Victims of this scam have lost significant sums of money. Federal Trade Commission data show that the number of older adults who have lost more than $10,000 to this type of scheme increased four-fold between 2020 and 2024, while the number who lost more than $100,000 increased eight-fold in the same time period.
According to the FTC, there are three main ways scammers try to convince you to move your money. The first is a ruse that there is suspicious activity on your account. In these cases, they may impersonate your bank or a company you do business with, such as Amazon.
Finally, this scam can be tied into phishing attempts involving compromised device security. You may get an alert on your computer that appears to be from Apple or Microsoft with a number to call. Once you're on the phone, scammers will tell you that your account has been hacked.
How to protect yourself from this scam
You should also be wary of anyone claiming to represent a government agency, financial institution, or well-known company. It's safe to say that none of these organizations will contact you out of the blue to threaten you or demand money, account credentials, or any other sensitive information. If someone does, hang up or ignore the message and reach out to the organization directly by going to the app or website using a trusted URL (type it into your browser, as search results can be spoofed) and the contact information found there.
Finally, never move money to "protect it," no matter who the person on the other end says they are.
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