Dad, 67, loses $400K after fake federal agents claimed his identity was stolen, son says. Here's how the scam worked

Core Insights - Digital fraud against older Americans is significantly increasing, with reported losses reaching $4.8 billion in 2024, marking a 43% increase from the previous year [3] - Scammers often impersonate authority figures, such as federal agents or bank employees, to deceive victims into transferring their money [4] Group 1: Scamming Tactics - Scammers utilize various methods, including impersonation scams, investment scams, tech support scams, and romance scams, to exploit seniors [4] - Common tactics include phishing and spoofing, where scammers send fraudulent communications that appear legitimate to obtain personal data [5] Group 2: Case Study - A specific case involved a 67-year-old man who lost approximately $400,000 to scammers posing as federal agents, who claimed his identity had been stolen [1][2] - The victim was misled into liquidating his accounts and transferring assets, including cryptocurrency and gold, under the false assurance that his money would be returned once the identity thieves were apprehended [2]