom Line

The best way to protect your family from financial fraud is communication.

Talk with your parents, grandparents, and loved ones today. Review warning signs, establish trusted contacts, and encourage them to ask questions whenever something does not feel right.

Remember, nobody should ever be embarrassed to get a second opinion. In today’s world, that simple conversation could be the difference between protecting a lifetime of savings and becoming the next victim of a scam.

If you’d like help safeguarding your retirement assets, navigating retirement planning decisions, or creating a strategy to protect aging parents from financial fraud, reach out to a trusted financial advisor. Sometimes the best defense against a scam is having experienced professionals and trusted family members in your corner.