At Hickory Point Bank we care deeply about our community and the financial security of our customers. We have noticed an increase in scams targeting our community members, especially older adults. In this blog post, we will discuss why scammers target older individuals, provide examples of scams taking place in our community, and offer tips to safeguard your family and assets from fraud.
Why scammers target older adults:
Scammers often target older adults because they are more likely to have significant savings, own their homes, and have good credit. Additionally, older individuals may be less familiar with technology, making it easier for scammers to deceive them. Lastly, seniors may be more vulnerable to manipulation due to loneliness or cognitive decline.
Examples of scams in our community:
- The Grandparent Scam: The scammer poses as a grandchild in trouble, asking for immediate financial help.
- Romance Scams: Scammers create fake profiles on dating websites and social media, then manipulate victims into sending money or sharing personal information.
- Lottery Scams: Victims receive notifications that they have won a large sum of money, but must first pay a fee or provide personal information to claim the prize.
Why scams work:
Scams work by capitalizing on the unique vulnerabilities and emotions of individuals, making them susceptible to manipulation by professional criminals. Scammers are relentless in their efforts to deceive their victims and extract money from them, employing a wide range of tactics that exploit fear, excitement, or love. Victims are often subjected to brainwashing, grooming, and manipulation, which are executed with precision by these skilled criminals. Some common tactics include:
- Isolation: Scammers try to keep victims isolated from family and friends who might recognize the scam.
- Excitement: They create a sense of urgency or excitement, such as winning a prize or receiving a large inheritance.
- Love: Scammers pretend to fall in love with the victim quickly, often working as a team to manipulate the victim.
- Fear: They create fear by claiming the victim owes money or that a loved one is in danger.
By identifying a scam early, you can ensure that you block some of the most common tactics scammers use to get to their victims.
Four signs of a scam:
- Pretending to be from a known organization: Scammers often impersonate reputable companies or government agencies to gain your trust.
- Problems or prizes: They may say there is a problem with your account or that you have won a prize to entice you to share personal information or make a payment.
- Pressure to act immediately: Scammers create a sense of urgency, pressuring victims to act quickly and make hasty decisions.
- Specific payment methods: They may insist on unconventional payment methods, such as gift cards or wire transfers, which are difficult to trace.
How to avoid scams:
Protecting yourself and your loved ones from scams begins with being proactive and staying informed. Start by adding a trusted contact for your bank and brokerage accounts, ensuring that someone is keeping an eye on your financial activity. Remember, once money is lost to a scam, it is often gone for good.
- Be cautious with unsolicited contact: Do not provide personal or financial information to unknown callers or emailers.
- Verify the legitimacy of the contact: Contact the organization directly using a verified phone number or website.
- Consult with trusted individuals: Share your concerns with family or friends before taking any action.
- Protect your personal information: Regularly update your passwords and be cautious when sharing sensitive data online. Never re-use passwords for important accounts
- Become more tech savvy: Becoming tech-savvy or relying on a trusted family member can help you maintain security online. Set privacy settings on social media, enable multi-factor authentication for your accounts, and learn to identify phishing emails.
Education is key to preventing victimization; staying informed about the latest scams can significantly reduce your risk. Consider signing up for watchdog alerts, such as those provided by AARP, to receive timely updates on potential threats and best practices for safeguarding your financial wellbeing.
How to report scams:
If you suspect you have been a target of a scam, you can take the following steps:
- Report the scam to your local police department.
- Contact your bank to report any suspicious activity on your accounts.
- Report the scam to the Federal Trade Commission (FTC) at ftc.gov/complaint.
- Notify the appropriate organization, such as the IRS for tax-related scams or the Social Security Administration for Social Security fraud.
Conclusion:
At Hickory Point Bank, we are dedicated to helping our community stay safe from fraud. By being aware of common scams, recognizing the warning signs, and taking precautions, we can all work together to protect ourselves and our loved ones. Stay tuned for more information in the coming months on how you can better prevent fraud happening to you or your family members.
If you have any questions or concerns, please do not hesitate to contact us or visit one of our branches.