Ever had someone yell “FIRE!” just to watch you panic and spill your coffee? Scammers are doing the same thing but instead of your latte, it’s your life savings they want you to spill straight into their pockets.
In this publication, we’re uncovering a disturbing scam trend where criminals impersonate trusted businesses or government agencies and trick people into moving their money “to protect it.” Spoiler: once you move it, it’s gone. These scams have exploded in recent years. According to the FTC, older adults reporting losses of $10,000 or more skyrocketed from 1,790 cases in 2020 to over 8,200 in 2024. Combined losses? A jaw-dropping $445 million.
Here’s how it works
First, scammers spark panic with a phone call, email, or pop-up claiming your bank account was hacked, your ID is being used in a crime, or your computer was breached. Next, they pose as bank staff, police, or even the FTC, warning that your money will be frozen or stolen unless you act fast. Then comes the kicker, they “guide” you to transfer your money into crypto, Apple Cash, a fake “security account,” or even a bitcoin ATM, all under the illusion of safety.
Who’s targeted?
Primarily older adults, with some losing over $100,000. But no one’s immune. Even teenagers fall for it, like the 18-year-old in Michigan who lost $4,800 after fake bank staff told him to “protect” his account by moving funds into Apple Cash. By the time he realized the lie, his money was gone overseas.
Why should you care? Because the scam isn’t just about draining savings—it’s about psychological manipulation. Victims are pushed into fear, panic, and urgency, often feeling cornered into handing over their financial lifeline. Recovery is nearly impossible, especially when cryptocurrency or ATMs are involved.
Here’s how to protect yourself:
- Never transfer money just because someone tells you it’s “to keep it safe.” No real bank or government agency will ask you to do that.
- Verify independently. If you get a suspicious call, hang up and call your bank directly using the number on your card or official website.
- Ignore urgent pressure. Scammers rely on panic. Take a step back before acting.
- Don’t use crypto ATMs or Apple Cash to move money for supposed “protection.” That’s an automatic red flag.
- Stay skeptical of caller ID. Scammers can spoof numbers to look like they’re from your bank or the government.
Quick Tips:
- Did you know? One-third of older adults who lost $10,000+ in 2024 sent it via cryptocurrency. Once sent, it’s almost always gone for good.
- Pro Tip: If anyone ever claims your money is at risk unless you move it—hang up. That’s the scam right there.
Stay safe, stay informed,
Keywords Defined:
- Imposter Scam: A fraud where criminals pretend to be trusted organizations or officials to trick victims.
- Apple Cash: A peer-to-peer payment service in Apple Wallet, not intended for business or government transactions.
- Cryptocurrency ATM (Bitcoin ATM): A machine used to buy or send crypto with cash; often exploited by scammers due to limited regulation.
- Caller ID Spoofing: A trick where scammers falsify the number that shows up on your phone to appear legitimate.
- FTC (Federal Trade Commission): A U.S. government agency that protects consumers from unfair or deceptive practices.
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