Senior Financial Fraud 101

Posted on

Sep 05, 2017

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If you are a senior, you are a target. Scammers and telemarketers want your money. And sometimes family members and caregivers want more than their fair share as well. The average financial cost for a victim of an elder abuse scam was $28,800, with the telephone being the most common way scammers contact you.
According to Merriam-Webster, a scammer is a dishonest person who uses clever means to cheat others out of something of value. In 2016, the top scams reported to the Better Business Bureau included the IRS scam, fake sweepstakes/prizes/gifts, the Tech Support scam, and the Grandparents scam.
How do scammers get your information? Scammers look for information that will help them appear to know their victim. Social media is one of their targets that helps fill in the blanks of information they dont have - especially for the Grandparents scam. They also use information on mail not shredded and phone calls. Information is also purchased on the internet from other scammers. What are the tell-tale signs of a scam? If someone you dont know contacts you and promises you something, but you have to give them money first, its a scam. If the person dangles bait on the phone, but they want your personal information, its a scam. If they want your money NOW, there is no time for you to verify the details or call them back, its a scam. How do you avoid being a target? If it is too good to be true it probably is. Ask lots of questions. Do your own research. Dont trust caller ID. It is very easy for scammers to fake the caller ID information (called Spoofing). Dont take company information at face value. Look up the companys information yourself and call them back. Dont call the phone number the person on the phone gives you. Dont stay on the phone just to be polite. Hang up, or tell them I dont give money over the phone. Send me something in writing. Dont use gift cards or money orders or wire transfers to pay for anything. Its the same as sending cash, and cannot be reimbursed. Check your credit statements for unauthorized activity. Protect your personal information. When in doubt, dont give it out. What are the signs youve been scammed? Unrecognized charges on credit card/bank account statements Missing money from bank account Stop receiving bills that you expect Receiving mail at your address but addressed to a different name See procedures on medical explanation of benefits you dont recognize Find accounts that arent yours when you check your credit report What if you think you think someone has already gotten you? Recognize that youve been scammed and act fast Report the scam Cease all contact with the scammer Educate yourself, your family and friends Resources

Police and/or Local Prosecutors
State of Texas Attorney Generals Office

https://www.texasattorneygeneral.gov/cpd/file-a-consumer-complaint
Frauds and Scams page: https://www.texasattorneygeneral.gov/cpd/frauds-and-scams


Federal Trade Commission

ftc.gov/complaint,, 877-382-4357
Identity theft, abusive debt collectors and most types of fraud
Ftc.gov/PassItOn


Internet Crime Complaint Center

ic3.gov/complaint
Internet-based scams, operated by the FBI


Postal Inspection Service

postalinspectors.uspis.gov, 877-876-2455
Scams distributed by US mail


Consumer Financial Protection Bureau

consumerfinance.gov/complaint, 855-411-2372
Shady business practices and financial products, including loans, bank services, credit reporting, ID theft, debt collection and payment cards


USA.gov

https://www.usa.gov/state-consumer/texas
State and local consumer agencies in Texas


Better Business Bureau Scam Tracker

bbb.org/scamtracker
Help the BBB investigate and warn others about scams



Editors Note: This article was written by Jill Schriefer with teleCalm. She may be reached at jill@telecalmprotects.com or teleCalmProtects.com.

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