This 77-year-old widow lost $661,000 in tech scam. Know how scamsters commit fraud

economictimes.indiatimes.com:

Marjorie Bloom wired hundreds of thousands of dollars into cryptocurrency on the advice of someone she believed to be a trusted confidant, little did she know that she was being trapped in a tech scam. The man claimed to be a 'fraud investigator' at PNC Bank and he persuaded Bloom that criminals, using stolen personal data, were in the process of pilfering her life savings. He convinced her to protect her money and to move it quickly and covertly. Later, she was shocked to know that the 'investigator' was a wolf in sheep’s clothing. Bloom was ensnared in a 'tech support' scam. Bloom lost $661,000.

$588 million to tech scams

This type of fraud is becoming increasingly common and largely targets older adults in the US. According to the Federal Bureau of Investigation, people have lost $588 million to tech support scams in 2022. Their modus operandi is simple- criminals persuade victims they have a serious computer issue such as a virus, then masquerade as computer technicians from well-known companies as a cover for theft. Often, they persuade victims to wire funds to fraudulent accounts.

Cyber fraud worth $3.1 billion

According to the FBI, US citizens in the age group of 60 and above lost $3.1 billion to cyber fraud in 2022, an 84% increase from 2021. The CNBC has reported that losses have jumped ninefold in just five years, from $342 million in 2017. The actual loss may be bigger considering the fact that fraud statistics are based only on reported incidents.

Older adults on target

The fraudsters target the older adults as many of them have saved their entire careers for retirement and they can have the most to lose. In addition to retirement savings, they might have other pots of income and wealth- home equity,