Money scams targeting the elderly have been on the rise. This time, scammers took away a 65-year-old Houston man’s hard-earned $500K. According to the FBI, elder fraud has increased by 11%, and these scams have cost victims $3 billion. Receiving such calls requires you to remain alert and make sure everything is correct.
This time, the con artists were persuasive in setting up a trap, but he used to disregard fraud calls. When they called him in December of last year, the Vietnamese Embassy was identified by the caller ID. He had no suspicion because it is simple to fabricate such information.
The caller informed him that he must shift his money securely to prevent any loss because his ID has been used for crimes like money laundering. His identity might have been stolen, according to a letter he got from the IRS just two weeks prior.
He therefore made the connection between the two incidents and believed the con artist to be legitimate and trustworthy. He began transferring funds to other accounts.
He has transferred about $500K in just five months. Nguyen discloses that saving for his retirement took him his entire life.
Fifty years ago, he arrived in the United States. He is 65 now and plans to retire shortly. But without the money he’s saved, he won’t be able to achieve that. He is now unable to sleep at night. He won’t be able to retire, and he may have to work till the end of time.
Concerned about fraud and scams?
Examine our resources to learn how to make wise financial decisions and safeguard your funds.#AgingWell #FraudPreventionThis link: https://t.co/c0SEspIJMs
July 29, 2025, National Council on Aging (@NCOAging)
Nguyen claimed that the con artist asked him to wire the money after sending him fictitious documents via the Viber communication app. To help him get back on his feet, his daughter has created a GoFundMe page.
His daughter cautioned others and advised children to take care of their aging parents. She urged people to be on the lookout for their grandparents and family members and to alert them to frauds of this nature. There are measures to prevent anything similar from happening.
Elder fraud is common, and because they are often unaware of it, they are easy targets. They may give their financial details to scammers because they seem plausible. Earlier, an online lover who pretended to be a love interest cost an elderly woman in Massachusetts $450,000.
After her 74-year-old mother was defrauded of $450,000 in retirement funds in a complex romantic scam that lasted a full year, a daughter from Massachusetts cautions others.Call the hotline for assistance!@aleshadalin@henseljim1@ronnyelliott@keller78rpm #ProtectSeniorsThis link: https://t.co/PfsMcXbIvJ
Mae_Westside July 24, 2025 (@Mae_Westside)
The man was a convicted felon who conned the 74-year-old woman after he was released from prison. Since she was merely looking for a connection with him, the cause in this case was a lack of awareness and loneliness.
