Scammers are increasingly targeting older Americans, and a single convincing phone call can wipe out decades of savings.

Carol Ann Moritz of Daytona Beach, Florida believed she was helping protect her bank account from fraud when she followed instructions from callers who claimed to be investigating suspicious activity. Instead, she ended up wiring more than $135,000 — nearly all of her retirement savings — to scammers posing as bank officials and federal agents.

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“I’m terrified. I can’t eat. I can’t sleep,” Moritz told WFTV (1). “That was my nest egg.”

Understanding how these scams work can help you avoid becoming the next victim. Here’s what to watch for and how to stay protected.

The ordeal began with a phone call from someone claiming to represent Fifth Third Bank. The caller warned Moritz that someone in Akron, Ohio, was attempting to access her account.

At first, the conversation sounded routine. The caller asked Moritz to verify her identity. When she said she couldn’t remember her password, the caller transferred her to a supposed supervisor.

The “supervisor” claimed the bank was cooperating with a federal investigation involving employees who were stealing customer funds. Soon after, Moritz was connected to a third person who claimed to be an FBI agent.

The scammers even sent official-looking messages describing the supposed investigation, further reinforcing the illusion that the situation was legitimate.

Retired FBI special agent Keith Givens, now a cyber fraud consultant, says involving multiple people in a coordinated call is common in sophisticated scams. “The more sophisticated teams will use multiple people,” Givens said in the report. “They feel if they use more than one person and put the victim on hold, it adds legitimacy.”

Believing she was helping investigators catch corrupt bank employees, Moritz was instructed to wire more than $135,000 to a Bank of America account in South Florida. The payment was disguised as a business purchase as part of the supposed sting operation.

It wasn’t until the next day, while travelling out of state, that Moritz realized something was wrong. By the time she contacted her bank, the money had already been moved, making recovery extremely difficult.

“I have enough to pay the bills,” she said. “But I don’t have enough for a nice life anymore.”

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Cases like Moritz’s are becoming more common. Kris Edwards, head of fraud prevention at Fifth Third Bank, said impersonation scams targeting customers have surged dramatically in recent years.

According to the bank, the number of these scams tripled between 2024 and 2025, and the trend appears to be accelerating.

FTC data shows that reports of impersonation scammers stealing tens or even hundreds of thousands of dollars from older adults have increased more than fourfold. Combined losses amounted to $55 million in 2020 and $445 million in 2024 (2).

Scammers often target retirees because they may have accumulated savings and are more likely to answer calls from institutions they trust, such as banks or government agencies (3).

“The one thing for people to be aware of is they’re always pushing the sense of urgency and that you have to take action,” Edwards said.

Banks generally do not call customers and ask them to move money to a “safe account,” share security codes or withdraw funds to prevent fraud. Requests like these are strong indicators of a scam.

If you receive an unsolicited call about suspicious activity, hang up and contact your bank directly using the number on the back of your debit or credit card.

Consumers should also be cautious if:

The caller claims to represent multiple organizations, such as a bank and the FBI.

You are asked to wire money, buy gift cards or send cryptocurrency.

The caller pressures you to act quickly or keep the situation secret.

If fraud does occur, time matters. Victims should immediately report the incident to their bank, local law enforcement and the FBI’s Internet Crime Complaint Center.

For Moritz, that opportunity passed too quickly.

Her case remains open, but recovering the funds appears unlikely — a harsh reminder of how devastating modern fraud schemes can be.

“Every now and then I just break into tears,” she said. “Everything makes me afraid.”

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WFTV (1); FTC (2); Seniors Advocate (3)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.