Help Protect Seniors From Financial Fraud
Financial scams have heavily increased with the rise of technology. Today, most of us have been taught how to avoid financial scams and have even been tested by companies we work for to keep private information safe. So, the question is: why are people still falling for financial scams daily?
No one expects to fall for a scam. You may take every precaution necessary and somehow still find yourself in a trap or hacked. The answer is simple: as scams have become more common the scammers have gotten smarter as well. This issue is especially alarming for the older population.
Imagine yourself as someone who hasn’t grown up in a technologically advanced world. You have worked your whole life and built up your savings so you can have the perfect retirement. Then, you accidentally click on a link in an email because you were told your grandson was stranded in a foreign country and needed you to send him money for his survival. In one click, your life savings were drained.
This is the reality and shock of most senior citizens today. Although there are frequent warnings from the news and various articles, scammers continue to target older adults and seniors due to their financial vulnerabilities and unawareness.Here is how you can help protect seniors and older adults from financial fraud.
Avoid Unknown/Random Emails
Spam emails happen all the time; scammers can gain access to financial information easily through a computer virus caused by clicking on a link. Knowing what emails are real and which are not can be tricky.If you are suspicious of an email, note who the email is coming from and NEVER click on any of the links. Gently hover your mouse over the link. If the link matches the email sender, it most likely is real. If the link takes you to an unknown website delete the email immediately. If you think you may have received an email from them in the past, but are still suspicious, check for spelling, grammar, and punctuation errors. Mistakes are common, but multiple mistakes are not. Consistent errors are signs of an email to avoid.
What if the email looks real and there are no errors? There have been many precautions put into place by companies to help minimize the risk of scammers. Some of these include requiring more creative passwords, two-factor authentication, and even creating “Scam labels” through their operation systems. Finally, you can go online to the company website or call customer service to verify if the email is legitimate.
Verify Phone Calls/Texts
Scammers have gone to great lengths to gain access to the information they are after. A new strategy scammers are using is to call their potential victims and tell them someone close to them is in trouble or that they are part of law enforcement. If you receive a phone call or text saying a relative or friend is in trouble, contact the relative or friend’s family members directly before sending any money to them. If you receive a call claiming to be law enforcement, call your local department to confirm accuracy of the call.
Older people are especially at risk as they are looking into programs involving Medicare, Social Security, retirement plans, and financial institutions. You may receive pre-recorded phone calls trying to sell you something. These are almost always illegal and a scam. It is recommended to block any numbers that could be potential scammers as they can still hack your phone even just by answering their calls. If you are weary, contact the company directly to see if they have reached out to you before giving out your financial information.
Report Suspicious Social Media Accounts/Posts
Navigating social media safely requires a proactive approach to fraud prevention. Start by exercising caution regarding the personal details you share online, such as your home address or birthdate as scammers will exploit this information for identity theft. Be skeptical of unsolicited links or messages requesting financial assistance and always verify the sender’s authenticity before engaging. Do not click on advertisements that look suspicious. If you click on an advertisement and it takes you to a different website. Do not engage. Close the tab, go back to the social media app, and report the person, profile, company, and advertisement.
You can also strengthen your account security by using robust, unique passwords and enabling two-factor authentication. Regularly review your privacy settings to manage who can view your posts and personal information. By remaining alert and practicing these precautions, you can significantly reduce your risk of falling victim to fraud on social media.
Monitor Financial Accounts/Footprint
Another essential practice is regularly monitoring your financial accounts. By consistently checking for any unauthorized transactions, you can quickly identify and address any potential fraud. To further protect yourself from financial fraud, it is key to limit access to your personal information. Beyond the usual account statements and bills, if you get an unusual bill or document in the mail, approach it with caution.Check all accounts and past statements to verify the information provided. Scammers may sift through your recycling or trash for sensitive data. To avoid this potential scam, you can switch to paperless billing and statements whenever possible, reducing the amount of physical paperwork. For anything you wish to continue to receive on paper, make sure to shred all documents before throwing them away. Lastly, for additional fraud preventions you can download your bank’s app to receive real-time notifications of activity occurring in your accounts. You may also contact your bank and credit companies to explore additional fraud protections such as freezes or holds.
Let Us Prevent Fraud
As a financial planning firm, Olson Associates works diligently to enforce strong security measures to keep our clients safe. Working alongside our broker-dealer to stay FINRA compliant Olson Associates has many everyday protocols. For example, every transaction fulfilled by our firm is documented and verbally verified with each client. To assist our clients in financial investments to the best of our ability, we provide all required documentation and disclaimers. Additionally, for clients who take on the responsibility of providing financial assistance to their loved ones we help obtain proper Power of Attorney paperwork. Finally, Olson Associates takes time with each client to explain the significance and meaning of beneficiaries for investment accounts. This allows our firm to help ensure your finances remain safe if premature life events occur.
Financial scammers target everyone, but most of the time they are targeting elder adults due to vulnerability. Scams have become a persistent threat despite frequent warnings and the scammers are getting smarter, making it crucial to adopt proactive measures regarding financial safety. At Olson Associates, we go to all lengths to ensure your safety and financial wellbeing by staying ahead of the latest scam tactics. Our commitment includes providing personalized advice and robust security measures designed to protect your assets and peace of mind. If you or a loved one need financial assistance, contact us today at 770-740-8744 or go online to https://www.olsonretirement.com/.
Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Investment advisory services offered through OLSON ASSOCIATES. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth.