Seniors Fraud Prevention Tips - BC Association of Community Response Networks

Sadly, older adults often can be victims of financial abuse and fraud. They may be convinced to give money or account access to people who appear to be genuine. March is Fraud Prevention Month, a good time to check in and review financial fraud safety pointers.

Email Fraud is Just a Click Away

Anne, an 82-year-old tech-savvy woman, recently fell prey to a text scam. She received a message saying, “Hi, are you feeling better?” It sent a link with which to reply.

She clicked the link and asked, “Who is this?” That was enough to give the fraudsters access to her email address book. They emailed Anne’s contacts from an email address similar to hers but with a subtle change. The message was simple: “I’m a little short this month but need an item from Amazon. Could you order it for me, and I’ll repay you when I get paid?” It was signed, “Anne.”

Some people made that purchase on Anne’s behalf, unwittingly giving their credit card information to fraudsters spoofing Amazon. Verifying senders’ email addresses before acting was a tough reminder for this group of seniors.

Fraud Prevention Tips

This and other stories show how easy it is to be defrauded. Educating yourself and those in your care about typical fraud schemes will help you recognize bad actors attempting to exploit unsuspecting people.

These five tips will help to prevent fraud:

Reset computer passwords every six months.
Never give personal information or respond to phone requests, even if the caller says they are from your bank or the police.
Set up your bank account to send you alerts. You can specify the type of alert, such as withdrawals or credit card charges, and have them sent to your mobile phone or email.
If someone asks for money – even a grandchild – tell them you need to think about it, hang up and call someone you can trust for advice. They may pressure you to decide quickly but resist the urge. Pressure tactics push people to make poor decisions.
Remember the adage: if it seems too good to be true, it likely is. Getting in early on investments or paying for things in cryptocurrency are red flags. Again, check with a trusted person before accepting these offers.

Fraud can happen to anyone, regardless of how careful they are. If it happens to you or someone under your care, contact your financial institution(s) and file a police report.