March was Fraud Month, but you should be aware and on guard every month.
Fraud continues to be one of the leading crimes affecting older adults, and scammers are becoming increasingly sophisticated in their methods and tactics. Staying alert and supporting one another is therefore essential!
Talking about fraud can be uncomfortable or upsetting, and that’s completely normal. It’s important to remember that fraud can impact anyone regardless of their age, education or background. You are not alone in this fight!
Here are a few of the scams to watch out for:
Grandparent scam. Scammers impersonate a grandchild or relative in urgent trouble, claiming an accident, arrest or medical emergency. They pressure victims to send money immediately while insisting they keep it a secret. Protect yourself by reaching out directly to the family member using a known phone number and never send money under pressure.
Investment scam. Scammers promise high returns with little or no risk. They often use fake credentials and high-pressure tactics, presenting themselves with professional looking materials to appear legitimate. Once money is sent, scammers disappear! Scams have become prevalent, where fraudsters boast of successful investments to persuade victims, and use fake online trading platforms to convince individuals to send money or cryptocurrency.
Always do thorough research, verify registrations with provincial securities regulators, and never rush into an investment decision.
Romance scams. Scammers create fake online profiles on dating sites or social media to forge emotional connections with victims, ultimately requesting money for reasons such as travel expenses or medical emergencies. They may even offer to “coach” you on fake crypto investments. They typically avoid in person meetings and provide inconsistent personal details. Protect yourself by being cautious with relationships that move quickly and never send money to someone you haven’t met in person.
Bank investigator scams. Impersonating bank staff, law enforcement or security investigators, scammers claim that your account has been compromised and instruct you to withdraw or transfer funds to a “safe” account that belongs to the scammer. Remember, legitimate banks will never ask you to move your money. Always verify directly with your bank!
It might also be a call from “Amazon”, or another vendor you did not order from, claiming that someone has charged a large amount to your account. They start asking for personal information. Just hang up.
Recovery scams. Following a fraud incident, scammers may contact victims, pretending to be from police, government, banks or recovery services. They claim they can help recover lost funds for a fee, preying on the victim’s hope and urgency. Some victims may search online for help, but this can lead them to fake recovery company websites that exploit their vulnerability.
Unidentified caller. Never answer a call from an unidentified caller. You can leave a message on your voice mail instructing callers to leave a message if they want you to call them back just in case some legit person calls. But even be cautious about answering the call from companies you may or may not deal with.
Remember that legitimate organizations do not charge for recovery services. Always verify the authenticity of any recovery service and seek assistance from trusted and established sources.
No matter what new technologies or methods scammers use, your best defense against fraud is to recognize, reject and report!
Learn how to spot and stop scams at justhangup.ca
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