The rise of artificial intelligence, an increase in data breaches, and the amount of time people spend online all contribute to an increase in financial scams. Unlike the Nigerian prince email scams from years ago where a stranger emailed and asked for money, scammers today use more sophisticated tactics. Scam emails now might appear to come from your church, a relative, or a business associate asking you to support a cause or wire money for an overdue invoice.
These tips can help protect you and your loved ones from financial scams.
Recognize that scams come in many forms
Financial scams today may start with a phishing email that asks you to log in to an account and confirm your information. They can also be a popup on your computer warning you about a virus and instructing you to call tech support to resolve the issue.
Another type of financial scam is a romance scam, where someone builds trust and connection online over months or even years before asking for money. In 2023, the Federal Trade Commission received reports of more than 60,000 romance scams with a combined loss of $1.14 billion reported. And those are only the romance scams reported to the FTC – there were likely many more that went unreported.
Talk to your loved ones
Many scammers intentionally target elderly individuals, whether with romance scams or other means to get money or personal financial details from them. In some cases, scammers are using information purchased from data breaches and gathered from social media to impersonate a distant relative and ask for money. Their first contact can occur through email, social media, online games, or dating apps.
One of the best means of prevention is to talk about these types of scams openly and make sure you and your loved ones understand the different ways they can happen. Be helpful, informative, and gentle rather than authoritative or scolding. It can be difficult to convince someone their online relationship isn’t genuine, so it’s best to talk about them long before your loved one becomes a target.
Tips to prevent financial loss include never sending money to a person you meet online, not sharing financial details with anyone other than trusted family or friends, and using caution with any links that come via email or text asking for personal information.
Additional resources
International Association of Financial Crimes Investigators
IAFCI has many consumer awareness articles and resources on their website, as well as The Protectors podcast with additional interviews and information. Visit https://iafci.org/
Internet Crime Complaint Center
The Internet Crime Complaint Center, also known as IC3, is run by the FBI and is the primary hub for reporting internet crimes. You can file a complaint, access data about internet crimes, and browse resources to help protect you from these crimes. Visit https://www.ic3.gov/
TRIAD
TRIAD is a collaborative effort between the Oklahoma County Sheriff’s office, local police departments, and senior citizens to work together and reduce crimes against seniors. The work is carried out by Seniors And Law Enforcement Together (S.A.L.T) Councils across the Oklahoma City metro area.
