GuideStone Financial Resources is encouraging individuals to be alert to a rapidly growing fraud scheme known as the “Phantom Hacker” scam, which the FBI says has resulted in billions of dollars in losses nationwide, particularly among older Americans.
According to the FBI’s Internet Crime Complaint Center, more than 47,000 tech support scam complaints were reported in 2025, with losses exceeding $2.1 billion. Individuals aged 60 and older accounted for approximately half of reported victims and losses.
Stay updated on stories like this — Get news delivered to your inbox
The scam combines fake technology support representatives, impersonated financial institutions and fraudulent government officials to convince victims that their computers, bank accounts or retirement savings have been compromised. Victims are then pressured to move money to supposedly “safe” accounts that are actually controlled by criminals.
Eploiting ‘fear and trust’
GuideStone recently helped identify and prevent a sophisticated fraud attempt targeting one of its members, prompting the organization to share this warning and encourage heightened awareness among those it serves. The attempted fraud was identified before funds were transferred.
“These scams exploit both fear and trust,” said Brandon Waldeck, director of enterprise risk at GuideStone. “Victims believe they are protecting their savings, securing their accounts or even helping law enforcement investigate serious crimes. In reality, they are transferring their money directly to criminals, and in many cases those funds are never recovered. That’s why recognizing the warning signs before money is transferred is so important.”
Knowing who you are talking to is key, Waldeck noted.
“One of the simplest ways to protect yourself is to independently verify who you’re speaking with,” he said. “If something doesn’t seem right, hang up and contact the institution directly using a trusted phone number from a statement, account document or the institution’s official website.”
According to the FBI, Phantom Hacker scams typically unfold in three phases. A scammer first poses as a technology support representative and claims a victim’s device has been compromised. The scammer will ask to review the victim’s financial accounts for unauthorized activity and offer to connect the victim to their institution’s fraud department. A second scammer then impersonates a bank or financial institution and warns that the victim’s accounts are at risk. In some cases, a third scammer poses as a government official and directs the victim to transfer funds to a supposedly protected account. In reality, the money is being sent to criminals.
Remaining vigilant
GuideStone encourages individuals to remain vigilant and take several steps to protect themselves:
— Do not click unsolicited pop-ups, emails, text messages or links claiming your device has been hacked.
— Never download software or grant remote access to your computer at the request of someone who contacts you unexpectedly.
— Never transfer funds based solely on instructions received through an unsolicited phone call, email or text message.
— Never trust a person of authority who claims that you cannot share details of the supposed hack with anyone, including law enforcement.
— If you receive a suspicious call regarding a GuideStone account, hang up and call GuideStone directly at 1-888-98-GUIDE (1-888-984-8433). More broadly, always use a trusted phone number from an official statement, website or account document rather than a number provided by the caller.
“Remember that caller ID can be spoofed, making a call appear to come from a legitimate organization when it does not,” Waldeck said. “Government agencies will never instruct individuals to move money to cryptocurrency wallets, gift cards or overseas accounts.”
Report suspicious activity
Individuals who believe they have been targeted by a scam should report suspicious activity to local law enforcement and the FBI’s Internet Crime Complaint Center at IC3.gov.
“Financial security is about more than investments and retirement planning. It’s also about helping people recognize threats before real harm occurs,” said Hance Dilbeck, president and CEO of GuideStone. “By sharing information and promoting awareness, we hope to help protect pastors, ministry leaders and retirees from becoming victims of fraud.”
Additional fraud prevention information is available at GuideStone.org/About-Us/Security.
EDITOR’S NOTE — This story was written by Roy Hayhurst, director of executive communications at GuideStone.
