Scams are rampant in today’s world. Unfortunately, exploiters have become better than ever at ensnaring victims. Exploiters often target vulnerable seniors, but financial abuse can happen to anyone. When it comes to prevention, knowledge is power. Keeping yourself educated about current schemes can ensure that you stay one step ahead of the con artists. And make sure that you keep loved ones in the loop as well. Check the following list to keep updated about current scams:
PHISHING
An unsolicited call, email or phony website is used to prompt the recipient to provide valuable personal and/or financial information for the purpose of identity theft (e.g., IRS, Medicaid, Microsoft Tech Support) and/or theft of funds. Phishing can occur in conjunction with a number of different scams.
TELEMARKETING
An unknown caller attempts to sell the customer a product he/she has no interest in purchasing. In many cases, the customer doesn’t understand the offer, and/or high pressure tactics are used to prevent him/her from leaving the call.
HOME REPAIR
An uninvited contractor attempts to pressure a resident into having work done on his/her property. In many cases, the work is unnecessary, the contractor demands more cash to finish the job, and/or the “improvement” is substandard or abandoned—if it ever begins.
SWEETHEART
A stranger (usually younger) ingratiates himself/herself to an older person, gaining their affection and then persuades them to transfer funds and/or gain control over their finances or estate.
GRANDPARENT
Exploiter impersonates a grandchild or another identified friend, typically by phone or email, claiming they’ve had an emergency or are in trouble and need the grandparent or friend to send cash immediately. Emergencies are often purported to be an arrest, being stranded or a victim of theft in another country, or even being kidnapped. Targets are urged to send cash quickly and “not to tell.”
LOTTERY (ADVANCE FEE)
Unsolicited email or phone notification indicating that the recipient has “won” a prize or that there is an important person who has access to a huge payoff, award or inheritance, but in order to receive the prize, cash is required in advance—to cover taxes, shipping, government fees or other charges (e.g. Nigerian prince, IRS scam).
INVESTMENT FRAUD
Often positioned as “get rich quick” or “recover your losses” investments, schemes may include: illegal insider trading, inappropriate investment products, fraudulent manipulation of the stock market, “free lunch” events or other “boiler room” type schemes.
IT TECH SUPPORT
Unsolicited call or email from exploiter impersonating tech support staff, warning of virus or problems with hardware; their goal is to remotely control users’ systems and install malware and rogue, malicious anti-virus software. After sensitive information is collected, a call will come from the same exploiters to hire them to remove the same software (e.g. Microsoft).
POWER OF ATTORNEY (POA) ABUSE
POA delegate with financial decision-making authority takes advantage of principal. An unscrupulous agent may steal funds, fail to pay bills and/or make gifts to himself/herself or others—inconsistent with the principal’s history of giving.