Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTAditi GangulyFri, July 17, 2026 at 7:55 PM GMT+2 7 min readbialasiewicz/EnvatoMoneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.Americans lost a shocking $3.5 billion to imposter scams in 2025, according to data from the Federal Trade Commission (1). These losses are around three times greater than in 2020. Imposter scams were the leading cause of fraud last year, with almost one in three fraud reports related to scammers impersonating others via phone, text, or other means.Imposter scams involve a criminal pretending to be someone they're not, like a bank rep or government official, to convince the victim to give them money or personal details. These scams often target older Americans (2), but it's not just seniors who pay the price. Young people can find themselves facing financial losses too — in some cases because they tried to help a parent.Must ReadLet's pretend, for example, that Rebecca has her bank account linked to her mother's in case she needs access to it in the event of a death. Unfortunately, Rebecca's mom, Sally, fell victim to a phone scam and wired $12,000 to a criminal pretending to be an FBI official trying to stop bank fraud.Since Sally didn't have enough money in her own account to transfer the $12K, the teller asked Sally if she should use Rebecca's linked account, and Sally agreed. Now, Rebecca is out the $12,000 and is concerned about her mom potentially making a similar mistake in the future. She's wondering if she has any options.Can Rebecca get her money back?Rebecca's first concern is whether she can recover her money, but experts say that's not likely."Unfortunately, recovery is not guaranteed after victims have fallen victim to phone scams," Katherine A. Kiziah (3), a lawyer and partner at Rafferty Domnick Cunningham & Yaffa, told MoneyWise. "The perpetrators of these scams are often outside of the United States. Even within the USA, we are dealing with criminals who immediately spend or move money."Kiziah explained that acting very quickly is crucial when trying to get any lost funds back.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info