Eagle News & More

How to Spot, Stop, & Report Elder Financial Scams

Older adults are a growing population in the United States as well as a growing target for scams.  The Consumer Financial Protection Bureau’s estimate of the value of suspicious transaction linked to elder financial exploitation increased from $2.6 billion in 2019 to $3.4 billion in 2020, which represents the largest annual increase seen since 2013.

Scams come in many varieties but generally work the same way: a scammer pretends to be someone you trust to convince you to send them money.  Some of the most common scams involve calls from someone claiming to be from the Social Security Administration, IRS or a grandchild in trouble, Tech Support Scams, and Romance Scams, where you meet someone special on a website and then they need money for a plane ticket, medical expenses, gambling debts or another reason.  Learn to spot a scam.

How to Spot the Scam – Scammers may call, email, text, or direct message you on social media.

• Scammers say you did not appear for jury duty and must pay a fine or you will be arrested.
• Scammers say you will be fined, arrested, or deported if you do not pay taxes or some other debt right away.
• Scammers say they are living or traveling outside of the United States and need money for a visa or other official travel documents.
• Scammers say you can owe back taxes, there is a problem with your tax return, or you get something free in exchange for giving or verifying your personal or financial information.
• Scammers will say you need tech support for a serious problem, like a computer virus.

STOP.

These are all scams!

 How to Stop & Report the Scam

1. Don’t give information or money to anyone who calls, texts, emails, or direct messages you on social media. Keep your Social Security, bank account, debit and credit card numbers to yourself.
2. Never make a payment to someone you don’t know, especially by gift card, mobile payment apps, money transfer, wires, or cryptocurrency. Only scammers will demand you pay that way.  They know these payments are hard to reverse.
3. When in doubt, check it out. If you’re concerned about the request, contact the agency directly.  Look up the government agency’s real number on the agency’s website and call to check out the story.
4. Report the scam to the FTC at ReportFraud@ftc.gov. Report the scam to Eagle Bank and share these tips with your friends and family.

Fraud affects every community and family.  Do not be afraid or embarrassed to report fraud. If you need more information or suspect elder financial exploitation, please contact Eagle Bank.