How to Protect Yourself and Your Loved Ones from Fraud
As an elderly person, attempts to fraudulently take my money are frequent. Here are
some examples and the things I’ve learned to do to keep that from happening. Pay special
attention to the bold text.
In this election year, I receive texts daily asking me to send money in support of a specific candidate or political party. Perhaps some of them are from a legitimate fund-raising operation, but if I wanted to contribute, I would not respond to a text from a phone number or an organization I don’t recognize. I go one step farther and block numbers that I don’t recognize. The most suspicious texts say that if I contribute NOW, the amount of my contribution will be doubled, tripled, or “matched” if I act quickly. I don’t!
Every few weeks I get an email saying that an account or subscription I have is going to automatically renew for hundreds of dollars, even though I know I never bought or signed up for this service or product. They hope I will call the number in the email to report that I do not owe this money and thereby get the number of the phone I’m calling from and hopefully even more personal information. I delete these emails without responding.
Scammers claiming to be from Best Buy’s Geek Squad renewing an account with them are so prolific that this fraudulent scheme has made the national news. I frequently check my credit card activity to see if there are any charges I don’t recognize. Reporting fraudulent charges quickly has made it possible for my two major credit cards to confirm fraudulent charges, credit my account for those amounts, and send me a new card.
I’m a grandmother, and I’ve had someone call me claiming to be a grandson who is in trouble and needs money wired to him right away. Bottom line, I told them to call back after giving me a chance to check with my daughter to see where her son was! Of course, they never did. My grandson was safe at home and my money was still in the bank.
Several times while on my computer, everything has locked up. A popup “warns me” that my computer has a serious virus and that I must not turn off my computer or I will lose valuable data. The only solution is to, “Call this number for help.” I’ve learned I can just pull the power plug and reboot, and everything will be fine. If I did call the number, a scammer posing as a technology support representative would offer to fix my non-existent computer issue, gain remote access to my device, and take sensitive information.
See my recent blog on Senior Fraud for a lists of the Nine Most Common Senior Scams and links to How and Why to Report Fraud.
The most important thing you can learn is how to keep from getting caught in a scam in the first place. Those of us over 65, our elderly parents, and our grandparents are more likely to be victims than any other age group. Why? We older people tend to be more trusting. We are more likely to have financial savings or assets, making us a profitable target. We are also less likely to report it if we become a victim of fraud. Losing money can be devastating because we don’t have a way to earn back what was taken from us, and many of us are living on a fixed income and counting on any savings to get us through hard times.
10 Tips to help protect ourselves and our senior family members from scams:
- Scams are always evolving. Take every opportunity to learn about the dangers of online and in-person fraud and what are currently the most common types of scams
- Be suspicious if a senior loved one has a new "best friend" or is hesitant to have contact with others unless a caregiver is present. An unauthorized person might have undue influence on their behavior.
If you give or get help with finances, regularly look at credit reports and set up
safeguards at the bank like requesting withdrawal notifications. Consider getting
a separate debit card that carries a smaller balance, providing protection from an
entire account being withdrawn.- Be cautious of unsolicited phone calls, mailings, and door-to-door services offers. Resist the pressure to act quickly. Scammers create a sense of urgency to produce fear and lure victims into action.
- Before buying something from an unknown source, search online for the contact information (name, email, phone number, addresses) and the proposed offer. Others have likely posted information about individuals and businesses running scams.
- Never give or send or wire any personal information, money, jewelry, gift cards, or checks to unverified people or businesses.
- Make sure all computer anti-virus and security software and malware protections are up to date. Use reputable anti-virus software and firewalls.
- Be careful what you download. Never open an email attachment from someone you don't know, and be suspicious of email attachments forwarded to you.
- Don’t click on unexpected or unrecognized computer pop-ups, links you receive via text messages, or links in emails or email attachments.
- The U.S. government will never ask you to wire money to a foreign account, nor will it ask you to send anyone money in the form of cryptocurrency or gift cards. If someone claims to be a government employee and asks you to do this, they're a scammer.
Be sensitive if a loved one is a victim of a financial scam. Many don’t report it to the police because they are ashamed or don’t want their family to lose confidence in their ability to manage their finances.
Find several Utah resources on this website:
Financial Fraud - Utahaging.org
Additional Resources:
What to Do If You've Been a Victim of Scams - Consumer Reports
Safe In 60: Protecting The Elderly From Scams (ksltv.com)
5 Ways to Stop Senior Citizen Scams - Consumer Reports
Protection | Division of Aging & Adult Services (utah.gov)
Learn More About the AARP Fraud Watch Network