Financial fraud is no longer just a personal issue—it’s a business risk, a legal liability, and a growing concern for families and professionals alike. The elderly population is increasingly in the crosshairs of sophisticated scams, and the ripple effects can extend far beyond the individual victim, impacting shared networks, family assets and even company systems.
Consider a recent case from Port Jefferson Station, where a 78-year-old retired art teacher was scammed out of $15,000 after receiving what appeared to be a legitimate Apple Pay notification. A series of convincing follow-up calls instructed her to withdraw cash for “safekeeping.” She complied—and the money disappeared. This wasn’t an isolated incident. It’s part of a wave of fraud targeting seniors on Long Island and across the country.
As elder law attorneys, we’re seeing firsthand how these scams are evolving and intensifying. Today’s fraudsters don’t just send typo-filled emails. They use AI-generated voices to impersonate loved ones in distress, create fake email addresses that mimic trusted professionals, and exploit financial confusion with alarming precision. In Suffolk County alone, scams targeting seniors cost residents more than $126 million in 2023.
For business owners, financial advisors and estate planning professionals, these cases raise urgent questions: Is your client or employee population aware of these risks? Could a compromised family member open the door to broader vulnerabilities? Is your firm prepared to help protect older clients—or their adult children—from becoming victims or unwitting participants in fraud?
Many seniors share devices or networks with family members—meaning a compromised email account, malware download, or leaked password could put entire households at risk. That includes joint financial accounts, shared cloud storage and access to sensitive documents. In some cases, we’ve seen scammers gain access to business-related accounts or financial tools through an initial “soft target” like an aging parent’s unsecured tablet.
The consequences can be severe: drained accounts, compromised identities, damaged reputations and costly legal clean-up. That’s why proactive fraud prevention isn’t just personal—it’s a smart business practice.
We advise clients to “verify before acting” on any request involving money or sensitive information. That means confirming a person’s identity using a trusted source, not relying on contact information provided in the message itself. We also stress the importance of safeguarding personal and financial details—seniors and their caregivers should never share Social Security numbers, banking credentials, or Medicare IDs without independently confirming who they’re speaking with.
Phishing attacks remain one of the most common—and convincing—tactics, so it’s essential to be cautious with all incoming emails and texts. Even if a message appears to come from a vendor, colleague or relative, it may be fraudulent. Avoid clicking any links or downloading attachments unless you were expecting the e-mail and document, and the source is verified.
Monitoring accounts regularly is another key prevention tool. We recommend reviewing bank and credit card statements often to catch any small, unauthorized transactions that could signal fraud. On the digital side, using strong, unique passwords and enabling two-factor authentication across important accounts adds another layer of protection. And if something feels off, it’s critical to act fast, reporting a potential scam immediately to a bank, IT team or law enforcement can limit the damage.
Business leaders also have an opportunity to be part of the solution. Founders and CEOs can offer lunch-and-learns on cybersecurity and elder fraud. You can help clients and employees create digital hygiene checklists for aging parents. And you can build fraud detection into your estate planning or wealth management offerings. Most importantly, normalize the conversation around scams. They happen more frequently to just about everyone. Too many victims are silent out of shame, which only benefits the scammers. Let’s talk about it, openly and honestly, to educate and prevent repeat offenses.
Financial fraud is becoming one of the defining risks of our time, particularly as our population ages and technology becomes more integrated into everyday life. Taking steps to protect the most vulnerable among us—our parents, our clients, our neighbors—is not just the right thing to do. It’s a smart, strategic move that protects people, preserves assets and builds trust.
Jennifer Cona is the founder and managing partner of Cona Elder Law in Melville.
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