Elder fraud rises as scammers use AI voice cloning and SIM swapping

Scammers are increasingly utilizing artificial intelligence to target elderly individuals through sophisticated economic exploitation. According to data analyzed by Incogni from the FBI, elder fraud accounted for $4.2 billion in losses in 2024, with 72% of cases enabled by exposed personal data.

Criminals are employing AI technology to clone voices, allowing them to impersonate family members in distress. These scams are often facilitated by SIM swapping, where attackers trick mobile carriers into transferring a victim's number to a new SIM card. This grants scammers access to private messaging apps and SMS-based two-factor authentication codes, enabling them to infiltrate family chat groups and gather personal details to make their impersonations more convincing.

In response, the U.S. Department of Justice's Elder Justice Initiative held a webinar featuring experts from the FBI and the FINRA Investor Education Foundation. The session focused on how multidisciplinary teams can use “trauma-informed” and “person-centered” approaches to combat these evolving digital crimes and manage the emotional and moral toll on responders.