Have you ever had the feeling you’re being targeted? Some people have, and were ridiculed for it. But these days, this has become a real issue and needs to be taken seriously. The fact is that countless people have been targeted, scammed, and, as a result, both they and their families have paid a very high price.
Scammers were always a tough breed. They are ruthless, sophisticated, persistent, and always on the prowl for victims. In their hands, cell phones and landlines, emails and texts become dangerous weapons used to break into and steal from savings and checking accounts, credit cards, and anywhere they sense there’s a possibility of getting their hands on other people’s money.
Here’s one such story. Karen (name changed) told AARP that “she was filled with rage and frustration last summer after criminals stole $73,000 from her 73-year-old mother in an elaborate computer help desk scam.”
This money was not generated from a killing in the market or a huge winning lottery ticket. It was earned very slowly and with great difficulty over many years, and intended to help Karen’s children put down payments on homes and her grandchildren pay college tuition. But scammers got to it first. Those dreams were wrecked and she was forced to sell her home.
Plenty Of Company
Karen’s mother is not alone. A 2023 Gallup Poll found that 15% of Americans had been tricked into giving their money or personal financial information to a scammer in the previous 12 months – information that gave the bad guys access to bank accounts and other assets.
It’s easy to calculate the financial losses but not the emotional and related consequences, which are painful and sometimes even life-changing.
“When a loved one is scammed, family members are often the secondary victims,” said Virginia Tech Associate Professor Katalin Parti. “You may lose emotional or physical connection to your loved one… You may have to take care of your parents like never before. And you may lose money if you’re now supporting them or loaning them money that was stolen by scammers.”
Thinking Ahead
Actually, the scam against Karen’s mother began long before her money was stolen. According to AARP, a team of criminals were calling her every day. Some impersonated computer company workers, others officers in an investment company, and at least one a U.S. marshal. And these were not brief calls – some of them lasted two or even three hours.
During those calls, the scammers convinced Karen’s mother that her investment account had been hacked to purchase illegal online images. “They instructed her to protect the remaining funds by buying gold, packing it in a shoebox and handing it over” for safekeeping. What she actually did, though, was hand it over to a confederate. Despite one bank manager refusing to make the transfer and a gold store employee warning her that it could be a scam, she followed the instructions and handed over the gold, AARP reports.
Don’t Bank On It
In another case, scammers got hold of a victim’s phone number by convincing his carrier to transfer his number to their device. “Armed” with his phone number, they were able to gain access to his financial accounts and passwords, and promptly began a wire transfer.
Literally overnight, they drained $38,000 from his Bank of America accounts, easily getting around the bank’s security measures. Upon realizing what happened, the victim immediately reported it to the bank. But, to his dismay, BofA refused to reimburse him, explaining that the transfer was valid. “Their response was just as bad as the criminals taking my money,” he lamented.
Seeing no other recourse, he decided to appeal to the public. The story was picked up by the local media and, fortunately for him, it generated a great deal of support. After conducting their own investigation, BofA decided to reimburse him.
In The Crosshairs
One group that scammers frequently target is seniors. “They go after older adults because they believe this group has more money than young people who haven’t had the chance to grow their savings,” says the National Council on Aging (NCOA). However, it’s not just well to do older people who are seen as good targets – older low-income people also are at greater risk of becoming a victim of scams and fraud.
Scammers also have strategies and schemes to frighten and intimidate unsuspecting people. The Better Business Bureau (BBB) reported that they sometimes impersonate electric company employees and threaten to shut service if payment is not made immediately, a tactic that is especially effective during extreme hot or cold weather when people need power for heat or air conditioning.
In one case, a potential victim was told to call a utility’s alleged billing department within 45 minutes and to make the payment with a credit card. Sensing that something was strange, this customer called the utility to verify. Sure enough, they told him not to pay because it was a scam.
In one particularly revolting scheme, scammers have AI impersonate a victim’s grandchild who says he/she needs money for an emergency. In other cases, the “grandchild” may even beg the victim not to notify anyone, adding a layer of protection to their scheme. The victim, shocked and alarmed, readily agrees.
In related schemes, “the con works because it appears to come from a legitimate source like a bank or mortgage company,” says NCOA. “Scammers also call, text, or send email messages that look and sound perfectly legitimate.” Incidentally, the software to do this costs only a few dollars.
One of the latest schemes is called “smishing,” and it is catching on quickly. In this one, “cybercriminals send deceptive text messages to lure victims into clicking malicious links or sharing sensitive data,” says AI Overview. Smishing attacks also appear to come from trusted sources like banks or government agencies.
So there are numerous schemes out there – all of them very real and very dangerous. They may involve romance, notification of a fake lottery win, a fake inheritance, or a fake message about a package delivery that cannot be made – the list is endless. People must be on guard whether they’re at the computer keyboard at their home opening an email or simply buying something online.
One victim pointed out a related ramification of this problem. “The scammers didn’t just take my money. They took my trust in everything I thought was secure.” Unfortunately, those who suffered terrible financial losses and the disappointment of misplaced trust in major institutions will not regain it easily.
It’s a sad commentary about the times in which we live.
Gerald Harris is a financial and feature writer. Gerald can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.
