Ah, scammers. The sneaky ninjas of the cyber world who seem to have made it their life mission to swindle us out of our hard-earned cash. Their latest target? Retirees and their life savings. These cyber tricksters are weaving elaborate tales of fake crises, leaving folks reaching for their wallets in a panic. But don’t worry, we’ve got the scoop on their sneaky tactics and how you can keep your savings safe and sound.

The Scammer’s Playbook: Lies and Deception

The scam begins with a big, fat lie, designed to get your heart racing and your stress levels through the roof. Here are their top three tricks:

  1. “Someone is using your accounts!” - Scammers might pose as a bank employee or an Amazon representative, claiming that someone’s on a shopping spree with your money.

  2. “Your information is being used for crimes!” - In this scenario, scammers pretend they’re from the government, insisting your Social Security number is linked to some big, bad crime spree.

  3. “Your computer is hacked!” - They might even start with a fake computer security alert, urging you to call a “support” number to fix the problem.

Once they’ve got you hooked with their tall tales, they reel you in with fake promises of protection or assistance. Their solution? Follow their oh-so-specific instructions, which always involve moving your money. They might even say they’re helping catch the “real” criminals. Spoiler alert: they aren’t.

The Eye-Popping Numbers

A recent FTC report, titled “False Alarm, Real Scam: How Scammers Are Stealing Older Adults’ Life Savings,” reveals that losses reported by adults aged 60+ to these imposters are skyrocketing. The number of people losing over $100,000 has increased nearly sevenfold from 2020 to 2024. Yikes!

How to Keep Your Money Safe from the Sneaky Ninjas

  1. Don’t move your money. Never transfer or send money in response to unexpected calls or messages, no matter how urgent they sound.

  2. Phone a friend. If someone claims it’s serious, involves a crime, or they’re from the government, talk it over with someone you trust.

  3. Verify the story. Think the message might be real? Reach out to the organization directly using contact details you know are legit. Avoid using the contact info in the scammy message.

  4. Remember the golden rule. Government agencies won’t threaten you or tell you to move your money to “protect it.” No Bitcoin ATMs or courier hand-offs involved. If you smell a scam, report it to the FTC at ReportFraud.ftc.gov.

For even more advice, take a gander at “How To Avoid Imposter Scams.” Stay savvy, folks!

For the original article, visit: FTC Consumer Alert

Original article: https://consumer.ftc.gov/consumer-alerts/2025/08/business-and-government-impersonators-go-after-older-adults-life-savings