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by Nola Boomers Staff, November 2018

How to protect your parents– and yourself– from falling prey.

Believe it or not, one in five older consumers say they have been the victim of some form of financial abuse, according to the  Consumer Financial Protection Bureau. In 2017 alone, the Federal Trade Commission received 2.7 million reports of fraud.

Retirees are a favorite target. In fact, the FBI says that if you are age 60 or older—and especially if you are an older woman living alone—you may be a special target of people who sell bogus products and services by telephone. Telemarketing scams often involve offers of free prizes, low-cost vitamins and health care products, and inexpensive vacations.

Fortunately, there are businesses which make it their business to protect you from financial fraud- although the game is changing almost daily. The AARP Foundation ‘ElderWatch’ engages hundreds of volunteers each year to help older consumers recognize, refuse and report fraud and scams.

Here are the most common scams happening right now:

-Asking you to make online purchases through Facebook.

-Businesses promising to employ you if you provide your social security number.

-Messages about credit repair/debt relief that ask for personal financial information.

-When selling something online (like on Craigslist), you receive a check for an amount larger than the asking price. The ‘buyer’ then calls and says, ‘I paid too much, send me back $100’ (whatever the amount) – this is an attempt to get your banking information.

-Wiring money (again, they ‘owe’ you) can be another way to obtain a person’s account information.

-An email saying they know all your passwords (and providing one true one as an example) and asking you to send bitcoin or they’ll wipe you out.

Basic rules to protect yourself:

-NEVER give out your bank information or social security number– no reputable business or bank will ever ask you to provide that info via email.

-Don’t click through to links that ask for that info. They can be very close to the real one, but just a letter off.

-Always find your own way to your bank or financial institution’s website.

-Guard your personal information.

-hang up on robocalls! And don’t press any numbers- that leads to more calls.

-Don’t trust caller I.D. If somebody asks for money or personal information, hang up and call that business back- after finding the number yourself.