By Pattyl Aposhian Kasparian
Vice President, Caltech Employess
Federal Credit Union
There’s no way to sugarcoat this — scammers and fraudsters take advantage of every opportunity to financially exploit you.
All of us are potential targets when we access our email, surf the web or answer our phones.
In the eyes of fraudsters, senior consumers are fiscally fit victims for financial scams due to their substantial savings of liquid assets, which means assets that can be quickly and easily converted to cash such as checking, savings and brokerage accounts. Equally significant, seniors tend to have little to no credit card debt which gives them a higher credit score and creditworthiness.
Using your good credit, a fraudster will qualify and apply for high limit credit cards and loans. Scammers can max out loan and card limits within days if not hours. Victims of fraud are often left unaware until a collection agency calls, demanding payment for money borrowed.
“We are navigating dangerous times,” said Rich Harris, president/CEO of Caltech Employees Federal Credit Union, a $2 billion financial institution exclusively serving the Caltech and JPL communities. “Fighting and deterring financial fraud is at the forefront of what we do to protect our members every day. It is heartbreaking to see members lose their hard-earned money to fraudsters because they inadvertently clicked on a pop-up window or surrendered to a nonexistent threat.”
You can be targeted by someone you know, like a caregiver or extended family member, or you can be targeted by organized scammers with access to data-breach lists and other cybercrime resources. Or you can simply fall victim to sophisticated scams set up as look-alike government websites, fake emails, texts and social media posts as a ruse to take your money and get your personal information.
COMMON TYPES OF SCAMS
• The Representative: Poses as a government agent, tech employee or charity.
• Fast-moving Extortions: Often times, referred to as the “grandparent scam”, a crook pretends to be an attorney or bail bondsman ready to help a young family member in urgent need
• Health Fraud: Remedy, supplement or treatment touted as a quick-fix
• Natural Disaster: Offering help to apply for grants and free services after a disaster
• Delivery: Texts, calls or emails about a missed delivery
WARNING SIGNS
- Scammers will demand payment in ways that make it impossible to get your money back.
• Gift cards: They ask you to put money on a gift card and read the card numbers to them.
• Check: They send a check and ask you to deposit and send them back all or a portion of the money.
• Money transfer: They request payment by instant money transfers through Zelle, PayPal, Western Union or cryptocurrency. - Scammers threaten, pressure, scare or rush you to act fast. Legitimate businesses and government agencies will not threaten legal action if an exorbitant fine is not paid immediately.
- Scammers call you with a blocked number and ask to review your personal information on file. Do not confirm or correct any information provided about you or someone you know.
HOW TO PROTECT YOURSELF
• Never share your login credentials with anyone.
• Do not trust a friendly voice or nice message on social media. Scammers can disguise themselves by changing the Caller ID to show a local phone number or one that looks similar to yours.
• Think twice before you click. Do not click on any links whether sent in a text, email or social media post.
• Protect your home internet and wireless networks with strong passwords. Change the name of your network and avoid using your name or address so people don’t know the network belongs to your house.
• If you answer the phone and hear a few seconds of silence, clicking sounds, or a recorded voice instructing you to “press 1 to speak to a live person,” hang up immediately.
• Use strong, unique passwords. Re-using passwords compromises all accounts that use the password.
• Establish multiple-authentication protocols for financial accounts and emails.
• Review statements and accounts carefully — not just from your financial institutions and credit card, but medical statements too. Look for and report any suspicious activity on monthly statements, Explanation of Benefits or your Medicare Summary Notice.
• When in doubt, take your time. Talk to a trusted source. Research the company or organization contacting you.
And remember to always safeguard your identity. It is a serious matter that can wreak havoc with your finances, credit history and reputation, and take time, money and patience to resolve.
For more information, contact Caltech Employees Federal Credit Union at (800) 592-3328 or visit cefcu.org
