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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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SOURCE The Retirement Smith

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California Energy Commission, California Public Utilities Commission and Rajasthan Electricity Regulatory Commission Sign Landmark Memorandum of Intent to Advance Clean Energy Collaboration

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48 minutes ago

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July 28, 2026

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ISGF Facilitated Strategic Partnership to Accelerate Renewable Energy Integration, Grid Modernization, Energy Storage and Transportation Electrification between California and Rajasthan

NEW DELHI, July 28, 2026 /PRNewswire/ — The California Energy Commission (CEC), the California Public Utilities Commission (CPUC), and the Rajasthan Electricity Regulatory Commission (RERC) have executed a landmark Memorandum of Intent (MoI) on 25 June 2026, establishing a strategic collaboration framework for advancing clean energy technologies, grid modernization, renewable energy integration, energy efficiency, transportation electrification, long-duration energy storage, renewable energy forecasting, and grid reliability.

The Memorandum of Intent marks a significant milestone in strengthening international cooperation between two global leaders in renewable energy deployment. California and Rajasthan, among the largest and most progressive states in their respective countries, share common ambitions of accelerating the clean energy transition while ensuring reliable, resilient, and affordable electricity systems.

The virtual signing ceremony was attended by Hon’ble Energy Minister of Rajasthan Mr Heeralal Nagar, Mr Siva Gunda, Vice Chair of California Energy Commission; Mr John Reynolds, President, California Public Utilities Commission, Mr Hemant Kumar Jain, Member, Rajasthan Electricity Regulatory Commission; and Mr Reji Kumar Pillai, President, India Smart Grid Forum (ISGF) and Chairman, Global Smart Energy Federation (GSEF), along with senior officials from the participating organizations.

The collaboration aims to promote knowledge exchange, policy dialogue, technical cooperation, and the sharing of global best practices in key areas including Renewable energy integration, Grid modernization and resilience, Energy efficiency, Transportation electrification, Long-duration energy storage, Energy forecasting and grid planning and other Emerging clean energy technologies.

Speaking on the occasion, Hon’ble Minister for Energy, Rajasthan Government, Mr Heeralal Nagar, said, “Rajasthan is a leader in clean energy in India. We have strong sunshine and good wind, and we are using them to produce more and more solar and wind power. We are also adding battery storage and smart meters, and improving our power grid, so that clean power reaches our people in a steady and affordable way. California has done excellent work in this field, and there is a lot we can learn from each other. This agreement is an important step. It allows our two sides to share knowledge, ideas and experience — on solar and wind power, storage, electric vehicles and grid reliability. I believe this will bring real benefits to the people of both Rajasthan and California.”

Mr Siva Gunda, Vice Chair, California Energy Commission, said, “California and Rajasthan are demonstrating how subnational partnerships can accelerate the clean energy transition through practical collaboration. This Memorandum of Intent provides a strong foundation for sharing technical expertise on renewable energy integration, grid reliability, energy forecasting, transportation electrification, and long-duration energy storage. We look forward to learning from one another as we work toward reliable, affordable, resilient, and increasingly clean energy systems.”

President of California Public Utilities Commission, Mr. John Reynolds, commented, “California and Rajasthan are confronting many of the same challenges as we transition to cleaner, more reliable, and more affordable energy systems. This Memorandum of Intent creates an important opportunity for our institutions to learn from one another, share regulatory experience, and strengthen our collaboration in support of the people we serve.” 

ISGF President, Mr Reji Kumar Pillai has commented, “Rajasthan today operates one of the most complex grids with nearly 80% of renewable energy. Out of 62 GW of installed capacity in Rajasthan, 42 GW is solar and 6 GW is wind. Managing a grid with such high level of variable RE generation sources is a major challenge and requires advanced digital technologies and enabling regulatory framework. This collaboration between California and Rajasthan is expected to be mutually beneficial and would be an ideal test bed for new technologies and policy interventions.”

Following the signing ceremony, the California Energy Commission acknowledged ISGF’s pivotal role in enabling this collaboration and expressed its appreciation for the continued partnership with Rajasthan and ISGF. The Commission also recognized the valuable support provided by the India Energy and Climate Center at UC Berkeley and the UC Davis India Center for Energy and Climate in advancing this initiative.

ISGF has been actively promoting international collaborations to accelerate the deployment of smart grids, renewable energy, electric mobility, and advanced energy technologies across India. This partnership further reinforces ISGF’s commitment to fostering global cooperation that supports India’s clean energy ambitions and contributes to building resilient, sustainable, and future-ready power systems.

About India Smart Grid Forum (ISGF)

ISGF is a public private partnership initiative of Govt. of India with the mandate of accelerating smart grid deployments across the country. With 170+ members comprising of ministries, utilities, technology providers, academia and research, ISGF has evolved as a Think-Tank of global repute on Smart Energy and Smart Cities. Mandate of ISGF is to accelerate energy transition through clean energy, electric grid modernization and electric mobility; work with national and international agencies in standards development and help utilities, regulators and the industry in technology selection, training and capacity building. Website: https://indiasmartgrid.org/

 

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Behind the Stream: How CHZZK’s Top Streamers Brought the Final Home from New York

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July 28, 2026

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CUPERTINO, Calif., July 28, 2026 /PRNewswire/ — When Handongsuk went live from the stands of the 2026 World Football Championship final in New York, more than a hundred thousand fans back in Korea were right there with him — every roar, every heartbeat, in real time.

Handongsuk is one of the biggest football voices on CHZZK, Korea’s number-one live streaming platform. Together with fellow creator Samsik, he made the trip from Seoul to New York as the “New York Expedition,” carrying the atmosphere of the sport’s biggest stage directly to a Korean audience that increasingly experiences live sports not through a broadcast network, but through the creators they follow.

It’s the same convergence story playing out across the world this summer — old media and new media no longer competing, but merging into a single live experience — and in Asia, it runs through CHZZK.

The technical backbone was TVU Networks. From Central Park to the packed stadium concourse, the entire on-site production was carried on a TVU One Backpack, transmitting broadcast-grade live video straight to CHZZK over the public internet.

Delivering stable, ultra-low-latency video from inside one of the most congested network environments on Earth — a sold-out stadium with tens of thousands of phones fighting for signal — is one of the hardest challenges in live production. TVU’s proprietary ISX transmission protocol solved it, intelligently bonding multiple cellular connections to hold picture quality and latency steady even as network conditions shifted moment to moment.

The result was a seamless, immersive stream: two creators walking fans through the sights, sounds, and electric energy of the final, with no truck, no fixed uplink, and no compromise — just a single backpack and the platform’s millions of viewers.

For CHZZK, it’s proof that a digital-native platform can put fans at the center of the world’s biggest sporting moments. For TVU, it’s the same technology trusted by traditional broadcasters in over 100 countries, now powering the creators redefining how a generation watches live sports.

The final has always been the world’s biggest stage. This summer, that stage belonged to the streamers — and TVU brought it home.

TVU Networks is a global leader in cloud and IP-based live video solutions, powering broadcast, streaming, and remote production for news, sports, and entertainment across 100+ countries. Learn more at tvunetworks.com.

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SOURCE TVU Networks

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MDRT Survey: Singaporeans Increasingly Use AI to Manage Their Finances and Make Financial Decisions

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July 28, 2026

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Nearly nine in 10 Singaporeans use digital platforms, including AI-powered chat tools, to manage or seek information about their personal finances.Almost one in five Singaporeans who use AI tools for financial purposes have made financial decisions based primarily on AI-generated advice.Despite high digital adoption, trust gaps still exist, and human supervision and expertise remain crucial.

SINGAPORE, July 27, 2026 /PRNewswire/ — As digital adoption in personal finance continues to rise, Singaporeans are increasingly using digital tools not only to manage their money but also for AI-generated advice to guide their financial decisions, according to a recent survey by MDRT. Digital channels have become deeply embedded in the financial lives of Singaporeans, with nearly nine in 10 (89%) using at least one platform, such as mobile banking apps, financial websites or AI-powered chat tools, to manage their finances or seek financial information.

Among these users, more than a third of Singaporeans (35%) now use AI tools for financial purposes, from information gathering to real-world financial actions, signaling a growing shift towards AI-assisted financial management. Of those who have acted on AI-generated advice or used it as a starting point, 60% say it has influenced their savings or budgeting habits. Almost half (47%) have used it when choosing or switching financial products, such as loans, credit cards or insurance plans, and two in five (40%) say it has informed major financial decisions, including large investments or property purchases.

Nearly one in five AI users (19%) even rely primarily on AI-generated advice when making financial decisions, underscoring the technology’s expanding influence in shaping financial outcomes.

“Singaporeans are increasingly comfortable using technology in their everyday lives. I’m seeing more people use AI to better understand financial concepts or prepare for financial conversations, which is helpful. However, AI is only as effective as the information it receives. It may not identify gaps in our thinking or ask follow-up questions that uncover important aspects of our financial situation. The risk is that decisions made based on incomplete information or narrowly framed questions may overlook critical considerations,” said Laura Hoi, a 22-year MDRT member with six Court of the Table qualifications.

Increasing use of digital tools and AI in financial decision-making

While AI tools are gaining traction, established digital platforms remain the most commonly used among Singaporeans, led by banking websites and mobile apps (52%), government financial portals (43%) and financial comparison websites (30%).

That said, 29% use generative AI chat tools such as OpenAI’s ChatGPT and Google’s Gemini, while 14% turn to AI-powered chatbots offered by banks or financial institutions. They mainly do so to better understand financial concepts such as mortgages, investing and taxes (54%), as well as to compare financial products such as loans, credit cards and insurance (51%). The appeal lies largely in convenience (57%) and cost accessibility (52%), alongside the ability to simplify complex information (40%) and the freedom to ask follow-up questions (37%).

Usage patterns also reflect different levels of engagement with emerging digital tools across generations. Millennials and Gen Z are more likely to use AI to actively manage their finances, including budgeting and financial planning, while Gen X and baby boomers tend to use it primarily as a source of information.

Consumers continue to value human expertise alongside AI guidance

Despite AI’s growing role in personal finance, most Singaporeans (81%) remain measured in how they use these tools, turning to them primarily to build knowledge and explore options rather than replace professional advice. Among those who have not acted or would not act on AI-generated advice (36%), the top concerns were the lack of human oversight or reassurance (45%), the fear of bias or errors (36%), and the risk of generic or automated responses (36%).

Only 37% of Singaporeans who use AI tools are comfortable using them for personalized financial advice, and just 31% would use AI to review long-term financial plans, suggesting a strong preference for human guidance in financial decision-making. Those who currently work with a financial advisor show a similar preference, indicating that AI is seen more as a complement, rather than a replacement, to the client-advisor relationship.

Importantly, face-to-face interaction is still highly valued. While digital communication is now widely accepted, around four in 10 Singaporeans who work with financial advisors still prefer meeting in person, particularly when discussing complex financial topics (42%), making important financial decisions (41%) or reviewing long-term financial plans (38%). In-person engagement becomes even more crucial during periods of market volatility or financial uncertainty, with half (50%) favoring face-to-face meetings with their advisors, highlighting the enduring importance of personal guidance and reassurance that direct human interaction provides when navigating critical financial decisions.

“AI can provide answers based on a snapshot of information, but financial planning goes beyond that. It’s about knowing the questions to ask, understanding each individual’s unique circumstances, and helping clients adapt their financial plans as their lives and goals evolve. I believe the future is about combining the speed and accessibility of AI with the empathy, judgment, and long-term perspective that only trusted human relationships can provide to help people make more informed and confident financial decisions,” said Ms Hoi.

Survey methodology

This survey was conducted online by market research and insights agency Opinium between April 6 and April 9, 2026. The Singaporean survey was fielded in English among a sample of 2,000 Singaporean adults, weighted to be nationally representative based on age, race and gender.

About MDRT

Founded in 1927, MDRT® (Million Dollar Round Table®), The Premier Association of Financial Professionals®, is a global, independent association of the world’s leading life insurance and financial services professionals from more than 80 nations and territories and nearly 700 companies. MDRT members demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business. For more information, please visit mdrt.org.

 

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SOURCE MDRT

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