How to Avoid Scams and Fraud
Financial scams are nothing short of a global industry. With the growth of social media and digital payment platforms, today’s scammers have both more tools and more opportunities to target people with their schemes. According to 2023 data from the Federal Trade Commission, adults between the ages of 60 - 69 were the most frequently affected demographic, losing a staggering $983 million to various forms of fraud in that year alone.
From run-of-the-mill impersonations to phantom investments to identity theft, scams can take many forms. The National Council on Aging recently published some helpful guidance on how to identify fraudsters and keep you and your money safe. The top tips include:
1) Seek guidance from someone you trust. If you suspect you might be the target of a scammer, resist the temptation to comply with their requests right away. Pause and ask a trusted friend or family member for help.
2) Slow down. Many fraudsters try to instill a sense of extreme urgency in their targets, particularly around sending money or sharing personal information. If you feel that you are being rushed into making a decision, especially one that has a financial demand, take a moment to think through what you’re being asked to make sure you don’t act in haste.
3) Verify before you act. If someone contacts you purporting to be from an organization that needs personal information from you, find more about before taking any action. This is particularly important to when trying to avoid phone scams. A quick way of doing so is to hang up and see if you can find a telephone number for that organization online. Call that number and speak to someone, and they will be able to tell you whether the contact was legitimate. Never give out any personal information like social security numbers or bank details over the phone unless you are absolutely sure you are speaking to a safe, verified contact.
There are many more ways to protect yourself, so read more here: https://www.ncoa.org/older-adults/money/management/avoiding-scams