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AI voice cloning makes scams riskier for seniors, expert warns
The FTC figures cited by HousingWire show reported fraud losses of $15.9 billion last year, with seniors frequently targeted.
Cybersecurity and consumer protection expert Steven J. J. Weisman warned that AI is making fraud schemes more convincing and raising financial risks for older Americans, with voice cloning and fake videos among the main threats. Weisman, speaking at a Fairway Home Mortgage session, pointed to Federal Trade Commission data showing Americans reported losing more than $15.9 billion to fraud and scams last year. He added that the true total is likely higher because many victims do not report losses due to embarrassment or other reasons.
The session focused on protecting seniors from financial exploitation, identity theft and related fraud, and said older adults and Generation Z are among the most frequently targeted groups. Weisman also described how AI can make family emergency scams, sometimes called grandparent scams, more effective by using audio from social media to imitate relatives.
Weisman further said impersonation scams remain common, with criminals posing as government agencies, financial institutions or well-known companies and using spoofed phone numbers to appear legitimate. He cautioned that seniors may be less skeptical because of age related changes that affect quick emotional decision making.