It’s fraud.

Specifically, the kind of fraud that quietly drains six figures from people who did everything right. Saved for decades. Planned carefully. Built a nest egg they assumed was safe. Then a phone call or a too-good-to-be-true investment opportunity wipes out years of work in a few weeks.

This is the hidden retirement destroyer, and it’s getting worse fast. Let me lay it on the line.

The numbers are staggering — and Utah is near the top

The Federal Trade Commission’s most recent report estimates Americans 60 and older lost between $10 billion and $81.5 billion to fraud last year. Reported losses alone hit $2.4 billion in 2024, up 300% from 2020. Losses of $100,000 or more — the truly devastating cases — grew eightfold over the same stretch.

Utah is no bystander. Recent data places our state near the top nationally for typical loss per victim. The median Utah victim loses about $3,271, and total reported losses topped $29.7 million in 2025. And that’s only what got reported. Most fraud never does. Victims feel embarrassed, confused or afraid of getting a family member in trouble.

The most damaging category? Investment scams. Older Americans reported nearly three-quarters of a billion dollars in losses to investment fraud in a single year. Phone calls produce the highest median loss per case. Social media is now the leading contact method by total dollars lost.

The scams that are working right now

Most attacks fall into a handful of buckets.

Government impersonation. A caller claims to be from the IRS, Social Security or Medicare. There’s a warrant, a suspended benefit, an investigation. Pay now or else. The IRS does not call demanding immediate payment. Social Security does not threaten arrest. Hang up.

Tech support scams. A pop-up warns your computer is infected. A “Microsoft” representative asks for remote access. They install software, watch you log into your bank and clean you out.

Romance scams. A relationship blossoms online with someone in another state or overseas. You have never met in person. Eventually there’s an emergency, an investment opportunity or a wire transfer. Median losses run over $8,000, and many run far higher.

Investment fraud. A “guaranteed” return. A new cryptocurrency. A private real estate deal. Pressure to act fast. These are the cases that hit six figures, because the scammer builds trust before the ask.

Family imposters. “Grandma, I’m in jail and I need bail money. Don’t tell Mom and Dad.” A grandchild’s voice, sometimes cloned with AI. Always urgent. Always cash or gift cards.

The one nobody wants to talk about

Here’s the hard part. The Utah Commission on Aging reports that the largest financial losses suffered by older adults often come not from strangers but from family members or trusted persons. An adult child with access to accounts. A friend who manages errands. A “helpful” neighbor who suddenly becomes the contact for everything.

It’s uncomfortable. It also has to be said. Protecting yourself or your parent means being just as careful with the people closest as with the strangers on the other end of the phone.

Your protection checklist

Print this. Share it with your parents.

1. Add a trusted contact to every financial account. Brokerages and banks now allow you to name a person who can be reached if suspicious activity is suspected. This does not give that person access. It just gives the institution a phone number when something looks wrong.
2. Set up power of attorney while everyone is healthy. A durable financial POA, drafted by a Utah attorney, lets a trusted person step in if cognitive decline begins. Waiting until there’s a crisis is too late.
3. Require two signatures on major moves. Any decision over a set amount — say, $5,000 — should require sign-off from two trusted people. This single rule blocks most family-member fraud.
4. Turn on account alerts and freeze your credit at all three bureaus. Every withdrawal, every transfer, every login — push them to your phone. Freezing credit is free, fast and makes identity theft far harder.
5. Never act on urgency. Real institutions do not demand decisions in five minutes. Anyone pushing speed is pushing for a reason.
6. Run new investments past a trusted advisor before sending a dime. Five minutes of a second opinion has saved more retirements than I can count.

The conversation to have this week

If you have a parent, grandparent or spouse who handles less of the finances than you do, sit down this week and walk through the checklist together. Talk about the scams in plain language. Tell them it is always OK to hang up, delete the email and call you first. The criminals depend on isolation and shame. Take both away, and you take their best weapon.

A retirement plan should be built to last decades. Don’t let one phone call undo it.

Lyle Boss, The REAL BOSS Financial, a native Utahn and retirement specialist who has spent decades helping families across Utah and the Mountain West build secure, income-focused retirement plans. Boss Financial, 955 Chambers St. Suite 250, Ogden, UT 84403. Telephone: 801-475-9400. https://www.safemoneylyleboss.com/