As older Americans celebrate the holidays, federal authorities are warning about potential fraudsters. The number of older Americans reporting losses of more than $100,000 to scams has tripled since 2020, according to data from the Federal Trade Commission.

The advent of artificial intelligence (AI) has exacerbated the risk, particularly the “Grandparent Scam” in which fraudsters pose as a victim’s grandchild using AI voice cloning technology. They pretend to be in trouble and ask the victim to send money. Experts recommend that seniors and their loved ones use a code word known only to them that can be used to verify each others’ identities and shut down potential scammers.

There are other steps that older Americans and their loved ones can take to shut down scammers. Eldercare Locator released a guide with resources and relevant contact information as part of their “Home for the Holidays” 2024 campaign.