Financial scams are booming—and getting disturbingly good.
At Paragon Wealth, we’ve recently had several clients (or their loved ones) come to us after being targeted—or worse, tricked—by scammers posing as government officials, bank fraud departments, or even financial advisors.
These aren’t sloppy, misspelled emails anymore. They’re well-scripted phone calls from people who sound official and convincing. And they know just what emotional buttons to push.
Here’s what’s happening—and how to protect yourself and your family.
🎭 The Most Common—and Dangerous—Scams in 2025
According to a recent Barron’s article, there are several types of fraud schemes that disproportionately affect older adults—and they work because they prey on emotion and fear of losing autonomy.
Let’s break down the most common ones:
1. Grandparent Scams
Scammers call or email pretending to be a grandchild in trouble—“I’m in jail,” “I’ve been in an accident,” “I lost my wallet.” They ask for emergency money, and many victims rush to help before verifying the story.
2. Romance Scams
Widows or widowers looking for companionship online are especially vulnerable. Fraudsters build emotional relationships over weeks or months, then begin asking for financial “help.”
3. Government Impersonation Scams
Fake calls or texts from the IRS, DMV, or Social Security Administration are everywhere. One example from the Barron’s article: a scam text claimed the recipient owed a parking ticket and had to pay or risk license suspension. The author deleted the message—her mother, she admitted, might have clicked the link out of fear of losing her license.
🧠 Why These Scams Work—Even on Smart People
Scams like these succeed not because victims are gullible, but because:
- They create a false sense of urgency.
- They use official-sounding language and spoofed phone numbers.
- Victims feel shame or fear, and are less likely to report or ask for help.
The result? Many people, especially older adults, lose thousands of dollars—often more than once.
💼 How Financial Planning Can Actually Help Prevent Exploitation
Surprisingly, good financial planning can be a first line of defense against scams.
Why? Because it allows your advisor to get to know your world: your family, your power of attorney, your other trusted professionals. As the Barron’s article explains:
“Financial planning is a really good way for advisors to get to know the people in the client’s life who can help if an exploitation situation arises…The more you get to know your client, the more likely you are to be able to identify any red flags.”
This is where working with a fiduciary standard firm like ours makes a difference. We don’t just manage money—we build relationships that help spot warning signs before they become financial disasters.
✅ What You Can Do Right Now
Here’s how to outsmart scammers before they strike:
- Slow down if someone pressures you to act fast.
- Verify through independent channels (don’t click the link or call the number they give you).
- Talk to someone you trust—preferably your advisor.
- Educate older family members who may not be aware of new scam tactics.
- Review your account security settings and keep devices updated.
What to Do If You’ve Already Been Targeted
If you or someone you know has already been scammed—or even suspects they’ve been targeted—there are a few steps you can take immediately to minimize the damage.
Some of these may already be on your radar, but consider this your go-to reference checklist:
1. Cut All Contact
Stop all communication with the scammer. Block their number. Delete emails. Don’t reply to texts. These fraudsters often escalate when they sense fear or hesitation—don’t give them the chance.
2. Freeze Your Credit
This step is critical and often overlooked. Freezing your credit prevents anyone—including scammers—from opening new accounts in your name. You’ll need to do this with all three credit bureaus:
It’s free, relatively quick, and can prevent a second wave of damage.
3. File a Police Report
This may feel uncomfortable, but it’s an important step. Filing a police report helps establish the situation as a criminal matter—which is what it is. It also creates documentation that can support claims with your bank or insurance provider.
4. Document Everything
Keep a folder—digital or physical—of every interaction: emails, phone numbers, screenshots, transaction receipts, anything you think might matter later. This may feel tedious, but it can save hours of headache down the road.
🛡️ We’re Here to Help
If you’ve been affected—or even if you’re just unsure whether something is legitimate—please reach out. We’d much rather have a quick conversation before something happens than help untangle a mess afterward.
At Paragon Wealth, protecting your financial well-being includes helping you stay one step ahead of scammers.
📞 Call us at 215-348-3176 or email info@paragon-wealth.com.
You’re not alone in this—and you don’t have to navigate it alone.
About Charles
Charles McNamara, III (Charlie), is a Founding Partner, Financial Advisor, and President at Paragon Wealth Management, a financial services firm based in Doylestown, Pennsylvania dedicated to professionally supporting, educating, and providing informed direction to each and every client. Charlie’s passion for working with clients one-on-one to find specialized solutions to pursue their financial goals drives the firm’s client-focused mission and continued success. He values the confidence clients have in him to always keep their best interests in mind.
A veteran of the financial services industry since 2000, Charlie brings an extraordinary level of knowledge and experience to the financial field. After obtaining a business finance degree from Delaware Valley University, he began his career as a financial advisor with Prudential Financial in 2001, and was promoted to management in only three years due to his hard work and dedication. With an entrepreneurial spirit and a passion for helping people solve problems, he launched his own practice in 2007.
When he’s not at work, Charlie spends time with his wife, Lisa (co-owner of local salon Moxie), daughter, Carissa, and their two dogs and cat. He enjoys weightlifting, running, golfing, fishing, and giving back to the community through his church, Our Lady of Mt. Carmel, and local organizations, such as the Travis Manion Foundation. To learn more about Charles, connect with him on LinkedIn.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All investing involves risk including loss of principal. No strategy assures success or protects against loss.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Paragon Wealth Management and Great Valley Advisor Group are separate entities from LPL Financial.