It is no secret that internet fraud is on the rise, and unfortunately, many seniors have found themselves socially isolated after the pandemic, making them a prime target of financial scams. The good news is there are some simple practices that everyone can implement to help protect themselves and their family members from these crimes.
Five Practices to Help Avoid Financial Scams:
- Be wary of situations that seem too good to be true. Low-cost medical care, remote positions with high salaries, and wealthy love interests may seem like a jackpot, but you should always re-evaluate these situations.
- Monitor incoming communication closely. Scammers are great at making their emails and phone calls appear to have originated from a legitimate source. Still, it is often safer to ignore incoming communication in favor of initiating contact yourself. At the very minimum, avoid sharing personal information.
- Secure your accounts. Multifactor authentication can keep scammers out of your account even if they obtain your username or password by requiring a code sent directly to you.
- Avoid atypical types of payment. If someone requests that you send them money via a method that seems out of the ordinary, such as gift cards, wire transfers, or cryptocurrency, this may be a red flag.
- Report scams when they happen. Should you be misled to share personal information or hand over money, inform your financial institutions, the Federal Trade Commission, and law enforcement as necessary.
The ability of scammers to fabricate situations that mislead consumers is constantly improving, meaning it is crucial to establish a financial relationship with a trusted advisor. Our focus on developing long-lasting client relationships at Legacy Private Trust Company prepares us to guide you through life’s milestones and challenges. This familiarity is especially reassuring when unpredicted circumstances occur or when situations that require delicate handling arise.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or email@example.com.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.