Caregivers warned: investment fraud increasingly targets older adults, with crypto 'pig butchering' and Bitcoin ATMs rising

Carmen Clifford, principal training and outreach coordinator for the Division of Securities and Retail Franchising at the Virginia State Corporation Commission, told a caregiver audience that investment fraud is rising and that older adults are disproportionately targeted.

"Seniors who are 60 and older reported losses of $4.8 billion," Clifford said, citing the FBI Internet Crime Complaint Center’s 2024 figures, and added that investment fraud accounted for about $6.5 billion of the roughly $16 billion lost to internet crime last year.

Why it matters: caregivers often are the first to notice behavioral and financial warning signs. Clifford told attendees at the Fairfax Area Agency on Aging webinar that simple checks — confirming a professional’s registration, recognizing high-pressure sales and spotting unusual account activity — can stop scams before money is lost.

Clifford explained what the division regulates and why registration matters. Firms that manage under $100 million typically register with the state; larger firms register with the federal Securities and Exchange Commission, and even federally registered firms must notice-file when doing business with Virginia clients. "Always trust but verify," Clifford said, walking participants through the division’s online registration and complaint tools.

The presentation covered common fraud tactics aimed at older people. Clifford described affinity fraud, where scammers infiltrate trusted groups like churches or veterans’ organizations; free‑meal seminars that pressure attendees to sign up immediately; and guarantees of returns — a hallmark of fraudulent pitches. She also advised caregivers to watch for behavioral signs such as social withdrawal, a new overly protective companion or sudden secrecy about finances.

Clifford spent a significant portion of the session on crypto-related scams, including so-called "pig butchering," in which scammers groom a victim over months or years, build trust and then instruct victims to buy cryptocurrency and send it to a scammer-controlled wallet. She said scammers often present fake account dashboards that show fabricated gains to induce further investment, then block withdrawal attempts and sell the victim’s personal data.

She and a webinar video also warned that Bitcoin ATMs let users buy crypto with cash or a debit card and typically do not verify the identity of the receiving wallet. "There's no limit on how much you can deposit," Clifford said, and once crypto is sent to a scammer’s wallet it is often irreversible, making recovery difficult.

Clifford recommended how caregivers should talk with possible victims: use empathetic, open-ended prompts (for example, "What were your thoughts when you heard about the offer?") rather than accusatory questions. The division supplies brochures and a checklist for caregivers that include red flags, contact numbers and sample language to start difficult conversations.

Resources and reporting: Clifford encouraged anyone suspecting investment fraud to use the division’s registration lookup and complaint portal, to report internet crimes to the FBI’s IC3, and to contact local law enforcement when appropriate. She said the division will review complaints and, if necessary, refer matters for enforcement.

The webinar concluded with a Q&A about crypto ATMs and local prevalence; a participant noted a number of machines in Fairfax County. Organizers said they will email the slide deck, handouts and a recording to attendees.

The session was hosted by Algra Joffy, supervisor of the caregiver and support service unit with the Fairfax Area Agency on Aging. The agency plans follow-up webinars and urged attendees to complete a feedback survey.