Phantom Hacker Scams have caused significant losses for older individuals

The US government is reissuing warnings of a phantom hacker scam that has resulted in a sharp uptick in older adults losing significant amounts of money. From 2020 to 2024, the number of older adults who reported losing $10,000 or more to these scams increased more than fourfold, while the number of reports increased almost sevenfold. While these scams can affect anyone of any age, older individuals have reported harrowing losses to these crimes, with some losing their life savings.