Financial scams targeting elderly individuals have grown increasingly sophisticated, prompting financial institutions and behavioral scientists to develop new strategies for protecting vulnerable populations. Experts emphasize that understanding the psychological mechanisms behind why people fall victim to these schemes is crucial in combating fraud effectively.
Banks such as JPMorgan Chase and Bank of America have responded by integrating behavioral science expertise into their operations. JPMorgan Chase hired a behavioral scientist in 2024 to train employees to recognize and respond to customers potentially influenced by scammers, while Bank of America employs specialists trained to identify signs of financial exploitation. Many scammers now operate from large overseas compounds, building emotional or romantic relationships with victims online over extended periods. Their tactics often involve isolating victims by encouraging distrust of family members who might intervene.
A case highlighted by experts involves sisters Heather and Melissa Brown, who struggled to convince their 73-year-old mother that a man she met online was a fraudster. Despite tracing the photographs used by the man to another person’s social media account and presenting evidence, their mother dismissed their concerns, accusing them of interfering with her happiness. Over about two years, the woman sent nearly $500,000 to various purported suitors, with daily transfers reaching roughly $2,000 at times.
Behavioral science suggests that maintaining open and calm communication is key when addressing suspected scam victims. Approaching the issue without accusations helps prevent victims from shutting down or becoming defensive, especially since victims may view interventions as threats to their autonomy or romantic choices. Marti DeLiema, a University of Minnesota social work assistant professor who researches financial fraud, recommends initiating conversations with neutral questions such as how the relationship began and what the alleged suitor is like.
Building trust is another critical step, as scammers invest significant time pretending to care for their victims. Elizabeth Huppert, the behavioral scientist at Chase, advises reminding victims that concerned relatives are trying to protect them and their finances. Scammers frequently warn victims that family members intend to sabotage their happiness or financial decisions—a tactic described by psychology professor Anthony Pratkanis as “the wedge.” In the Brown family’s experience, the mother blocked her daughters’ phone numbers for months after restricting app access, further isolating herself.
When an opening arises, experts recommend clearly identifying the situation as a criminal scam. Highlighting inconsistencies in the victim's story or the scammer’s requests—such as asking for money to be wired to accounts under different names or failing to repay promised loans—can help victims see the reality. Framing the conversation around the fact that the victim was targeted by an organized crime can reduce feelings of shame, making the person more receptive. During an August visit, Heather Brown told her mother, “You are a victim here. This is a crime against you. They took advantage of you, and they lied to you,” to which her mother responded with acknowledgment.
If direct confrontation fails, specialists may discuss similar fraud cases to allow victims to recognize warning signs objectively. Additionally, banking professionals might prompt victims to visualize the financial consequences if they continue sending money or if repayments never come, such as losing their ability to pay mortgages or sustain retirement savings.
Experts note that combating elder financial scams often requires coordinated efforts involving multiple trusted individuals, including family, bankers, friends, and financial advisers, communicating consistent concerns over time. Prompt reporting of losses to banks and authorities such as the Federal Bureau of Investigation is critical. According to the Government Accountability Office, nearly 80% of funds were recovered in domestic wire fraud cases reported within 24 hours, but none were recovered if reported after 72 hours.
Despite progress, Melissa Brown emphasized the challenge in addressing these scams: “You can’t fully help or protect them unless they want to help themselves.” Her mother has reportedly refrained from sending money in recent weeks but continues to describe the transfers as “loans,” reflecting the lingering influence of the scammer’s narrative.