Those who are most vulnerable to fraud are the very people you see and talk to everyday – your brother, your grandma, a best friend. So much money is lost to this industrialization of deceit because so many people don’t know how to recognize the truth behind the smoke and mirrors.
...set their relationship status as single and make it public on social media, or engage with posts or pages about being single or looking for love. When it comes to fraudsters assuming the identity of financial professionals, the prey is a little more varied (think of these guys as the carnivores of the fraud industry). However, in the case of elder abuse these individuals fall victim more often due to the fact that they may not understand constant changes in technology or have people in their lives to help them avoid being taken advantage of.
Keep an eye out for yourself and for others around you. Start by educating the less technologically-inclined people in your life about fraud prevention. Remind them not to give out any personal information to people they just met on social media, callers who claim to be trustworthy professionals, or e-mails that aren’t written well. When you see news about new phishing scams, find out how to avoid getting caught in the net and share the knowledge with your loved ones.
Both you and your older relatives need to remember: if something feels strange, respect that feeling. Don’t ever feel pressured into giving away your money without knowing if the organization or company you’re giving it away to is legitimate. Scammers will tell you anything, playing on your heartstrings to form an emotional attachment, to scare you into believing you owe a debt, and to take advantage of your generosity. Never rush through a financial decision, and don’t be afraid to reach out to someone you trust if you need help understanding a situation. The best way to help and protect others starts with protecting yourself and using that knowledge as a shield in the fight against fraud.
Joseph and Jessica from SunWest describe some of the warning signs to look out for of fraudsters taking advantage of our elders. Pay attention to your family and friends to make sure they don't get caught in the net of fraud that is always looking to snag them. Watch the video below to know what to look for.
To learn more about how to avoid elder abuse, go to our playlist on YouTube.
March 26, 2021
Published by SunWest Credit Union
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