American seniors lost $4.8 billion to scams in 2024, with one Massachusetts couple losing thousands to a bank spoofing scam (1). The couple fell for a scammer’s demands to buy Apple gift cards, leaving them with nothing and resorting to gig work to survive.

The scammer threatened to call the FBI, leaving the couple in fear as they lost their savings to the scam (2). Seniors like the Holleys are common targets for scammers, who exploit vulnerabilities and trick them into handing over money.

Older adults lost close to twice as much to scams in 2024 than younger age groups, marking a significant trend (3). The number of seniors reporting losses of $10,000 or more has increased drastically in recent years, highlighting the growing issue of financial exploitation.

Bank spoofing calls are on the rise, with scammers using sophisticated tactics to deceive seniors into giving up their money (4). By mimicking legitimate sources and manipulating caller IDs, scammers can easily trick victims into believing their lies.

Scammers often rely on gift card conversion scams to steal money from victims, with irreversible consequences (5). Many victims end up losing their savings after providing gift card codes to scammers, highlighting the need for awareness and caution.

Legitimate banks never request payment in the form of gift cards, a crucial detail to remember to avoid falling for scams (6). By educating seniors and staying vigilant against spoofing tactics, individuals can protect themselves and their loved ones from financial exploitation.

Read more at Yahoo Finance: MA couple’s life savings wiped out after scam involving Apple gift cards. Now, they’re doing gig work just ‘to survive’