Market-based guidance: This article covers materials from both Korea and the U.S. Each piece of information is marked with 🇰🇷 Korea or 🇺🇸 U.S. to indicate which country's standards apply.
Have you ever discovered unexplained transfers from your parents' bank account? Or heard them say, "I received a call from someone pretending to be a prosecutor"? Financial crimes targeting seniors are no longer rare. Statistics paint a sobering picture of the severity. Knowing the information in advance and utilizing available systems is the strongest shield.
🇰🇷 Korea According to data from the National Police Agency, voice phishing cases targeting people in their 60s surged approximately fivefold over the decade from 2016 to 2025, rising from 1,261 cases to 5,801 cases. In particular, the proportion of voice phishing victims aged 60 and above jumped from 16% in 2020 to 30.6% in the first half of 2025—nearly doubling. The total damage amount doubled in just one year, from 447.2 billion won in 2023 to 854.5 billion won in 2024. Police analysts point out that crimes increasingly target "middle-aged and older people who are unfamiliar with digital devices but possess significant assets." 🇺🇸 U.S. According to the FBI's Internet Crime Complaint Center (IC3) 2025 tally, Americans aged 60 and older reported over 200,000 incidents, with losses totaling 7.7 billion dollars (approximately 10 trillion won).
🇰🇷 Korea Methods are also evolving. While loan-baiting schemes dominated in the past, in 2025 "impersonation of public institutions"—posing as prosecutors, police, or financial regulators—now accounts for 51% of all incidents, marking an all-time high. Sophisticated schemes have also emerged where criminals trick victims into installing malicious apps that essentially control the victim's phone, routing all their calls to the scam organization no matter whom they dial. 🇺🇸 U.S. In 2026, fraud schemes incorporating AI technology are becoming increasingly convincing. Romance scams, fake tech support, government agency impersonation, and other tactics are combining in complex ways, leading to cases of sustained exploitation rather than one-time losses.
🇰🇷 Korea The most noteworthy new program is the "Dementia-Safe Asset Management Service." Launched as a pilot program by the Ministry of Health and Welfare and the National Pension Service beginning April 22, 2026, this initiative allows the National Pension Service to directly manage cash-based assets of elderly basic pension recipients diagnosed with dementia or mild cognitive impairment through public trusts. As of 2023, seniors aged 65 and over with dementia are estimated to hold approximately 154 trillion won in assets, a significant portion of which is exposed to financial fraud and economic abuse—the problem that motivated this program. The pilot program will serve 750 people, with a deposit cap of 1 billion won per person; basic pension recipients can use the service free of charge. Applications can be submitted through one of the seven National Pension Service regional headquarters nationwide (main phone: 1355) or through a dementia-care safety center. The program aims to transition to full operation by 2028. 🇰🇷 Korea Additionally, banks are introducing dementia trusts and guardianship trusts as private services, allowing contracts to be established while cognitive function is intact so that assets remain safely managed even as decision-making capacity declines. Some senior centers are also operating voice phishing and smishing prevention education programs alongside tablet and kiosk training.
🇺🇸 U.S. At the federal level, on June 9, 2026, the Department of Health and Human Services (HHS) released the "Federal Elder Justice Action Plan," with participation from 17 federal agencies. This plan serves as a whole-of-government roadmap for protecting seniors' rights, strengthening prevention, and improving damage reporting systems. At the same time, a public campaign called "Never EVER" launched to prevent government and corporate impersonation fraud. On the financial institution regulatory front, major agencies including the Federal Reserve, CFPB, FDIC, and OCC are sharing guidance allowing financial institutions to delay or suspend suspected elder financial exploitation transactions; some state laws explicitly mandate this. Additionally, the bipartisan-supported "Financial Exploitation Prevention Act (S.2840/H.R.2478)" has been reintroduced, with ongoing discussions focused on establishing grounds for financial institutions such as mutual fund companies to halt suspicious transactions.
There are also steps family caregivers can take immediately. 🇺🇸 U.S. Registering a "Trusted Contact" with your bank or brokerage allows the financial institution to contact family members if suspicious transactions are detected. [한국·미국 공통] It is essential to regularly review account statements together and develop the habit of treating any request for money described as "urgent, confidential, and too good to be true" as an automatic fraud warning. 🇰🇷 Korea If fraud occurs, you should immediately request your financial institution to freeze the account and report the incident to the National Police Agency (112) or the Financial Supervisory Service (1332). 🇺🇸 U.S. In case of fraud, you can report it to the FBI's Internet Crime Complaint Center (ic3.gov) or to your local Adult Protective Services (APS) agency.
Sources: National Police Agency National Investigation Service Voice Phishing Status Statistics (2025–2026); materials from the office of National Assembly member Nam In-soon (September 2025); Ministry of Health and Welfare and National Pension Service announcement of the Dementia-Safe Asset Management Service pilot program (April 2026); Bravo My Life Senior Welfare Policy Summary 2026 (January 2026); FBI Internet Crime Complaint Center (IC3) 2025 Elder Fraud Report; HHS and Elder Justice Coordinating Council announcement of the Federal Elder Justice Action Plan (June 9, 2026); joint statement from federal financial agencies including NCUA, FDIC, and OCC (Elder Financial Exploitation); Investment Company Institute (ICI) announcement regarding the Financial Exploitation Prevention Act (December 2025); ElderlawAnswers.com 2026 elder abuse law guide (May 2026).
Note: This article was compiled by AI from the sources cited above. We strive for accuracy, but for decisions about your specific situation, please confirm the latest guidance from a professional or the relevant agency.