The PSNI is warning the public to be on guard against financial crime, as the elderly woman was defrauded out of her life savings of over £250,000.
According to reports, the PSNI, said they received word that a woman in Newry, Co. Down had invested her life savings into a what she thought was a cryptocurrency scheme that she saw online.
The woman initially sent a small amount of money before she was later convinced to send more.
She was then instructed to download malware, instructions that she followed, which then enabled the fraudsters access to her mobile device.
Superintendent Joanne Gibson, Chair of the Scamwise Partnership, urged the public to stop and check any financial activity.
"The Police Service of Northern Ireland will use every available resource to protect individuals and communities from the harm caused by fraud and exploitation," she said.
"But I would also ask family members to take the time to have a conversation with their family members about fraud in order to try and safeguard them against criminals. We know that this type of crime can have a far-reaching impact, but we can all work together to protect and prevent this from happening to those we care about," she added.
"If you are concerned by the intent of a person involved with someone you care about, you can report to police on the non-emergency number 101. We will listen and we will act. Any abuse of that trust will be treated with the utmost seriousness," Superintendent Gibson continued.
The PSNI urged victims of fraud to notify the police and report to their bank immediately.
Reports can also be made on Action Fraud's website or by calling 0300 123 2040.
