We’ve been saying this for years. Cybercriminals don’t discriminate by age, gender, race or ethnicity, but adults aged 60 and older are among their favorite targets. With AI-powered deepfakes making it increasingly difficult to know who to trust, older adults are more vulnerable than ever.

The Federal Trade Commission’s latest report to Congress underscores just how vulnerable this population has become. According to the report, adults aged 60 and older reported approximately $3 billion in fraud losses in 2025, a fivefold increase since 2020. And with many incidents going unreported, the true financial impact could be substantially higher.

But behind these staggering numbers lies an even more troubling reality: Cybercriminals are weaponizing the very relationships and institutions older Americans have spent a lifetime learning to trust.

From criminals impersonating government officials and financial institutions to fraudsters posing as family members and trusted advisors, today’s scams are no longer simply about stealing money. They’re about weaponizing trust.

For high-net-worth families, the implications extend far beyond the individual victim. As aging parents prepare to transfer wealth to the next generation, a single compromised relationship can put family assets, financial security and generational wealth at risk.

How cybercriminals exploit trusted relationships

For decades, cybersecurity has focused largely on protecting devices, networks, and financial accounts. But increasingly, cybercriminals are targeting something far more personal: the relationships that connect people to their money.

AI is changing the economics of impersonation. Criminals can now use readily available tools to clone voices, create convincing deepfake videos and generate personalized messages that appear to come from someone a victim knows and trusts.

Consider an older parent who receives an urgent call that sounds exactly like their child requesting money. Or a retiree who receives what appears to be a legitimate communication from a longtime financial advisor requesting authorization for a transaction. In both scenarios, the criminal’s greatest weapon isn’t sophisticated malware. It’s the victim’s confidence in the person they believe is contacting them.

These tactics are particularly concerning as older Americans prepare to pass along assets to their children and grandchildren. Families are navigating an increasingly complex web of financial accounts, estate plans, legal representatives, and wealth advisors, creating additional opportunities for impersonation and social engineering.

While financial institutions have invested heavily in protecting their systems, the personal digital lives of their clients and families may remain vulnerable. Even the strongest institutional cybersecurity controls cannot fully protect assets when a criminal manipulates a trusted individual into authorizing a fraudulent transaction.

Protecting generational wealth therefore requires looking beyond financial accounts to the broader circle of trust surrounding them.

Protecting the inner circle

The FTC’s findings should serve as a reminder that protecting older Americans requires more than teaching them to recognize suspicious emails or avoid unfamiliar phone numbers.

In an era of AI-powered impersonation, even familiar voices, recognizable faces and seemingly legitimate messages can no longer be accepted at face value.

Families and their financial advisors should adopt several important safeguards:

  • Verify before trusting. Independently confirm unexpected financial requests using an established phone number or trusted communication channel.
  • Establish family verification protocols. Create code words or other authentication procedures for urgent financial requests or emergencies.
  • Strengthen personal cybersecurity. Use strong passwords, multifactor authentication and updated security software across personal devices and accounts.
  • Include aging family members in cybersecurity planning. Discuss emerging threats regularly and ensure older relatives know how to respond to suspicious communications.
  • Engage wealth advisors. Establish clear procedures for verifying transactions, changes to financial instructions and requests involving significant assets.

These protections should extend beyond the primary wealth holder to spouses, children, aging parents and others with access to sensitive financial information.

The FTC’s findings are more than a warning about elder fraud. They underscore a fundamental shift in how cybercriminals exploit personal relationships to gain access to wealth.

As AI continues to blur the line between authentic and fabricated communications, protecting wealth can no longer be separated from protecting the people who surround it.

In a world where trust itself can be weaponized, safeguarding the family fortune increasingly means protecting the entire circle of trust.