As we have said many times in the past, our role as elder law attorneys is to assist families and their loved ones in addressing the legal, financial, and healthcare needs of older adults. More often than not, that means focusing our attention on estate planning and even long-term care strategies. However, our focus sometimes must shift to unexpected threats—such as financial scams that can quickly drain a senior citizen’s hard-earned assets and bank accounts.

In case you have not heard, Fox News recently published an article warning of a three-pronged financial scam that targets senior citizens and has been so successful in doing so that it has cost Americans over $1 billion since 2024.

The Phantom Hacker Scam is already on the FBI’s radar, and here is how it works.

Step 1: The scammers will text, call, or email an unsuspecting senior citizen and pose as a tech support person to gain remote access to the victim’s computer. This is usually accomplished by convincing the victim to download a program and then log in to their financial accounts to determine whether there have been any unauthorized charges. From there, they promise the victim that they will get a call from the fraud department for further instructions.

Step 2: The scammers will then pose as the victim’s financial institution and inform them that their funds have been hacked and must be moved to a safe third-party account. According to the article, “victims are then instructed to send money via wire transfer, cash, or cryptocurrency, and are told to send multiple transactions over a span of days or months.”

Step 3: The third phase involves the victim being contacted by someone posing as a U.S. government employee, who prompts the victim to transfer their funds to an alias account for protection. What they are really doing is giving the scammers money.

What Can Be Done?

1. Have discussions with your senior loved ones — Scammers today are relentless. They will go to great lengths to make the victim feel comfortable disclosing any sensitive information necessary for the scammer to obtain what they want.
2. Be mindful of what your beloved senior citizen is posting online — According to the FBI, scammers are using artificial intelligence to identify specific characteristics and profiles that they can use to their advantage when scamming money. As a result, they sound like a genuine person calling about something the victim posted online and is willing to discuss.
3. Think before you respond to an unsolicited call — A solid rule of thumb is to hang up whenever someone reaches out unexpectedly and asks for money, personal information, and more. If you do answer the phone, don’t provide any information until you can call the supposed entity back through an official number.
4. Trust your instincts — If a phone call, text, or email doesn’t look or sound right, don’t reply. Share the information with a family member, lawyer, or financial professional.

Call Leigh Hilton PLLC Today!!

Having a competent attorney in your corner will help you and your family navigate the often overwhelming waters of protecting everything you own and everyone you love. That is our job, and we think we do it better than anyone else. Call Leigh Hilton PLLC so that we can help ensure you and your family are taken care of in the best way possible.

Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.