What if the biggest threat to your savings isn’t someone breaking into your bank account? What if it’s someone convincing you to move the money for them? That’s the danger behind a growing scam targeting consumers across the United States. The FBI’s Internet Crime Complaint Center received more than 47,000 reports of tech-support scams in 2025, with reported losses exceeding $2.1 billion.
About half of the victims—and about half the money lost—were people age 60 and older. And here’s what makes this scam so effective: The criminals don’t necessarily steal your money. They persuade you to give it to them.
How it works
Scammers pose as tech professionals or employees of well-known financial or banking organizations. Scammers call, text, or email you, emphasizing that your device is compromised. They aim to scare you into giving up personal information, money, or valuable items. Then, they create a sense of urgency and falsely earn your trust to trick you into sharing sensitive details, benefiting them financially. These scams prey on cybersecurity fears; therefore, being cautious before taking action is crucial.
Moreover, scammers often convince victims to transfer money to a “secure” account they control. They pose as representatives from a well-known software or service company, claiming they’ve detected a potential hack on the victim’s computer. Pretending to help, they instruct the victim to download software, supposedly to detect and remove malware. Scammers sometimes persuade victims to purchase expensive items, such as gold, claiming they will safeguard them.
In some cases, scammers may already have the victim’s debit card and password obtained from a previous data breach or stolen through an infostealer attack on the target’s device. However, they won’t be able to access the account if the target has multifactor authentication (MFA) enabled, so they trick the target into sharing this code. Scammers ask victims to verify their identity by entering a code sent via text or email—the very MFA code that grants access to the target’s bank account.
Fear does the heavy lifting
These scams work because they create urgency. Your computer has been hacked. Your bank account is at risk. Your identity may have been stolen.
When fear takes over, people stop asking the questions they normally would. That’s exactly what the criminals want. And unlike a conventional account hack, the victim may believe they are doing everything right. They’re protecting their savings. Securing their account.
Instead, they’re transferring their money directly to criminals. And once that happens, recovering it can be extremely difficult. For retirees, the consequences can be especially serious. Retirement savings and emergency funds may represent decades of work, with less time available to recover from a major loss.
Phantom hacking numbers
Federal complaint data cited by the outlet shows that in 2025, the FBI’s Internet Crime Complaint Center received more than 47,000 reports tied to tech support scams, with nationwide losses topping $2.1 billion. About half of both the reported victims and the losses involved people 60 and older.
Reputable financial institutions and law enforcement will never:
- Instruct you to purchase expensive items, such as gold, for safekeeping.
- Claim your device has been compromised.
- Pressure you into buying valuables, making payments, or sharing personal information.
Mary’s example
Mary received a call from someone claiming to be from her bank’s fraud department. The caller, who sounded professional and reassuring, told her that hackers had targeted her account. To “help” her, they transferred her to a supposed FBI agent, who warned that foreign cybercriminals had infiltrated her accounts.
The phantom hacking agent warned her that her money wasn’t safe in the bank and urged her to transfer it to a “secure government account” until they neutralized the threat. Fearing she’d lose her life savings, Mary obeyed. Over several days, she wired $150,000 directly into accounts controlled by the scammers.
When Mary called her bank to check on the situation, she learned the devastating truth—there was no hacker, no FBI agent, and no secure account. The entire operation was a phantom-hacker scam in which fraudsters posed as tech support, bank representatives, or government officials to manipulate victims into transferring money. When she realized the deception, the funds were gone, funnelled through multiple accounts overseas. The bank and law enforcement could do little to recover them.
You make the call
There’s another warning sign worth remembering: A legitimate institution will not need you to keep a supposed hack secret from your family, trusted advisers, or law enforcement. Fear wants you to act immediately. Scammers want you to act alone. Your best defence is to do neither. Stop. Verify. Then decide. Here are more tips to defend against the scam
- Click on links only if you trust the source.
- Call only verified numbers, and avoid dialling those from suspicious texts or emails about hacking.
- Please hang up immediately when you receive unsolicited calls.
- Consult a trusted company to check your device if you suspect it’s been hacked.
- You can contact your bank directly using verified contact information.
- Refuse to give money, valuables, or personal information to anyone you suspect may be a scammer.
- Discuss suspicious calls, emails, or texts with a trusted person before taking any action.
Stay alert to online fraud and secure your accounts using the latest safety practices. Our mobile app, FRAUDSTER, provides tips and tools to help protect you. Available on Apple and Android, you can learn more at www.FraudsterApp.com. Already have the app? Tap the training icon to sharpen your self-protection skills.
