March 24, 2026, 5:07 a.m. CT
- Elder fraud is a significant issue, with reported losses reaching nearly $5 billion in 2024.
- Scammers often build emotional connections through romance scams before making urgent requests for money.
- These scams have become industrialized, sometimes involving organized crime and exploited workers.
- Warning signs include urgent demands for money, requests for secrecy, and never meeting the person in real life.
In Tennessee and across America, seniors are being scammed out of huge amounts of money. The FBI estimated that in 2024, elderly Americans lost $4.855 billion. These are only the reported cases.
Seniors often feel ashamed of reporting fraud or are unfamiliar with the ways to report it. The Federal Trade Commission has estimated that, if all losses were reported, seniors lost $81.5 billion in 2024.
How Romance Scams Begin: ‘Sorry, I Texted the Wrong Number’
Let’s start by describing romance scams, which are formed by scammers using dating apps, social media, messaging apps, email and text messages. The scam starts with a phone call or text message sent, allegedly by mistake. Then the scammer follows a pattern of building a connection.
Maybe you like to do yoga, and the scammer might claim to like that, too. Or you’ve traveled someplace and the scammer tells you their experience in that city.
Then the connection deepens. Maybe you get a text every day, a call every night. You begin to feel attended to, even loved. And then come urgent requests for money or advice about investing in gold or cryptocurrencies.
These schemes can involve, but do not require, diminished capacity. They can go on for months. Seniors can feel too ashamed to report the scam, even if they eventually realize the fraud or when they have been scammed out of all their money.
When love turns into urgent financial demands
Romance scams are not the only type.
In addition, scammers can impersonate a government official or a grandchild who needs money immediately. AI can now help them create the voice of that grandchild, and romance scams often include photos of beautiful women or handsome men.
When scams become an industry
Scams are now industrialized: They are called “pig butchering” in Asia. They are run by gangs and organized crime. Some of the operations include dozens to hundreds of agents, supervisors and managers, payroll and commission structures and scripted psychological training.
Some of the workers are trapped when they are offered fake jobs. They spend up to 17 hours a day and receive little pay. Supervisors may shock scammers with electric probes when they don’t get results and women face sexual assault.
Warning signs every family should know
Here are the red flags that can help you identify whether you or a loved one is a victim or potential victim of a scam: 1) never meeting the person who claims to love you; 2) urgent demands for money via wire transfer, gift cards or cryptocurrency; 3) requests for personal information; 4) threats of arrest or legal action; 5) unsolicited contact; 6) promises that seem too good to be true; 7) demands for secrecy or immediate action and 8) requiring the use of encrypted apps such as Signal, Telegraph, WhatsApp, Threema, Session and Wire.
And, finally, if your loved one can’t acknowledge that a scam is taking place, an alternative for children or others is to seek the appointment of a “conservator” to manage their money.
Barbara Moss is the founder of Elder Law of Nashville PLC, a law firm that works with seniors and families who have a family member with a disability.
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