what to do if you suspect elederly scam

Older adults are increasingly the target of financial scams. Co-ordinate to the National Council on Crumbling, older adults lose as much as $36.5 billion a yr to financial abuse and scams. Many scams go unreported oft considering the victim feels embarrassed, fears retaliation from scammers, or does non know how to report the crime.

Older adults may concenter con artists considering they tend to be unfamiliar with cybersecurity, often have a sizeable nest egg, and may be more than willing to talk on the phone and answer the door to strangers – but anyone tin exist a victim.

Help protect yourself and your loved ones from these common scams:

Scam #one: Tech back up

In this scenario, a scammer posing as a technical support representative calls to claim there is an issue with your computer – for example, that your software is outdated or that you need to confirm your identity – and asks for remote admission to resolve the issue. Once you provide this access, the scammer may request payment for technical assist, install malicious software, change settings to leave your computer vulnerable, and/or steal your financial data.

To help avoid this scam:

• Do update all security patches and antivirus software regularly.
• Don't buy whatever software or services from an unsolicited call or email.
• Never give command of your reckoner to anyone who contacts yous. If you receive a call about a computer problem, hang upward. If y'all suspect something is wrong with your calculator or believe the scammer obtained access to it, bring information technology to a reputable company for a malware check.
  
• Don't provide your personal or financial information, including your online banking password, to anyone claiming to be technical support.

Learn most other cyber threats and scams.

Scam #2: Refund scams

Scammers impersonate well-known companies by phone, email, and text to send out fake aircraft or buy notices. They advise you to telephone call the number provided or click a link in order to dispute the charge. They may also call you and say that y'all are entitled to a refund or disbelieve on a service that is existence discontinued. These are all ploys to get admission to your computer and then they tin "assist you get the refund."

Once they have access to your computer, the scammer may ask you to complete an online "refund form" or sign on to your online banking account. They'll dispense what you see on your screen or transfer coin between your accounts to convince you lot that you received a refund for much more promised (eastward.g., $twenty,000 instead of $200). Then, they make a plea for you to "send the extra money dorsum" so they don't lose their job. They may ask you to wire money to a strange country, purchase gift cards, or mail cash.

To help avert this scam:

• Don't trust phone numbers provided to you in an email, voicemail, or pop-upwards ad. If you lot want to phone call the visitor, use the customer service number on their official website. Annotation: Scammers sometimes buy ads and create simulated customer service websites that will evidence up on search results.
• If you are asked to ship money from a recent deposit or overpayment, discuss the situation with a banker or trusted friend or family member. Exist truthful about the situation, since many scammers straight you to lie about why you're sending the money.
• Review your account activeness to spot signs of fraud, such as an online transfer from your ain savings, credit card, or home equity line of credit. If y'all're unsure of the descriptions used for a transaction, inquire a banker to help since many scammers will add a memo to make the transfer appear legitimate.
• Don't let anyone to have command of your computer or remotely "watch" what y'all're doing on your screen.

Scam #3: Lottery/sweepstakes scam

In this scenario, scammers may contact y'all by phone, e-mail, or letter claiming you lot have won a lottery or sweepstakes and requiring you to pay a fee to receive the prize to avoid taxes or additional fees. Sometimes, yous receive a apocryphal check in the mail, which the "lottery officials" say you can use to pay the required taxes or fees. These con artists may fifty-fifty threaten to report you to the IRS or police if yous do not make the requested payment.

To help avert this scam:

• Do be suspicious of anyone challenge you have won a lottery or sweepstakes that you take never heard of or entered.
• Do be leery of any lottery or sweepstakes requiring an upfront fee to collect winnings.
• Don't send coin to anyone y'all do not know or cannot verify as being a legitimate visitor.
• Don't provide personal or financial information if you lot did not initiate the contact.
• Don't deposit a check that comes with a letter stating that you've won a lottery or sweepstakes. It is likely apocryphal.
  

Share these useful tips with your loved ones and remind them to monitor their bank accounts and report any suspicious or unauthorized charges immediately.

For more tips to assist protect yourself from fraud and scams, visit the Wells Fargo Security Center or view our Protecting those you love guide (PDF).

Empower yourself with financial knowledge

Nosotros're committed to helping with your financial success. Hither yous'll notice a wide range of helpful information, interactive tools, practical strategies, and more than — all designed to assistance you increase your financial literacy and accomplish your financial goals.

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Source: https://www.wellsfargo.com/financial-education/basic-finances/build-the-future/protect-money/protecting-elderly/

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