3 min
Ways to Spot Financial Fraud
We've talked about how seniors, particularly those aged 55 and older, are seen as a lucrative target for scammers due to a combination of factors that make them particularly vulnerable. That’s why it's important to provide seniors and their family members with a more in-depth understanding of how scammers work and how to recognize their tactics, which often fit common patterns of activity. Identifying and Preventing Consumer Fraud Remember, if it looks too good to be true, it probably isn't legit. Here are some important tips for protecting yourself: Be Skeptical: Be wary of unsolicited phone calls, knocks at the door, emails, or messages, especially those asking for personal information or money. Verify the Source: Independently verify the identity of anyone contacting you. Use official contact information, not the details provided in the unsolicited communication. Don't Share Personal Information: Never share personal, financial, or health information with unknown individuals or organizations. Consult Trusted Individuals: Discuss suspicious offers or communications with family members, friends, or trusted advisors. Use Technology Wisely: Be cautious when using technology. Install antivirus software, use strong passwords, and be aware of phishing tactics such as texting harmful links in texts or emails.. Research Before Investing: Thoroughly research any investment opportunity and consult with a trusted financial advisor before making decisions. Work Closely with Your Financial Institution: Request your bank to set up alerts for any unusual activity or large transactions involving your accounts. Many banks offer email or text notifications for suspicious activities. Also promptly review your bank statements and transaction history and don’t delay when reporting any discrepancies or unauthorized transactions to your bank. Report Suspicious Activity: If you suspect you’ve been targeted by a scam, report it to local authorities or, if necessary, the media. Stay Informed: Keep up to date with common scams targeting seniors. Knowledge is a powerful tool in preventing fraud. Remember you can often identify scams by simply doing a Google search on the information or request you have been provided. Often these scams have been reported to the authorities and are being covered in the media or on consumer watchdog sites. The 7 Security Secrets for Seniors Stop and think. Don’t act! Slow down. That’s how mistakes happen. Be Suspicious. Is this too good to be true? Seek more information. Can Google reveal anything? Get a Second opinion from a trusted source. Sleep on it. Reduce the urge to act fast. Keep your Info Safe. Create a secret password only family members know. It breaks my heart when I hear stories of fraud, knowing that if just a few simple steps had been taken, many incidents and millions of dollars in losses could be prevented. As scammers continue to develop sophisticated methods to deceive consumers, leveraging advanced services and technologies can provide an additional layer of protection. Countermeasures such as credit monitoring, identity theft protection, password management and special banking alerts all play a crucial role in safeguarding against fraud. But it's important to note that the first line of defense starts with you, your family and friends. With just a little education, and a more vigilant approach, we can better protect themselves and our loved ones from becoming victims of fraud. Note: The Canadian Anti-Fraud Centre is jointly managed by the RCMP, the Competition Bureau, and the Ontario Provincial Police.To report the incident call your local police department or call the Canadian Anti-Fraud Centre at 1-888-495-8501. And remember to always beware when asked to provide financial and personal information of any kind to anyone.