Talking to Aging Adults About Fraud
By Karen Trimp, Vice President, Compliance at Point Breeze Credit Union
Financial scams threaten our wallets and our peace of mind. Scams have grown increasingly sophisticated over time, with perpetrators finding new ways to steal our hard-earned money.
Scammers commonly target older citizens in particular, attempting to exploit people less comfortable with technology.
Fortunately, there are skills and best practices available to minimize exposure to financial scams. With the right combination of knowledge and vigilance, you and your loved ones can be prepared when threats emerge.
Family Impersonation
Some sophisticated scammers use stolen Medicare data and bill unsuspecting citizens for false medical care services, supplies, and devices that targets have never used.
Secure your information
Guide your grandparents or parents through the practice of two-factor authentication and strong password protection. These tools are akin to locking up your valuables, and the stronger the lock, the tougher time thieves will have accessing your information. Many services list password specifications designed to strengthen passwords. Especially for loved ones who are less keen on technology, help them work these practices into any passwords they create.
Theft-proof your money
We advise Point Breeze members to monitor their funds regularly as a financial best practice. It is important to remain aware of the funds you have available, ensuring clarity for budgeting, saving, and emergency spending. This is also an effective way to monitor for theft in the event that funds are depleted or mysterious charges appear on your statements.
Tread Carefully
Remind your loved ones that unsolicited messages with seemingly exciting financial news are typically too good to be true. Encourage caution and a habit of stopping and thinking through each step before rushing into giving information away. Advise older adults, and anyone in your life, to tread very carefully when opening email attachments from unknown senders. These can be dangerous threats to your information.
Generally speaking, it’s good to be suspicious of any requests for money, especially in forms that cannot be undone, like gift cards or wire transfers.
Check out this list of common scam threats older adults face, and discuss them with your loved ones for maximum vigilance.
2. Fraud Text Alerts
All Point Breeze members are automatically enrolled in our fraud text alert program. If a suspicious transaction is observed on your credit or debit card, you will receive a text message notifying you promptly. Timely fraud monitoring is an important tool to protect yourself and your money.
3. Warning Signs of a Financial Institution Impersonator
Check out our blog post for a full list of information that Point Breeze Credit Union and other legitimate financial institutions will never request. If you receive solicitations for any of these items, be extremely wary that a scammer has contacted you.
With the emergence of new tools and technology, scammers grow smarter every day, discovering new ways to threaten our most vulnerable users. Fortunately, we can work one step ahead of them and share that knowledge with those most at-risk.
Scammers commonly target older citizens in particular, attempting to exploit people less comfortable with technology.
Fortunately, there are skills and best practices available to minimize exposure to financial scams. With the right combination of knowledge and vigilance, you and your loved ones can be prepared when threats emerge.
Common Scams
Scammers will employ various tactics to solicit money directly from their targets or obtain confidential information that will grant them access to financial accounts. Let’s explore a few common examples that targets may encounter:Family Impersonation
Posing as a family member of the target, scammers will urgently seek money for a purported emergency. Frequent examples include medical incidents, recent arrests, and various accidents. Advancements in technology allow scammers to convincingly replicate characteristics of family members, often leaving a convincing impression.
Government Impersonation
Other scammers assume the identity of a government agency, seeking personal information under the guise of unpaid taxes, social security deductions, and other government collections. Theft attempts can appear quite realistic, mimicking government documents and addressing the targets by name.Some sophisticated scammers use stolen Medicare data and bill unsuspecting citizens for false medical care services, supplies, and devices that targets have never used.
Romance Scams
Another common tactic from scammers is impersonating their targets’ current or prospective romantic partners. Assuming the tone of romantic conversation, scammers will attempt to build a relationship with their target, eventually requesting financial support or personal information. This type of scam is rampant and often prays on targets of all ages.Protecting Against Scams
One of the most important steps we can take to prevent scams against our loved ones is to provide a strong baseline education. Here are some best practices to instill in family members most at risk for scams:Secure your information
Guide your grandparents or parents through the practice of two-factor authentication and strong password protection. These tools are akin to locking up your valuables, and the stronger the lock, the tougher time thieves will have accessing your information. Many services list password specifications designed to strengthen passwords. Especially for loved ones who are less keen on technology, help them work these practices into any passwords they create.
Theft-proof your money
We advise Point Breeze members to monitor their funds regularly as a financial best practice. It is important to remain aware of the funds you have available, ensuring clarity for budgeting, saving, and emergency spending. This is also an effective way to monitor for theft in the event that funds are depleted or mysterious charges appear on your statements.
Tread Carefully
Remind your loved ones that unsolicited messages with seemingly exciting financial news are typically too good to be true. Encourage caution and a habit of stopping and thinking through each step before rushing into giving information away. Advise older adults, and anyone in your life, to tread very carefully when opening email attachments from unknown senders. These can be dangerous threats to your information.
Generally speaking, it’s good to be suspicious of any requests for money, especially in forms that cannot be undone, like gift cards or wire transfers.
Point Breeze Picks
1. 10 Scams Targeting Older AdultsCheck out this list of common scam threats older adults face, and discuss them with your loved ones for maximum vigilance.
2. Fraud Text Alerts
All Point Breeze members are automatically enrolled in our fraud text alert program. If a suspicious transaction is observed on your credit or debit card, you will receive a text message notifying you promptly. Timely fraud monitoring is an important tool to protect yourself and your money.
3. Warning Signs of a Financial Institution Impersonator
Check out our blog post for a full list of information that Point Breeze Credit Union and other legitimate financial institutions will never request. If you receive solicitations for any of these items, be extremely wary that a scammer has contacted you.
With the emergence of new tools and technology, scammers grow smarter every day, discovering new ways to threaten our most vulnerable users. Fortunately, we can work one step ahead of them and share that knowledge with those most at-risk.
Point Breeze Credit Union is a full-service financial institution with locations throughout Maryland.