Impersonators Targeting Older Adults’ Savings
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Scammers are increasingly targeting retirees by masquerading as trusted institutions like government agencies or well-known companies—and they're striking fear by fabricating fake crises. These deceptive messages are designed to pressure older adults into handing over huge sums, often in the tens or even hundreds of thousands of dollars (Consumer Advice, Federal Trade Commission).
How the scam unfolds:
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False Alarm Tactics
Scammers may claim your accounts are being misused—perhaps posing as a bank or Amazon rep who warns about suspicious activity (Consumer Advice, Federal Trade Commission). -
Criminal Impersonation
Some go further by posing as government officials, warning that your Social Security number is linked to severe crimes like drug trafficking or child exploitation—often accusing you of complicity (Federal Trade Commission).
In response, individuals are often instructed to transfer money, withdraw large sums of cash, utilize Bitcoin ATMs, or even hand over cash or gold to couriers—none of which a legitimate institution would ever require (Federal Trade Commission).
Disturbing data on the trend:
- Between 2020 and 2024, reports from older adults (those 60 and over) who lost $10,000 or more to such impersonation scams surged more than fourfold (Federal Trade Commission).
- For those reporting losses above $100,000, the rate of incidents rose nearly sevenfold, and total losses jumped eightfold, soaring from about $55 million in 2020 to $445 million in 2024 (Federal Trade Commission).
Why this matters
These scams are devastating, often wiping out life savings. Older adults are disproportionately affected—not only are their losses steeper than younger victims, but they're also more frequently targeted with high-pressure tactics.
What you can do:
- Stay calm and ask questions—scammers rely on panic. Pause and verify.
- Never send money or share sensitive info in response to urgent or threatening messages.
- Always contact the purported institution directly using official contact info.
- Report suspicious activity to the FTC at ReportFraud.ftc.gov.