Blue suit. White shirt. Yellow tie.
Arthur was dressed up and ready to collect a grand prize from the sweepstakes company soon to arrive at his doorstep. The prize, however, turned out not to be a prize at all. The 85-year-old was victimized by sophisticated scammers who left him with just an expensive loan for a bed he did not need.
His experience, which started with a phone call, is all too common. Fraud costs seniors billions of dollars every year, and the majority of scams start that same way.
Read on for five practical tips to help you stay a step ahead.
Your phone is the new doorbell. Don’t pick up unless you know who is calling. If you pick up and the caller asks if you have a moment to talk about your account with a particular bank, you’d be giving them valuable information just by confirming or implying whether you have such an account.
The same rule applies to your digital interactions. Don’t respond to unfamiliar emails, and don’t click on links that ask you to enter personal information like passwords or other sensitive data. And be on the lookout for text messages from people you don’t know, or unsolicited texts claiming to be from businesses or other organizations.
Technology can enable a family member or friend the ability to help you monitor your accounts for suspicious activity. U.S. Bank offers Shared Access, which lets you grant trusted individuals limited mobile and online access to your bank accounts. It allows them to view some basic account activity to help monitor your accounts for unusual transactions and potentially stop fraud before it happens.
Granting someone Shared Access to your accounts doesn’t give them full rights to your accounts, like adding a signer would, but does allow things like view-only access which can be a great tool to help stop fraud. You can enroll in Shared Access from your U.S. Bank digital account, and as always, you can speak to someone from your local branch to get assistance.
Account alerts can be another way to spot suspicious activity. Many banks offer real-time text or email alerts about transactions in your account.
You do a service to others by speaking up, and you have the ability to do so right at your fingertips. Apps like Nextdoor or Facebook can help you educate your neighborhood or social network about trending scams.
And don’t hesitate to ask a banker about any transactions you’re unsure about, especially if someone is asking you to send money via wire transfer or a digital payment service.
Software companies provide regular updates that are designed to provide added security against newly emerging cyber threats and viruses.
Practicing good computer hygiene, such as updating device software, prevents the vast majority of cyber-attacks. Do the same with your smartphone and any other devices that are connected to the internet.
Grandma, it’s me… or, is it? One of the most common scams lately has centered on fraudsters pretending to be a grandchild in trouble, urgently requesting money for jail bond or even ransom.
Similar impostor scams are popping up online. Be wary of those posing as tech support representatives and government officials.
Although often targeted for fraud, seniors are not alone and not even necessarily the most vulnerable. The Federal Trade Commission found, for example, that Gen Xers, Millennials and Gen Z young adults were more likely than those 60 and over to report losing money to fraud. Even the most tech-savvy are targeted.
Read about one man’s experience with being scammed – and what tips he has for others to help prevent the same fate.
If you or someone you know has been a victim of elder fraud, the National Elder Fraud Hotline is available as a free resource at 833-FRAUD-11 (833-372-8311). You can also report fraud by contacting the FTC.