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Financial Scams Are Becoming More Sophisticated–And Seniors Are Paying the Price

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Jeff Smith of The Retirement Smith shares vital information everyone should know about financial scams

FREDERICKSBURG, Va., May 13, 2026 /PRNewswire/ — Nobody thinks they will become the victim of a financial scam. We all know they happen on a regular basis, but we tend to believe they happen to someone else. That is, until it happens to us or someone we know. The problem is that financial scams have become so prevalent and sophisticated that they are more difficult to spot, and seniors and others are paying a hefty price. It is crucial that people be aware of what to watch for in order to avoid becoming one of the millions being scammed yearly.

“Sadly, this is an issue that touches millions of people, and it can rob them of their retirement savings,” said Jeff Smith, a financial planner and owner of Fredericksburg, Va.-based The Retirement Smith. “It’s imperative that people be proactive in watching for scams so they can be avoided each and every time they are presented with one.”

Smith has heard stories from his own clients of their experience with being scammed, including for tens of thousands of dollars. While we would like to think that they are isolated incidents when we hear about them, that’s just not the case when we look at the facts. According to the Federal Trade Commission (FTC), there is a growing wave of scams aimed at stealing the life savings of retirees. They report that from 2020 to 2024, the number of older adults who reported having been scammed of at least $10,000 increased fourfold. During the same period, those reporting having been scammed of at least $100,000 had increased sevenfold.

The National Council on Aging reports that fraudsters target older adults because they believe they have plenty of money in the bank. Since many people end up embarrassed about being scammed, some of it goes unreported, which leads fraudsters to believe it is a crime with a low risk of being caught. Meanwhile, they report that worldwide, those over the age of 60 collectively lose billions of dollars per year to scams.

With advances in technology, financial scams have become increasingly more sophisticated. They include the use of artificial intelligence (AI), spoofed calls and texts, emotional manipulation, fake fraud alerts, voice cloning, impersonation scams, and more. The more high-tech the scams become, the more people they are able to convince, including those who are considered intelligent and aware of scam risks.

While there is no sure-fire way to prevent becoming a victim of fraud and scams, there are some things that everyone can do to try to reduce the risks. Here are some tips to help protect and prevent being financially scammed:

Be aware. Oftentimes, the details about what the latest common scams are readily available online. This will help people be able to spot them easier when they do come their way. Current popular scams include tricking someone by telling them a loved one is in need of assistance, those posing to be from a financial institution or debt collection agency, tech support scams, government impersonation scams, and romance scammers.
 Contact companies directly. Those who are told a particular company needs to contact with them should avoid responding to texts, calls, and emails. Rather, contact the company directly by going to their website and contacting them without using any links or numbers provided in the suspicious message.
 Block spammers. It is common for people to get spammers calling or texting on a regular basis. Be sure to block them all, rather than respond to them, in order to minimize seeing more of them. Avoid replying to the spammers, because it just lets them know it is a legitimate contact method.
 Never transfer money. Avoid sending money to anyone who reaches out asking for it. Anyone who feels they need to pay for something, but they are unsure if it’s a scam or not, should get a second opinion. Once money is transferred, it cannot be taken back, and this is how millions lose money each year.
 Report suspicious activity. Any suspicious activity or requests should be reported to the local police department through their non-emergency route. This way, they can evaluate it and also alert others of the types of scams that are circulating. Fraud can also be reported to the FTC.

“It is a devastating situation to be in when getting financially scammed,” said Smith. “We have to be hyper-vigilant when it comes to this issue, unfortunately, because fraudsters are always out to scam people. We can and must take steps to help make it more difficult for them to be successful.”

The Retirement Smith serves those in the Fredericksburg, Va., area and beyond with individualized financial planning. Their motto is to treat people as they want to be treated, and they aim to ensure there are no gaps, that people have the answers and solutions they need, and that they will not fall short in their retirement years. They offer retirement planning, income planning, and life insurance. They provide a free, color-coded money risk analysis that focuses on the three major phases of retirement financial management: accumulation, distribution, and preservation. They also offer a Balanced Retirement book to help people plan for a successful retirement. Smith has recently joined with his wife, Jennifer Scherer, owner of Fredericksburg Fitness Studio, to create a podcast that focuses on fitness and finances. For more information or to schedule a complimentary consultation, please visit our website at: https://www.theretirementsmith.com/.

About The Retirement Smith
Financial planning expert Jeff Smith owns The Retirement Smith, located in Fredericksburg, Va. The company focuses on providing people with well-thought-out retirement income strategies. Plans are tailored to the needs of individuals and families, as well as small and large businesses. For more information, visit the site at: https://www.theretirementsmith.com/.

Disclosure: Advisory Services are offered through The Retirement Smith, A Registered Investment Advisor in the State of Virginia. The Retirement Smith and The Insurance Smith are not affiliated with or endorsed by Social Security Administration or any other government agency. Insurance products and services are offered through The Insurance Smith, an affiliated company.

Sources:

Federal Trade Commission. False alarm, real scam: how scammers are stealing older adults’ life savings. August 2025. https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2025/08/false-alarm-real-scam-how-scammers-are-stealing-older-adults-life-savings

National Council on Aging. The Top 5 Financial Scams Targeting Older Adults. March 2026. https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults/

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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1 hour ago

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October 25, 2026

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

1 hour ago

on

October 25, 2026

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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8 hours ago

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October 24, 2026

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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