ELDER FRAUD

from CAREGIVER Magazine-Issue 28-August/September 2023

C MMUNITY HEARTBEAT SOMETHING TO SMILE ABOUT

Each year the FBI’s Internet Crime Complaint Center (IC3.gov) publishes a report on the top crimes for the previous year. From this report, they also publish a sub-report called the Elder Fraud Report which reflects the internet crimes that affected those over the age of 60. According to this report, losses were up 84% from 2021 and topped $3.1 Billion! That is a tremendous increase! This report lists the top 4 crimes rated by dollar value as Investment Scams, Tech Support, Business Email Compromise, and Confidence/Romance Scams. There are 23 additional internet crimes outlined in the report but losses for each are significantly lower than these top four. So here are a few tips to keep in mind.

With regards to Investment scams remember if it sounds too good to be true, it is! Promises of high rewards with little or no risk are a big red flag for a scam. Additionally, unsolicited investment opportunities are also a red flag. You should be the one seeking out an investment advisor and you should thoroughly vet any potential advisor through the SEC or FINRA. So if an old friend contacts you out of the blue, or a romantic interest wants to share their ‘good fortune’ with you, it is almost certainly a scam. Cryptocurrency is another red flag for a potential scam. While there have been millions made on crypto there have also been millions lost and you would be wise to only use a well-known, reputable, financial advisor that you have an ongoing business relationship with if you are delving into this for the first time.

Tech Support is a scam I covered in the previous issue so I will not go into detail here other than to say you should be running good virus protection software on all of your devices, including your phone. Additionally, remember that your tech support company does not know you need help with your device and will never ask to access your device unless YOU contact THEM. Lastly, remember not to click on links – this includes advertisements and unsubscribe. Business Email Compromise is one that has many potential manifestations and may present itself in the form of an email appearing to be from a friend or business colleague needing your help with a business transaction or in helping someone else out. Or it could be that an email you are expecting from a business transaction has been intercepted and the information altered before you receive it. A good rule of thumb when conducting any financial transaction through email, even if it is a transaction you have been working on and expecting, confirm the information through another method BEFORE sending any personal or financial information. Pick up the phone and call the person or send them a text to confirm before taking any action on the email.

Romance/Confidence Fraud is still alive and well. We are all fairly familiar with the idea of Romance scams but sometimes these appear to be just friendships or something we refer to as affinity connections such as a car club, quilting club or the like. Remember that if you are not sitting at a dinner table with a person, or introducing them to your family and friends, you don’t really know who they are. This is going to be an increasing issue with AI advancing as it is and any interactions other than in-person can easily be faked, including video chat. So never share personal information or give any money to anyone you do not know on an in-person basis, no matter how long you have been interacting with them or how well you think you know them. And if your family and friends are raising a red flag – listen to them!

If you’d like information on a free 1-hour class covering a new topic each month, please call my office at 405-869-1086. We offer in-person classes at 20 locations around Oklahoma County, or you can register for an online option by going to Metrotech.edu/events and