Hey old farts..how many over 50 yrs?

BarnBuster said:

sure..sure..sure..we know you're too savy to fall for any of this but what about your parents and grandparents? Advances in AI make it even more possible and real.

"Americans reported losing $5.7 billion to investment scams in 2024, according to the Federal Trade Commission"

https://www.cnbc.com/2025/03/15/investment-fraud-how-to-protect-yourself.html

Click to expand...

ttystikk said:

Maybe use AI to root out scammers using AI?

I mean, it could work?

Click to expand...

​

• The FTC received about the same number of fraud reports in 2024 as in 2023 — 2.6 million — but with far higher losses per victim.
• There were around 1.14 million reports of identity theft last year; about 450,000 were related to credit card fraud.
• Scammers stole a reported total of $584 million from people in the military community in 2024, up from $477 million in 2023.
• Email was the most common way scammers approached their victims, followed by phone calls and texts. Criminals also favored social media platforms.
• Among those who reported losing money to a scam, the most significant losses were through bank transfers (more than $2 billion) and cryptocurrency ($1.42 billion).

BarnBuster said:

"Americans seeking retirement or survivor benefits from the Social Security Administration will no longer be able to apply over the phone, starting on Monday (4/14)."

https://www.npr.org/2025/04/08/nx-s1-5356476/social-security-new-rules

Click to expand...

BarnBuster said:

I suppose if you could run the pitch at final user level thru AI it could work but more than a few of the scams target older people. 75 year old Aunt Ethel who suddenly receives a phone call from nephew little Joey who she hasn't seen in years saying he needs $900 for some emergency out of country. Ethel barely knows how to work her cell phone so unless the AI is incorporated into the software somehow... The link shows a age demographic and what type of fraud. What is surprising are the folks in their 25-40's that should know better being taken and the fact it occurs in investment/advice as the highest category. I mean a guy that cold calls (or emails) you, and then you invest money with him? Although I suspect they could be get rich quick schemes as well. Human nature. If the AI said "possibly fraudulent" but the scam seems too good to be true, what % of those would still take the deal?

https://public.tableau.com/app/profile/federal.trade.commission/viz/FraudReports/AgeState

https://public.tableau.com/app/profile/federal.trade.commission/viz/FraudReports/FraudFacts

Whipsnade: As my dear old grandfather Litvak said (just before they swung the trap), he said
"You can't cheat an honest man. Never give a sucker an even break or smarten up a chump."
Larsen E. Whipsnade (W.C.Fields) - "You Can't Cheat an Honest Man" - 1939

View attachment 5457271​

Those in their 70s reported losing a median of $20,000 to investment scams, compared to the median of $1,551 stolen from victims in their 20s.

• The FTC received about the same number of fraud reports in 2024 as in 2023 — 2.6 million — but with far higher losses per victim.
• There were around 1.14 million reports of identity theft last year; about 450,000 were related to credit card fraud.
• Scammers stole a reported total of $584 million from people in the military community in 2024, up from $477 million in 2023.
• Email was the most common way scammers approached their victims, followed by phone calls and texts. Criminals also favored social media platforms.
• Among those who reported losing money to a scam, the most significant losses were through bank transfers (more than $2 billion) and cryptocurrency ($1.42 billion).

Click to expand...