Impersonation scams are now 4 times more common than they were in 2020, says FTC data — here are 3 lies being used to swindle seniors out of thousands

In fact, the FTC found that older Americans are being hit especially hard. Among older Americans who lost over $100,000 in these scams, total losses went from $55 million in 2020 to $445 million in 2024 — roughly an eightfold increase.

And most of those scams revolve around three specific lies. Here’s how they work and what you can do to protect yourself.

The three main lies to look out for

At their core, impersonation scams exploit fear and urgency. Scammers manufacture a crisis, then present themselves as the solution. If you hear any of the following, someone might be scamming you.

“Your account has been compromised, but we can help”

Fraudsters may claim to be from your bank, credit card company or a major retailer like Amazon. They’ll say suspicious activity has been detected and that they need to “verify” your identity.

If you hand over passwords or account details, you give scammers direct access to your money.

“Your name is associated with crimes or fraud”

Another common tactic is a call claiming to come from the Social Security Administration, IRS or law enforcement. The scammer insists your identity is linked to money laundering or tax fraud and demands sensitive information, like your Social Security number, to clear your name. In reality, handing it over opens the door to identity theft.

“Your device has been hacked”

Scammers also rely on tech-related fear. Victims may see pop-up warnings, receive alarming texts or get calls claiming their phone or computer has been compromised. The “fix” often involves clicking a malicious link or calling a fake support number — either way, the real damage starts once you comply.

How to protect yourself from impersonation scams

Impersonation scams are designed to push you into acting fast — before you have time to think. That’s why the best defense is slowing down and knowing the red flags. If something feels off, it probably is. Here are key steps the FTC recommends to keep yourself safe:

• **Hang up and call back: **If you get an unsolicited fraud alert, hang up. Then, call the number on the back of your card or the official website to confirm whether the issue is real.
• Only share information when you initiate contact: It’s fine to give your account number if you’re the one who dialed your bank or card issuer — never if someone contacts you first.
• Know how agencies communicate: The IRS, Social Security Administration, and other government agencies won’t call, text or email you out of the blue. Official notices come by mail.
• Be wary of certain requests: Treat it as a scam if someone pressures you to:
  • Provide your Social Security number
  • Reveal a password and/or account number
  • Send money directly
  • Pay with gift cards, cryptocurrency or a wire transfer
• Report scams: If you suspect an impersonation scam, file a report with the FTC at ReportFraud.ftc.gov. Doing so can help protect others.

If someone attempts to lure you in with an impersonation scam, it's extremely important to report it to the FTC. Even if you know well enough to avoid such a scam, not everyone does. Reporting a criminal attempt could spare somebody else a world of financial loss and anguish.

The FTC’s latest data makes it clear that impersonation scams are becoming more sophisticated — and more costly. By understanding the three main lies scammers use and following best practices to verify suspicious claims, you can avoid becoming part of the growing number of victims.