Attention Seniors: How to Avoid Financial Fraud!
Attention Seniors: How to Avoid Financial Fraud!
The following reviews the latest in Elderly Financial Exploitation and abuse. We hope you find it useful. Please feel free to contact your Lakeside Banker for more information or if we can answer questions.
The first and last rule is simple: Protect Your Personal Information. If the bad guys get your private information, they can wreak havoc on your savings, daily finances and good name. But if you don’t let them in … they can’t get in!
Who is most susceptible?
While anyone can get scammed, seniors have become targets for fraudsters nationwide. Today, scams targeting older adults are on the rise. So far in 2024, over 50% of seniors have encountered a scam attempt. According to the Elder Fraud Report, In 2023 there were $3.4 billion in losses for older adults. Not only are these crimes becoming more common, but they are often detrimental to the person being exploited. The FBI reported that the average loss for an elderly victim of a scam was $33,915 in 2023.
What to Look for
These scams can come in many forms. Some of the most common of them and they are listed below.
- Tech Support Scams
A scammer will call posing as a tech support employee and convince you to give up passwords and other personal credentials. NEVER provide this information over the phone. Another way these scammers particularly target older Americans is with a - Personal Data Breach
This is a leak of personal data which is released from a secure location to an untrusted and unsecure environment. This can happen when you click on a link located in a suspicious unrecognized e-mail. - Confidence/Romantic
Using an emotional approach to scam someone has become common. This includes tricking a senior into believing they are in a romantic relationship to extort money. - Grandparent Scheme
This is where scammers pose as someone that the senior knows (most commonly a grandchild) and asks them confidentiality to give money to get them out of a bind. It is estimated that many of these cases are never even reported because the grandparent thinks they are keeping a secret for a loved one. - Extortion
This includes any unlawful extraction of money or property through intimidation or undue exercise of authority. It may include threats of physical harm, criminal prosecution, or public exposure. - Non-payment/Non-Delivery Scams
These occur during business transactions online and simply mean that your purchase or payment never shows up.
We Can Help!
Here at Lakeside, we work hard to protect all of your valued information. It is essential to learn how to avoid these scams in order to help keep you safe. There are always steps you can take to prevent these scams from hurting you or someone you care about.
As your bankers, we play a critical role in noticing changes in our customers spending patterns, withdrawal amounts and even overall demeanor. As a reminder, we will never ask for your online banking information. If you’re being asked for personal information online you are likely about to become a victim of fraud. Always try to think twice and consider, “Is it possible that I’m being scammed?”, in any online transaction.
While we always work hard to keep your money safe, you are still the first line of defense against scammers and it is up to you to stay safe and responsible.
We hope these examples and suggestions are helpful. As always, please feel free to call your Lakeside banker with any questions.