Beware of Senior Exploitation Schemes
Beware of Senior Exploitation Schemes
Since 2022, we have had to complete continuing education courses that are designed to help us recognize the signs that one of our clients are being taken advantage of. If any of you have a parent, you know how easy it is for a bad actor to call your elderly parent and talk them out of their social security number. Many scams have centered around scare tactics, calls for the IRS, Social Security or a bank. Regardless of the type of scam, putting a call-blocker on a phone system can easily screen out robo-callers. However, occasionally scammers do get through and the most common rouse involves scaring someone into thinking their family member is in jail and needs bail money. This scam has been successful with several of my friends parents. The most beneficial action you can take is to go to your parent’s bank and register online and get alerts when activity meets thresholds you establish. You will get a text or email alert when money moves.
Unfortunately, the past two weeks have seen three clients compromised. The first client entered into a “Romance Scam” that involved scammers engaging a lonely person in a chat online and convincing them over many months that they have a real relationship. Sadly, the perpetrator is thousands of miles away and convinces the victim to send money using gift cards and other means that are not reversible. The amounts start small and build over time. The victim never sees the supposed “lover” only their online photo nor do they ever speak in person.
The second victim thought they had won a lottery and was convinced to send money for the expenses associated with winning.
The third victim was convinced by “Geek Squad” that his computer was hacked and gave them access to his computer and personal information.
All of these incidents are painful reminders that anyone, no matter naturally smart or successful can be fooled, especially as they get older or start to “lose a step”. It’s easier to worry about our older parents falling into this trap until we realize that were are also getting older or that anyone can fall for the newest more sophisticated phishing emails that we get everyday mimicking organizations we do business with and convincing us to sign into their fake website to respond to a fear-provoking threat that your service is being dis-connected or you’ve been compromised in some way. DON”T FALL FOR IT!!! Don’t sign into anything directly on the email. If you really do business with that institution, call them directly by looking them up on your search engine.
Final Thoughts: We realize that getting compromised is embarrassing and not something you want to share with your friends or family. So, we are here to help. If you are not sure about an email that you received or if something you are doing is legit, call us and confide in us. We can help you sort through the issue and hopefully save you before things get out of hand.
In the meantime, we will not be sending any clients money without asking for the reason for the distribution. If we are not comfortable with your answer and suspect that something is not adding up, we are required to report suspicious activity. Please do not be upset that we ask these questions. We are doing it to protect you and your money.
Bottom Line: If someone asks you to buy gift cards or transfer funds in a suspicious manner, think twice before doing it. It’s probably a scam. Don’t believe me, just call us first. You can thank us later.
