The portrayal of a voice scam call in 'Thelma' is authentic and a growing danger in the era of AI.

• A 93-year-old grandmother embarks on a mission to recover the $10,000 she lost due to a fraudulent phone call.
• The film is inspired by a real scam call, which is becoming more prevalent as technology allows for voice cloning with minimal audio samples from social media. These scams are commonly referred to as grandparents' scams or family emergency scams.
• To safeguard their identity and assets, financial experts suggest that aging parents should freeze their credit and designate a financial surrogate.

In the film "Thelma," an elderly woman named Thelma Post receives a desperate phone call from what appears to be her grandson, claiming he's been arrested with a fractured nose after an accident and requires $10,000 in bail.

Thelma, played by June Squibb, is coerced by a scammer to collect cash from various locations in her home and send it to a P.O. Box address.

The threat of scam calls, commonly referred to as grandparents' scams or family emergency scams, is real and becoming more prevalent with the advancement of artificial intelligence.

Nearly $2.7 billion in losses from imposter fraud occurred last year, as stated by the U.S. Federal Trade Commission. However, financial experts suggest staying vigilant by freezing credit or obtaining power of attorney for a vulnerable parent.

In retirement, a "bucket strategy" could potentially reduce your taxes. Millions of student loan borrowers will see their bills decrease in July. The Social Security cost-of-living adjustment may be lower in 2025.

The scam attempt that happened to Josh Margolin's grandmother, Thelma, was almost identical to the movie. In the movie, Thelma embarks on an epic adventure using a scooter and a gun to recover her stolen money from scammers.

In real life, Thelma's family prevented her from sending the money.

"Margolin stated that the emotion driving the action in the movie was a real thing, which she tried to dramatize in the film. She explained that the character was panicked and about to take action when she called Margolin's parents for help."

Scammers exploit 'fear and urgency'

Experts warn that scams like the one Thelma fell victim to are becoming more common, with imposter fraud being the most reported type of fraud to the FTC in 2023, and a rise in reports of business and government impersonators.

Social media is fertile ground for harvesting content for these scams.

A TikTok video can be manipulated by a scammer using generative AI to make the harvested voice say anything they want in just a few seconds, according to McAfee.

"As Carolyn McClanahan, a certified financial planner and physician, stated, the prevalence of deep fakes is increasing and becoming more accessible, leading to the growth of industries that exploit individuals," Life Planning Partners in Jacksonville, Florida.

AI voice scams often sound like someone in need of money urgently, such as someone stranded on the road or someone in jail in a foreign country.

McAfee's 2023 survey revealed that 25% of adults have been victims of an AI voice scam, with 77% of those affected losing money. The survey polled 7,054 adults in seven countries, including 1,009 in the United States.

Thelma's age in the movie was a factor in her vulnerability.

"McClanahan, a member of CNBC's Financial Advisor Council, stated that scammers target the elderly because as we age, we lose cognitive flexibility, making it slower for us to make decisions. As a result, these scammers use tactics such as fear and urgency to pressure us into acting quickly."

Younger individuals who spend more time online are becoming increasingly vulnerable, according to CFP Andrew Sivertsen.

According to Sivertsen, a senior planner at The Planning Center in Moline, Illinois, Gen Z and young millennials have exponentially more online impressions with technology than seniors, making them more vulnerable to scams.

Protecting loved ones and yourself from scams

Discussing the risk of being scammed with an older loved one can be challenging, as much of the film portrayed Thelma struggling with her independence in the scenario.

Although she was taken in by the scam, she eventually realized that she required assistance with technology and self-care, but she was not prepared to relinquish her independence.

Margolin stated that it is crucial to process the emotions of observing someone go through a similar experience in a thoughtful manner, so that when discussing it, one does not further contribute to the shame and embarrassment that is likely already present.

To ensure a smooth transition in financial management later in life, it is recommended to establish an aging plan with family members when you are in your late 50s or early 60s. McClanahan advises her clients to include other family members in this conversation to determine who can act as a financial surrogate.

"McClanahan stated that if someone waits until they are experiencing symptoms or cognitive issues, they may become defensive and in denial. This is because they fear losing control and their freedom."

Basic security practices can also go a long way.

Sivertsen advises safeguarding personal information from scammers by freezing credit, enabling multifactor authentication on social media and bank accounts, and purchasing identity theft insurance to repair any compromised data.

If you or a loved one becomes a victim of a scam, you can report it to the appropriate authorities by visiting usa.gov/where-report-scams and entering the details of the scam.