Protecting Your Retirement Savings from Today’s Fast Growing Fraud
Fraud—not market swings—is becoming one of the biggest risks to Americans’ retirement savings. Reports to the Federal Trade Commission show more than $12.5 billion in losses in 2024, a 25% jump from the prior year. Adults 60 and older reported $2.4 billion in losses, and the FBI estimates total fraud losses reached $16.6 billion nationwide. Investment scams were the most damaging category, responsible for more than $5.7 billion in losses.
Older adults are being targeted through long term, relationship building schemes—fake investment platforms, government impersonation, and cryptocurrency fraud. These scams often rely on trust, secrecy, and urgency rather than technical hacking. A new Oklahoma law went into effect last year to crack down on losses at Bitcoin ATMs, which has been a growing problem. Still, being vigilant against scams is critical.
Warning Signs Families Should Not Ignore
Behavioral changes often appear before money moves. Common red flags include
- Frequent or unexplained bank withdrawals
- Repeated gift card purchases
- Transfers to unfamiliar or overseas accounts
- Buying gold bars or using cryptocurrency ATMs
- New “friends” known only online or by phone
- Downloading unusual apps that they would not normally use
- Increased secrecy or anxiety around finances
These patterns often indicate someone is being coached by a scammer.
How to start the conversation
A supportive, non- confrontational approach helps reopen communication:
- Begin with observations: “I noticed you’ve been visiting the bank more often—everything okay?”
- Ask open ended questions and listen.
- Focus on protection, not blame—these schemes are engineered to manipulate trust.
- Bring in additional trusted voices such as your financial advisor, if needed.
The goal is to break the isolation scammers depend on.
Steps that strengthen financial safety
Simple safeguards can make a meaningful difference:
- Add a trusted contact to financial accounts
- Establish a durable power of attorney
- Turn on transaction alerts for financial accounts
- Create a family verification rule for unexpected requests
- Remember: no legitimate institution will ever ask you to move money “for protection”
Why vigilance matters
Cyber enabled fraud has grown dramatically in recent years, and criminals continue to adapt faster than regulators can respond. For families, the strongest defense remains early awareness, open communication, and clear financial safeguards. If you are a family member worry that you have been a scam victim, your ArrowPoint team is always available to answer questions.