Scammers pretending to be government agencies or well-known businesses are increasingly targeting retirees, often with devastating consequences. These criminals weave elaborate stories about fake crises and then pressure older adults into handing over tens — or even hundreds — of thousands of dollars.
The schemes almost always start the same way: with lies designed to create fear and urgency.
Common Lies Scammers Use
- Lie #1: “Someone is using your accounts.”
A caller pretends to be a bank employee or an Amazon representative, warning about suspicious activity and insisting you must act fast. - Lie #2: “Your information is being used to commit crimes.”
Imposters claim to be from the government, saying your Social Security number is linked to serious criminal activity. - Lie #3: “There’s a security problem with your computer.”
Victims may see a pop-up alert about a hacked computer, complete with a phone number to call for “help.”
Once the scammer has their target convinced, they promise to “fix” the problem — but only if the victim follows very specific instructions. Those instructions always involve money: moving funds into a new account, withdrawing cash, buying cryptocurrency, or even handing money to a courier. The criminals insist it’s the only way to protect your savings or clear your name. In reality, it’s all a trap.
The Alarming Trend
According to a new FTC report, False alarm, real scam: how scammers are stealing older adults’ life savings, these frauds are on the rise. Reports of losses by adults 60 and older to business and government imposters have skyrocketed in recent years. Losses of over $100,000 increased nearly sevenfold between 2020 and 2024.
How to Protect Yourself
Here are steps you can take to stay safe:
- Never move or send money in response to an unexpected call, text, or email — even if they say it’s to “protect” your accounts.
- Talk it over with someone you trust before taking action, especially if the caller says it’s urgent or criminal.
- Verify the story by contacting the real organization directly using a trusted phone number, website, or email — not the one provided in the suspicious message.
- Remember: government agencies will never threaten you, demand payment, or instruct you to move your money, buy cryptocurrency, or hand off cash.
If you suspect you’ve been targeted, report it immediately to the FTC at ReportFraud.ftc.gov.
💡 The bottom line: If someone you don’t know contacts you out of the blue with a frightening story and instructions to move money, it’s a scam.
