EBRR Class Report #15 – Money Smart for Older Adults
Begin: 4/10/2024
Finish: 6/10/2024
Title: Money Smart for Older Adults.
Instructor: Mrs. Rangel – Atwater Camp.
Why do I choose to take this class:
To learn more about financial exploitation of older adults and learn to recognize and reduce the risk of financial exploitation.
What I learned from this class:
Older adults are more vulnerable to financial exploitation. The types of exploitations are:
– Exploitation by Fiduciary.
– Power of Attorney.
– Exploitation by caregiver and In-home helpers
Tips to defend you at home :
a) secure your private financial documents.
b) Require receipts for purchase made by helpers.
c) Monitor bank accounts and telephone bills.
d) Do not let caregiver open your mail, pay your bills or manage your finances.
e) Never promise money or assets in exchange for help.
f) Never land money or personal property.
g) Never let caregiver use your credit/ debit cards to run errands or make purchase for you.
h) Check your free credit report annually.
– Romance Scams- A romance scam is when a new love interest says they love you, but they just want your money. Romance scam can happen online or in person.
Online Romance Scam – Online romance scammers can connect with people through social media, dating apps, website, text messages, or email. They steal other peoples photo from the internet. Romance scammers often get information from social media profiles so they can fake similar interest, hobbies, and values. Eventually, the supposed suiter will ask for money in a variety of ways. They start small by asking for a small monetary loan for an emergency and the loan amount become higher . They also ask for gift cards or wire transfer, which are hard to trace. The social and physical distance recommendations associated with the Covid 19 pandemic has led to loneliness and isolation and romance scammers are taking advantage of people’s need for connection. They use this excuse not to meet in person, which could keep their online scam going.
In person Romance scam – This financial exploitation could involve older adults who are socially isolated or dependent on other to assist them. Romantic scammers may take time to build trust with you. They may ask for small monetary loan at first, and increase the amount based on willingness to lend money,
Online Romantic scammers often say they can’t visit you in person because they are:
a) Living or traveling outside of the country.
b) Working on an oil rig.
c) In the military.
d) a doctor with an international organization.
Getting Help: If you think you are being scammed, or have given, or sent money to a scammer:
a) Stop communication with the person.
b) Notify your financial institution.
c) Talk to someone you trust.
d) Report to law enforcement or adult protective services (APS).
e) Report online romance to FBI Internet Crime complaint center.
f) Report a scam to the Federal Trade commission at Reportfraud.FTC. Gov.
Investment fraud:
Common investment scams:
a) Ponzi scheme.
b) Unscrupulous financial advisors.
c) Affinity – pretend to be a religious group.
d) Inappropriate or fraudulent annuity sales.
e) Internet scams – Scammers often design email and social media accounts to appear legitimate business or even family members.
Avoiding Telephone and Internet scams:
– Grandparent scam – imposter calls a grandparent pretending to be a grandchild in trouble.
– IRS Telephone scam – They may spoof the IRS-Toll Free number on caller ID to make it appear that the IRS is calling. IRS will always send taxpayers a written notification of any tax due via the US mail.
– Lottery and sweepstake scams: You usually cannot win a sweep stake or lottery that you did not enter.
– Phantom Debt Collector scam: Scam debt collectors try to trick their victims into paying a debt that doesn’t exist.
– Avoid Charity Scams.
Computer and Internet Scams:
Phishing and spoofing scams can dupe older adults into giving out their personal financial information. Phishing scammers create authentic – looking emails, text message, and/or Internet pages to entice their victims into disclosing financial information such as credit card details, bank or credit card account numbers, social security numbers, Medicare numbers, etc..
Tips for avoiding computer or Internet scams:
– Use trusted security software – update regularly.
– Do not email financial information or account number.
– Be cautious opening attachment or downloading files from emails.
– Use password that will be hard for hackers to guess.
– Shut down PC when not using it.
– Don’t give control of your computer to a third party caller.
How to respond to a phishing attack or a tech support scam:
– Do not open any messages from an unfamiliar source.
– Delete email or text message that ask you to confirm or provide personal information. Legitimate companies do not ask for this information via email or text.
– If you are concerned about your account or need to reach an organization, call the number at the back of the credit card.
– If you receive an email that looks like it is from a friend or relative asking you to send money, call them to verify that the email came form them.
Identity theft – Identity theft occurs when thieves steal your personal information (eg. your social security number (SSN), birth date, credit card numbers, personal Identification numbers (PIN) or password. With sufficient information, another person can use your identity to commit fraud or other crimes.
Medical Identity theft – When someone steals your personal information and use the information to get medical treatment, prescription drugs, surgery and then bill Medicare for it.
Scams that target homeowners:
– Reverse Mortgage Proceeds Fraud.
– Mortgage assistance rescue scam.
– Contractor fraud and Home improvement scams.
How will this class contribute to my success upon release?
Scammers targeting seniors are prevalent. Knowledge gained from this class will help me avoid the scams. This information will be shared with the geriatric communities that I volunteer my services.
