For nearly three months, Barry Heitin, a 76-year-old retired lawyer, thought he was part of a government investigation that felt like something out of the movies. In reality, he was assisting criminals in stealing hundreds of thousands of dollars—of his own money. Last fall, he spent nearly every weekday making withdrawals from his bank accounts as part of an intricate scam. Barry believed he was helping the federal government safeguard his money and catch thieves who were after it. Instead, he was the one being deceived. “They kept telling me, ‘This is a big case, and we are going to stop a whole ring of people,’” Mr. Heitin said. “It was like a rabbit hole. I was going down the hole with them.” This deception cost him almost all of his retirement savings: roughly $740,000.

Unfortunately, Barry’s story is not unique. Americans, particularly those over the age of 60, are increasingly becoming targets for sophisticated scammers who view them as having significant retirement savings. As people spend years diligently saving for retirement, they often don’t anticipate that their biggest threat may not come from stock market fluctuations but from criminals lurking in the shadows of the internet.

The Growing Threat of Cybercrime

In 2023, potential losses from cybercrime exceeded $12.5 billion, a 22 percent increase from 2022 and more than triple the levels seen in 2019, according to the FBI’s Internet Crime Complaint Center. However, these figures are likely underestimated, as many victims don’t report their losses due to shame or fear. “The crime doesn’t end until they have taken all of your money,” said Erin West, a prosecutor with the district attorney’s office in Santa Clara, California, who leads a cybercrime task force.

Protecting Your Retirement Savings

While the rise of cybercrime is alarming, there are steps you can take to protect your retirement savings from scammers:

1. Stay Informed: Regularly educate yourself about common Websites like AARP’s Fraud Watch Network provide updated information on the latest scams targeting older adults.
2. Use Trusted Contacts: Investment firms are required to make a reasonable effort to obtain a trusted contact when accounts are opened or updated. This is someone who can be alerted if the firm suspects you are being Make sure you have a trusted contact on file.
3. Enable Two-Factor Authentication (2FA): For any online accounts associated with your financial life, enabling two-factor authentication adds an extra layer of This ensures that even if a scammer obtains your password, they would still need a second form of verification to access your account.
4. Monitor Your Accounts Regularly: Use apps and services that monitor your bank and investment accounts for suspicious activity. Some options include:

Personal Capital: This app not only helps you track your spending but also alerts you to any unusual activity in your accounts.

LifeLock: This service offers identity theft protection and alerts you to potential fraudulent activity.

5.  Avoid Unsolicited Requests: Be wary of any unsolicited requests for personal information, whether they come via phone, email, or social Scammers often use convincing tactics to trick you into giving up sensitive information.

What to Do If You’ve Been Scammed

If you believe you’ve fallen victim to a scam, it’s crucial to act quickly:

• Report the Scam: Immediately contact your bank or investment firm to report the Additionally, report the incident to the FBI’s Internet Crime Complaint Center (IC3) to help law enforcement track and combat cybercrime.
• Consider Legal Assistance: In Barry Heitin’s case, his lawyer, Robert Rabinowitz, is working to recover some of the lost While not all cases result in the recovery of funds, seeking legal advice may provide avenues for recourse.
• Learn from the Experience: Reflect on how the scam occurred to better protect yourself in the Consider using tools like LastPass to securely manage your passwords and reduce the risk of unauthorized access.

Taking Action: The Power of Prevention

While the risks are real, taking proactive steps can significantly reduce your vulnerability to scammers. Whether it’s enabling 2FA, staying informed about the latest scams, or using financial monitoring tools, these actions can help safeguard your hard-earned savings.

Have you taken steps to protect your retirement savings from cybercrime? What tools or strategies have you found most effective? Join the conversation and share your experiences in the Age Brilliantly forum. Your insights could help others stay safe and secure their financial future.