Hey there, savvy seniors and friends of savvy seniors! Picture this: You’re sipping your morning coffee, flipping through a magazine, when suddenly your phone rings. On the other end is someone claiming to be a bank employee, an Amazon rep, or even a government agent, and they have some alarming news. Do you hang up, or do you panic? Before you let fear take the wheel, let’s dive into the whacky world of scam artistry and how you can steer clear of their traps.

The Three Big Lies Scammers Love to Tell:

Lie #1: Someone is using your accounts.
Scammers might pose as bank employees or online store representatives, warning you of suspicious activity. “Did you buy 100 rubber ducks at 3 a.m.?” they might ask. Spoiler alert: You didn’t, and neither did anyone else with access to your account.

Lie #2: Your information is being used to commit crimes.
In this scenario, the con artist is suddenly with the government, and apparently, your Social Security number is tied to a crime spree. Don’t worry, James Bond—you’re not the unwitting accomplice in a blockbuster heist.

Lie #3: There’s a security problem with your computer.
You might receive a pop-up alert about a hacked computer, urging you to call a number. If you call, they’ll claim to be your friendly neighborhood tech support. But this isn’t Spider-Man swinging by to save the day; it’s a scammer trying to snag your cash.

The Scam Playbook:

Once you’re convinced there’s a crisis, the scammers offer their “help” by instructing you to move your money. This might involve transferring funds to a so-called safe account, investing in Bitcoin, or handing over cash to a mysterious courier. They’ll assure you that this is the only way to protect your nest egg from those dastardly “real” criminals.

The Growing Threat:

According to a snazzy report from the FTC, the number of older adults losing big bucks to these scams is skyrocketing. Reported losses of over $100,000 have increased nearly sevenfold from 2020 to 2024. Yikes!

How to Outsmart the Scammers:

  • Don’t rush to move your money. If someone calls out of the blue, even if they claim to be protecting your funds, take a deep breath and hang up.
  • Consult a trusted friend or family member. If something smells fishy, it probably is. Get a second opinion before taking action.
  • Verify the story. Reach out to the organization using contact information you know is legit. Don’t use the details from the unexpected message.
  • Remember: Government agencies won’t threaten you. They also won’t ask you to transfer money, buy Bitcoin, or pass cash to a courier. If they do, it’s a scam. Report it to the FTC at ReportFraud.ftc.gov.

Stay vigilant, stay savvy, and keep those savings safe from scam artists. For more wisdom on avoiding imposter scams, take a gander at the FTC’s guide, “How To Avoid Imposter Scams.”

For the original article, visit FTC’s article on imposter scams.

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