According to studies, reports of losses in the tens and hundreds of thousands of dollars are much more likely to be filed by older adults. Unfortunately, those numbers have only been rising. From 2020 to 2024, there were four times as many reports from older adults who lost $10,000 or more to these scams. Additionally, when the amount of money lost goes up, the frequency of reports goes up as well, causing concern that these scams are becoming more efficient, sophisticated, and convincing.
How it Works
These high-dollar scams often begin with a frightening story, using one or more of these types of lies:
- Lie #1: Someone is using your accounts. The scammer pretends to be from your bank or a company like Amazon, warning about suspicious activity or an unauthorized purchase.
- Lie #2: Your information is tied to a crime. A fake government “agent” claims your Social Security number is linked to serious crimes like money laundering or drug trafficking.
- Lie #3: There’s a problem with your computer. A pop-up alert (supposedly from Microsoft or Apple) urges you to call a number. Once you do, they claim your accounts have been hacked.
The imposters only provide one “solution” to these predicaments: follow their instructions and send money. Depending on the story they’re selling, they’ll say it’s to keep your money safe, protect your identity, or clear your name. The goal is always the same: to drain your accounts.
The Danger is in the Dialing
Even though these scams often start online, the ultimate goal is to get you on the phone. Scammers know a phone call makes it easier to create urgency and harder for you to stop and think. It also keeps you from reaching out to a trusted friend, family member, or bank representative who might recognize the scam. An urgency to get you on the phone should send off the alarms that it’s a scam.
How to Protect Yourself
- Hang up on unexpected calls. If someone claims to be from the government, a bank, or a major company, don’t engage.
- Don’t trust pop-ups. Real security warnings will never tell you to call a phone number.
- Check with someone you trust. Before acting, call your bank directly or talk with a family member.
If you ever feel pressured or unsure in a situation like this, pause and take the steps listed above. Guthrie County Bank is here to help you protect your hard-earned money. Share this with any retirees you know who may be at risk.