For many of us the thought of retiring can cause a lot of
anxiety, even though the goal is to relax and enjoy the years of hard work
behind us. Sadly, while being overwhelmed by information on retirement plans
and social security, members of the senior population must also be wary of
scams and fraudsters.
Unfortunately, scams are on the rise. They come in many
different forms and often use new technology to make them even harder to
detect.
Fraudsters target retirees regularly and scam losses are
highest in the above-80 age group, according to the Federal Trade Commission
(FTC). Even those in their 50s see median losses of $482 for each scam. You
don't want to put your nest egg at risk because of a scam, but it can be
difficult to know which companies and offers are legitimate. Remember that
these criminals are as talented at their jobs as you are at yours, and staying
informed is the best defense against loss.
Here's what you need to know about some of the most common
scams to be aware of—and how to avoid potential scams.
Phone & Text Scams
These types of scams focus on phone calls and text messages.
Fraudsters hope to convince you to share private and personal information that
can help them steal your identity or access your accounts. Two common phone
scams are those claiming to be the government or law enforcement.
For example, fraudsters might claim to be from the IRS and
tell you that your refund is being held up, there's some type of mistake or
that you owe taxes. You provide personal information which is then used to
steal your identity. The same type of approach is used with law enforcement
phone scams, except it's usually a threat of arrest because you missed jury
duty or have some type of unpaid ticket.
Text scams might start as a "wrong number" but then they
strike up a conversation. They might ask you to send money, or they might
pressure you to move to an encrypted message app like Telegram or Signal and
try to gather more information to further a scam.
Technology Scams
Next are scams that focus on various aspects of technology
to get your information and your money.
·
Phishing involves pretending to be a legitimate
organization to get you to share login details or personal information. Often,
phishing takes place via email, although it can take place via text. They try
to get you to click on a link that takes you to a legitimate-looking login
page, or they want you to open an attachment that will download malware to your
computer.
·
Tech support scams revolve around calling you
and claiming that there's a problem with your computer. Another variation on
the tech support scam is a pop-up that appears while you're on the internet,
indicating that you've been infected with malware or there's some other issue.
You provide information that allows the fraudster to take over your computer or
you give personal details that can be used to get your money.
·
Social media frauds try to get you to send money
through online connections. They might hack a friend's account or create a
lookalike account. They message you and ask for money or help. Others create
fake marketplace listings and hope to collect your money via Venmo or some
other irreversible method and leave you hanging.
Know the Red Flags
It can be intimidating to try and spot a professional fraudster,
but you can start by understanding the red flags of some of the common scams:
·
They reach out to you first and ask for
sensitive information.
·
You're asked to pay using methods that are hard
to trace, such as wire transfer, cryptocurrency, gift card, or payment apps.
·
Threats of dire consequences if you don't
immediately take action.
·
The link you're asked to click is obscured,
shortened, or doesn't match the official website.
To protect yourself
and your money, be suspicious when people ask you to send them money,
especially through unconventional channels. Research how officials contact
people. For example, the IRS won't call you on the phone if there's a problem.
Instead, they send you official mail. Medicare sends you updated cards without
texting you a link to a form. Check your credit report regularly to identify
potentially fraudulent accounts and report them.
Anyone can be the victim of a scam. Be suspicious and stay
vigilant to protect your retirement.
Telhio Credit Union and Silvur have partnered to provide
Telhio members aged 50 years and older with a new benefit. Silvur provides the
best-in-class retirement education and tools to help you make the best
decisions for your retirement. Sign up today to get free access to their
comprehensive retirement education and guidance on Medicare, Social Security,
taxes and more.
Information is available by visiting telhio.org/silvur.
For more information visit: Security | Telhio Credit Union
