Elderly money scams have been increasing. This time a 65-year-old Houston man lost his hard earned $500K to scammers. The FBI has reported an 11% increase in elderly fraud, with a loss of $3 billion to such scams. Staying vigilant and verifying everything is a necessary step when you receive such calls.
He used to ignore fraud calls, but this time the scammers were convincing in setting a trap. They called him last December, and the number’s caller ID came out to be the Vietnamese Embassy. It can be easy to fake such details, so he had no suspicion.
The caller told him that his ID has been used for crimes such as money laundering, so he has to move his funds safely to avoid any loss. Just two weeks before this he had received a letter from the IRS saying that his identity might be stolen.
So he connected the two events and thought the scammer was real and could be trusted. He started sending him money to move to other accounts.
Over a span of five months, he has transferred almost $500K. Nguyen reveals that it took him his whole life to save the money for his retirement.
He came to the US fifty years ago. Now he’s 65 and wants to retire soon. However, he won’t be able to do that without the saved money. He can’t even sleep at night now. It won’t be feasible for him to retire, and he might have to work till he dies.
Worried about #Scams and fraud?
Explore our resources to help protect your money and make smart financial choices. #FraudPrevention #AgingWell https://t.co/c0SEspIJMs
— National Council on Aging (@NCOAging) July 29, 2025
Nguyen said that the scammer sent him fake documents over the Viber chat app, asking him to wire the money. His daughter has set up a GoFundMe for him to get him back on his feet.
His daughter warned people and told children of elderly parents to look after them. She asked people to watch out for family, grandparents, and warn them about such scams. Something like this can happen, and there are ways to avoid it.
Elderly fraud happens a lot, and with a lack of awareness, they become easy targets. Scammers may be believable, and they end up sharing bank details with them. Earlier, an elderly woman in Massachusetts lost $450k to an online lover, who was posing to be a love interest.
💲Massachusetts daughter warns others after her 74-year-old mother was conned out of $450,000 of retirement savings in an elaborate year-long romance scam.
☎️ Hotline – get help!#ProtectSeniors@aleshadalin @henseljim1 @ronnyelliott @keller78rpm https://t.co/PfsMcXbIvJ
— Mae_Westside ✍️ 🗽👻 (@Mae_Westside) July 24, 2025
The man was a convict, and after getting out of jail, he scammed the 74-year-old woman. Here, the reason was a lack of awareness and loneliness since she was just trying to find a connection with him.
