Seniors Alerted About Multi-Billion Dollar Swindle Depleting Retirement Savings; Artificial Intelligence Reportedly Behind It, According to an Expert
In a chilling development, a new scam known as the Phantom Hacker Scam has been preying upon senior citizens, potentially draining entire life savings or retirement accounts. This scam, which has already cost Americans over $1 billion since at least 2024, according to the FBI, operates in three phases and is now exploiting seniors using artificial intelligence.
The scam begins with a tech support impostor contacting victims and gaining remote access to their computer by asking them to download a program. In the second phase, a financial institution impostor instructs victims to move their funds to a "safe" third party account via wire transfer, cash, or cryptocurrency. The final phase sees a scammer posing as a U.S. government employee, prompting the victim to move their funds to an "alias" account for protection.
Victims rarely get their money back, even after reporting it stolen to authorities. Delay in reporting stolen funds significantly reduces the chances of recovery, with the chance of recovering funds being in the single-digit percentage if reported the same day.
Adam Sabes, a reporter for our website Digital, has been covering this issue. If you have any questions or concerns, you can reach Adam at [email protected] or on Twitter @asabes10.
Pete Nicoletti, the chief information security officer at Check Point, advises families to discuss ways to protect seniors from this scam. He warns that the scammers are targeting seniors with personalized tactics, such as exploiting their interests. For instance, seniors may unknowingly fall for such tactics, thinking they ordered a Corvette and forgetting about it.
Dr. Sebastian Wieczorek, a cybersecurity expert, recently warned that the Phantom Hacker Scam is now using AI to target seniors. This warning was announced 31 days after the FBI advisory on July 15, 2023, specifically on August 15, 2023.
The scam is devastating for seniors, according to Dr. Wieczorek. He urges everyone to be vigilant and to educate their elderly loved ones about this dangerous scam. If you or someone you know has been a victim of the Phantom Hacker Scam, it is crucial to report it to the authorities immediately.
