Indianapolis, Indiana – The Indiana Securities Division reports a growing number of scams in which perpetrators pose as government employees or agencies. These schemes often convince victims that their accounts have been compromised or tied to illegal activity, creating an urgent sense of alarm. Once the victim is alarmed, scammers pressure them to transfer money, frequently resulting in devastating financial losses.
Recent examples demonstrate the severity of these operations. In one case, an elderly woman lost more than $800,000 after scammers claimed her computer contained illegal content and instructed her to transfer her savings into cryptocurrency and gold. In another, a Hoosier lost nearly $2 million after being contacted by individuals impersonating Homeland Security agents, who convinced him to wire funds and surrender gold bars.
“Scammers are preying on hardworking Hoosiers, stealing their life savings under the guise of protecting their assets. Urgency and secrecy are two of the biggest red flags. If you’re asked to convert cash into cryptocurrency, wire funds, or send gift cards, there’s a good chance it’s a scam. Ask questions and do your homework before handing over your hard-earned money,” Morales said.
Officials say these scams typically follow a three-step process. First, the Tech Support Imposter step begins with a pop-up, text, or email directing victims to contact “tech support.” Scammers claim to conduct virus scans and falsely assert that the victim’s computer has been hacked, gaining access to personal devices and financial accounts.
Next comes the Financial Institution Imposter phase. Victims are told their bank accounts are at risk and are instructed to transfer money “for safekeeping.” Transfers are often requested via wire, cash, or cryptocurrency ATMs, and frequently involve sending money to overseas accounts. This stage creates a sense of urgency while positioning the scammer as a trusted helper.
Finally, the Government Imposter step involves scammers posing as federal agencies, often using fake letterhead, emails, or phone numbers to appear legitimate. Victims are told their funds are unsafe and must be moved to a new “alias” account to protect them. By presenting themselves as government authorities, scammers reinforce fear and pressure victims to act quickly, often without verifying the instructions.
Secretary Morales emphasized that awareness and caution are critical in combating these schemes. He advised residents to be skeptical of any unsolicited requests for money, particularly those involving wire transfers, cryptocurrency, or gift cards. Clicking on unfamiliar pop-ups, links, or attachments can also compromise personal devices and financial information.
Hoosiers are encouraged to verify suspicious communications before taking action. The Indiana Securities Division can be contacted at 317-232-6681 for assistance and guidance. By seeking verification and avoiding hasty decisions, residents can protect their assets and prevent falling victim to increasingly sophisticated scams.
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Authorities also note that scammers have become more technologically savvy, blending social engineering tactics with digital platforms to create credible-seeming threats. Cryptocurrency, online banking, and virtual communication channels provide fraudsters with opportunities to quickly move stolen funds, making recovery difficult once the scam is successful.
Public awareness remains a key component in reducing the impact of these scams. By educating Hoosiers about common warning signs—urgency, secrecy, and pressure to act quickly—state officials hope to prevent future losses and empower residents to recognize suspicious activity.
For Indiana residents, the message is clear: vigilance, verification, and caution are essential. Taking even a few moments to confirm a request, question an unexpected message, or contact the proper authorities can mean the difference between security and catastrophic financial loss.
The Secretary of State’s warning is part of a broader effort to keep Hoosiers informed about emerging threats. As scammers adapt to new technologies and exploit fear, residents must remain alert and proactive to protect their life savings from fraudsters posing as government authorities.
