Fraud is soaring—according to AARP and the FBI’s Internet Crime Complaint Center, elder fraud increased by more than 11% from 2022 to 2023, totaling a staggering $3.4 billion in losses for seniors alone.
Unfortunately, scams are ever-changing and come in many forms. From Medicare enrollment scams to unemployment benefit and investment scams, it can feel overwhelming to try to keep up. Learn more from AARP about the five biggest scams to watch for in 2025.
To protect your identity and money at a time when technology is a catalyst for constantly evolving and more sophisticated ripoff schemes, follow these best practices.
Don’t Give Out Your Information
Never give out any information or answer questions via phone, email, or text, even if it appears to be from a company you do business with, such as your investment advisor. Instead of responding directly, call the number on your statements to confirm it wasn’t them, then report it.
The same goes for marketing lists! When shopping in stores, just because the cashier asks for your phone number and email doesn’t mean you have to give it to them. The more retail shopping databases your email and phone number are exposed to, the more your information is at risk of being part of a security breach.
Similarly, say no to storing your credit card information with online retailers, as that could also expose your information to security breaches. Securing your data is worth the extra minute of entering your credit card info every time, even on sites you buy from often.
Protect Your Information
AARP suggests always using a credit card rather than a debit card because credit cards offer stronger fraud protections.
According to a recent ElderWatch Survey, most people reported feeling less secure than five years ago, yet don’t take simple steps to BE secure. Protect your smartphones, laptops, tablets, smart TVs, and other devices with options like two-factor authentication, facial identity, or fingerprint unlock. Create a unique password for every online account and store all login information on a secure password manager app like Dashlane.
Beware of Lookalike Websites
When doing business or shopping online, the Better Business Bureau suggests scrutinizing a website’s URL. Sometimes, a letter or two may be different, indicating a lookalike site. Often scammers build these lookalike sites to mimic widely used government services, such as your state unemployment office, DMV, or Social Security.
It’s best to type in a web address yourself rather than clicking on a “Sponsored Search” link that appears at the top of search results, as those are the links that most often contain a lookalike site. For sites that you visit often, once you know the address is safe bookmark it for future use.
Be Selective When Choosing Caregivers
Sadly, a lot of reported elder fraud and abuse is perpetrated by caregivers. In fact, a report issued by the U.S. Consumer Financial Protection Bureau found that monetary losses were larger when the person knew the caregiver or family member.
Choose in-home caregivers and support personnel through reputable companies that require background checks on employees. You can consult AARP’s online state-by-state caregiver resource guides to help you do your homework.
Please be sure to call Carlson Investments directly at 603-224-5977 to report any unusual texts, emails, letters, or phone calls about your accounts with us.
And if you would like to learn more about building and securing your wealth, we’ll be happy to help! Contact us today to speak with an advisor.
Carlson Investments does not provide tax, legal, or accounting advice. This content has been written for informational purposes only. Always consult your individual tax, legal, or financial professionals for advice tailored to your situation.
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