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Financial losses from elder fraud have skyrocketed in recent years. Online phishing scams are getting more sophisticated, and the advent of artificial intelligence is likely to make them more numerous and harder to detect. Only one in 44 cases of elder financial abuse is ever reported.
Larry Cook of Herndon, Virginia, lost more than $3.6 million in the final months of his life to overseas scam artists. A decorated U.S. Navy veteran and a meticulous man all of his life, Uncle Larry was left vulnerable to such an attack after a stroke left him neurologically impaired.
