Over the years, we’ve helped Montana families work through retirement decisions, business transitions, estate planning questions, and other changes involving the people and assets they care about. Financial scams are another topic worth talking about because they don’t always look like the obvious scams many of us learned to recognize years ago.
According to the FBI Internet Crime Complaint Center’s Elder Fraud resource, fraud complaints from Americans age 60 and older increased 37% in 2025 compared with 2024, while reported losses increased 59%. Those losses totaled more than $7.7 billion in 2025. As AI and other technologies make scams easier to create and harder to recognize, those numbers could continue to rise.
A scam may arrive by phone, text, email, social media, or through an online relationship. Some create an emergency, while others build trust over time or present an unexpected financial opportunity. Knowing some of the common patterns can make a suspicious request easier to recognize.
Common Financial Scams Worth Recognizing
The FBI identifies several types of fraud that commonly affect older adults, including grandparent and emergency scams, romance scams, tech support scams, government impersonation, investment fraud, and sweepstakes or inheritance scams.
Grandparent and Emergency Scams
Imagine getting a call from someone claiming to be your grandson. He says something happened while he was away at school in Bozeman or Missoula. He needs money quickly and asks you not to call his parents.
Technology can make these calls harder to judge because artificial intelligence can be used to imitate another person’s voice. If you receive an unexpected emergency request, contact your family member directly at a number you already know. Families may also want to agree ahead of time that nobody sends money based solely on an incoming call or text.
Romance Scams
A romance scam may begin through social media or an online dating site with someone who appears genuinely interested in building a relationship. Over time, that person may begin asking for money or something else of value, even though you’ve never met in person.
Because the relationship may develop over weeks or months, the financial request can be harder to question. Be cautious about sending money to someone you know only online, regardless of how long you’ve been communicating.
Tech Support and Government Impersonation Scams
A call, email, or pop-up may claim there is a virus, hacked account, or another serious problem with your computer. In other cases, someone may pose as a government employee and threaten arrest or another consequence unless you pay.
Requests involving cash, precious metals, cryptocurrency ATMs, QR codes, or couriers are among the warning signs identified by the FBI. Unexpected demands for payment combined with pressure to act immediately deserve a closer look.
Investment Scams
Investment fraud may involve unfamiliar products, fraudulent offerings, cryptocurrency, or an opportunity presented as unusually profitable or time-sensitive.
Before committing money to something unfamiliar, take time to understand what is being offered and who is offering it. Be particularly cautious when someone you don’t normally rely on for financial guidance suddenly introduces an investment opportunity or pressures you to make a quick decision.
Sweepstakes, Lottery, and Inheritance Scams
A message may claim you’ve won a lottery or sweepstakes you don’t remember entering, or that you’re entitled to an inheritance from an unknown or distant relative. The catch often comes when you’re told that fees, taxes, or another payment must be sent before you can receive the money.
An unexpected windfall can sound appealing. A request to send money before receiving an unknown prize or inheritance is a good reason to stop and check the story first.
Financial Institutions Can Be Impersonated, Too
A text, email, or phone call may appear to come from a bank, brokerage firm, fraud department, or another financial organization and claim something is wrong with your account.
Be cautious if an unexpected message asks for login information, a verification code, account details, or immediate action. Instead of using the link or phone number in the message, contact the organization through information you already know is legitimate.
The same applies to communications that appear to come from our team. Spitfire Financial Group will never ask you to move money by text. If you receive a text that appears to be from us asking you to move money, don’t act on it. Call our office directly at (406) 657-9621.
Montana Business Owners Have Risks to Watch For
Montana business owners can face another version of the same problem, especially when significant amounts of money may legitimately be changing hands. A business sale, ranch or land transaction, succession plan, or other ownership transition can involve several professionals, financial accounts, and payment instructions.
A sudden change in payment instructions deserves particular attention. Before sending money under new instructions, speak directly with the person or organization involved through a contact method you already trust.
If Something Doesn’t Look Right
Across these scams, the details change, but some of the warning signs are similar. Unexpected requests for money or account information, pressure to act immediately, instructions to keep a situation secret, unusual payment methods, and sudden changes to payment instructions are all reasons to stop before acting.
If money or financial accounts may have been affected, contact the applicable financial institution directly. Suspected fraud may also be reported to Montana Department of Justice Office of Consumer Protection, or the FBI Internet Crime Complaint Center.
If a suspicious request involves your savings, retirement accounts, business, or another financial decision and you’d like to talk through the financial considerations, give the Spitfire Financial Group team a call at (406) 657-9621.
Frequently Asked Questions
What are some common financial scams targeting older adults?
Common fraud schemes include grandparent and emergency scams, romance scams, tech support scams, government impersonation, investment fraud, and sweepstakes, lottery, or inheritance scams. Unexpected requests involving money or personal information deserve additional attention, particularly when they come with pressure to act quickly or keep the situation secret.
Can scammers use AI to imitate someone’s voice?
AI tools can be used to imitate a person’s voice, which can make an emergency call more convincing. A familiar-sounding voice alone shouldn’t be used to confirm an unexpected request for money. Contact the person separately using a phone number you already know.
What should I do if a bank or financial company unexpectedly contacts me?
Don’t automatically trust the contact information contained in the message. Use a trusted website, account statement, or phone number you already know to contact the organization separately. Don’t provide login credentials or verification codes in response to an unexpected request.
Where can I report a suspected financial scam?
Depending on what happened, reporting may include your financial institution, the Montana Department of Justice Office of Consumer Protection, and the FBI Internet Crime Complaint Center. If a financial account may have been affected, contact the financial institution directly.
This information is for general educational purposes and is not intended as specific financial, tax, or legal advice.