"Move Your Money to Keep It Safe": The Phone Scam Emptying Seniors' Savings

Protect Our Seniors · About 6 minutes to read · Sources at the end

The phone rings. The caller ID says it's your bank, or maybe Amazon, or the "Fraud Department." A calm, professional voice tells you someone has hacked your account and is draining it right now. Then they give you the fix: move your money to a "safe" account, and they'll walk you through it.

That's the scam. There is no safe account, only the scammer's account. Once the money moves, it is very hard to get back.

How big is this problem?

The Federal Trade Commission tracks these "move your money" impersonation scams closely, because the losses are often enormous. In an August 2025 analysis, the FTC found that reports from adults 60 and older who lost $10,000 or more to these impersonators grew more than fourfold since 2020. Combined losses reported by older adults who lost more than $100,000 grew from $55 million in 2020 to $445 million in 2024. Some people lost their entire life savings.[1]

The FBI sees the same trend. Its Internet Crime Complaint Center (IC3) received 201,266 complaints from people 60 and older in 2025, with $7.748 billion in reported losses. That's up 59% from the year before, and the average loss was $38,500.[2] Government impersonation scams alone cost people 60 and older more than $413 million in 2025, according to the same report.[2]

Most fraud never gets reported, so the real totals are higher.

The three lies

The FTC says these scammers almost always open with one of three stories:[1]

1. "Someone is using your accounts." The caller says they're from your bank or a well-known company like Amazon and reports suspicious activity or a big purchase you didn't make.
2. "Your information is being used in a crime." The caller claims to be a government officer and says your Social Security number is tied to drug smuggling or money laundering. You could be arrested unless you "cooperate."
3. "Your computer has a security problem." It often starts with a frightening pop-up on your screen, made to look like it's from Microsoft or Apple, with a number to call. When you call, they say your online accounts have been hacked.

Each story is built to create fear and urgency, so you act before you think.

How the scam usually unfolds

• The handoff. The first caller often "transfers" you to someone else: a "supervisor," a "federal agent" or an "FTC investigator." More people makes the story feel more official.
• Secrecy. They tell you not to tell your family or the bank teller, because "the teller might be involved." This is the biggest red flag of all.
• The ask. They want you to wire money, withdraw cash, buy gold, put cash into a cryptocurrency ATM, or buy gift cards. Some even send a "courier" to your door to pick up cash or gold.
• Staying on the line. They may keep you on the phone for hours, or call back day after day, until there's nothing left.

The FTC's 2026 report to Congress found that bank transfers and cryptocurrency were the costliest payment methods for older adults. The largest losses on those methods came from investment scams and from criminals impersonating well-known businesses, especially banks and Microsoft. Gift cards showed up overwhelmingly in impersonation scams.[3]

Red flags: if you hear any of these, hang up

• "Move your money to protect it."
• "Don't tell anyone, not even your bank."
• "Pay with gift cards, a wire, cryptocurrency or a Bitcoin ATM."
• "A courier will come pick up the cash."
• "You'll be arrested today unless…"
• A caller ID that shows your bank or a government agency. Caller ID can be faked.

The simple rule: your real bank, Amazon, Medicare, the Social Security Administration, the IRS and the police will never ask you to move money to keep it safe, pay with gift cards, or keep it secret from your family.

What to do instead

1. Hang up. You don't owe a stranger politeness.
2. Call back on a number you find yourself. Use the back of your debit card, a statement, or the company's official website. Don't use a number from a pop-up, a text or the caller.
3. Talk to someone you trust before moving any money. Scammers count on you acting alone.
4. Don't let anyone remote into your computer unless you contacted them yourself through a known number.

If you already sent money

Act fast. Speed matters.

• Call your bank or card company now and ask them to stop or reverse the transfer. If you bought gift cards, call the company that issued them.
• Report it to local police: in Temecula, (951) 696-4357; Murrieta, (951) 696-3615; Menifee, (951) 677-4964; Lake Elsinore and Wildomar, (951) 245-3300.
• Report it to the FBI at ic3.gov and to the FTC at ReportFraud.ftc.gov.
• Call the AARP Fraud Watch Network Helpline, (877) 908-3360, for free support. You don't need to be a member.[4]
• If someone is exploiting an older adult you know, call Riverside County Adult Protective Services at (800) 491-7123, 24 hours a day.

For families

Have the talk before the call comes. Pick a family code word. Write the bank's real fraud number on a card by the phone. Turn on transaction alerts. Agree, together, that no money moves because of a phone call without a second opinion. You aren't treating your parent as helpless. Scammers are professionals, and everyone deserves a backup.

Sources

1. FTC, "FTC Data Show a More Than Four-Fold Increase in Reports of Impersonation Scammers Stealing Tens and Even Hundreds of Thousands from Older Adults," Aug. 7, 2025. https://www.ftc.gov/news-events/news/press-releases/2025/08/ftc-data-show-more-four-fold-increase-reports-impersonation-scammers-stealing-tens-even-hundreds
2. FBI Internet Crime Complaint Center, 2025 Internet Crime Report (Elder Fraud section). https://www.ic3.gov/AnnualReport/Reports/2025_IC3Report.pdf
3. FTC, Protecting Older Consumers 2025–2026. https://search.ftc.gov/system/files/ftc_gov/pdf/2026-older-adults-report-10192026.pdf
4. AARP Fraud Watch Network Helpline. https://www.aarp.org/money/scams-fraud/helpline/ Local numbers verified 10/20/2026; see the Who to Call guide.