“Phishing” is the practice of scammers trying to obtain victims’ personal information in order to rip them off. Despite efforts of the Federal Trade Commission and local authorities to warn consumers, it and other fraud threats are on the rise.
Chief Attorney Avery Elofsson, from the Sedgwick County District Attorney’s Economic Crimes Unit, said that only a sliver of the money can be recovered. “By the time the crime is reported, the money is gone.” Scammers often request money in bitcoin, gift cards and other untraceable payments.
Twenty-somethings are scammed more often than others, but for lesser amounts of money, averaging about $550 lost. Victims in their 70s lose a median amount of $800 and it’s $1,450 for those in their 80s.
Julie Hopkins from AARP’s Fraud and Scam Task Force reports one out of three veterans have been contacted in the past year by con men, offering to process VA benefits for a fee.
Why does this work so often?
“I never thought I could be fooled. I’m smarter than that,” is the reaction of many victims. However, scammers are master manipulators who use fear and a seeming sense of urgency to overcome a victim’s rational thinking.
“The scammers want an emotional response, not a logical one,” Elofsson said.
For example, last summer the Sedgwick County Sheriff’s Office sent out a warning that someone claiming to be a sheriff’s deputy was calling people threatening arrest for not appearing for jury duty if they did not pay a fine immediately. These scammers were intimidating, warning people not to hang up until they complied. The sheriff’s office told residents receiving this call to hang up immediately.
Hopkins agreed. “Don’t engage. Once you do, you’re on a target list.”
Here are some red flags typical of scams:
Caution: Red flags
• An email with a logo that appears to be from a trusted business but is poorly written, contains an odd sender email address, demands an immediate action, threatens to delete an account, not deliver something you have ordered or reference a purchase you don’t recognize. Do not click on the link or call the phone number in the email. Don’t even click on unsubscribe. Call the business using a number you know to be legitimate if you want to check.
• A phone call with a message designed to cause panic, such as your power being shut off, your Social Security being suspended or a grandchild in trouble. Hopkins suggests your family establish a code word actual family members would use during such a call.
• Charges on your monthly Medicare statement that you do not recognize. Report these fraudulent charges to Medicare.
• Offers that are too good to be true, such as winning a million dollars, a “can’t-lose” investment opportunity or even someone looking for a romantic relationship on social media.
• A frozen computer screen warning of a virus, telling you not to turn off your computer and to call them for help. Do not engage. Hold down the off button for a few minutes until it shuts off and gets rid of the message.
Safeguards
Elofsson and Hopkins shared some tips to protect your financial information:
• Use direct deposit for Social Security and other checks. “Check washing” is making a comeback where people take checks out of your mailbox and clean all but the signature.
• Always use a credit card, not a debit card, online. Credit cards have a limit on how much you are liable for fraudulent charges; debit cards do not because they can draw money directly from your account until it’s gone.
• Shred financial documents instead of putting them in your trash.
• Set up a code word with your bank to create layers of security so imposters cannot withdraw money without it.
• Make sure your passwords are strong and change them frequently. Use multifactor authentication.
• Freeze your information on credit bureaus. A quick phone call can reopen it when you need to make a large purchase.
What to do if scammed
If you do become a victim of financial fraud, do not hesitate to report it to the police. Then file a report at reportfraud.ftc.gov. The AARP Fraud Watch Network Helpline, 877-908-3360, offers free support and guidance on what to do next. The aarp.org/fraudsupport online sessions can help struggling victims begin healing emotionally from such a traumatic event in their lives.
Elofsson said this is the only crime in which you are a willing participant. “Yes, they are bad actors, but they can’t do it without you. You have to be diligent. Be there for your friends and neighbors, and do not hesitate to call the police if you suspect they may become victims. The police would rather come out and find it’s nothing rather than risk someone losing a lot of money. We have the ability to stop it.”
This article stems from a discussion moderated by moderated by Jill Miller, Finishing School for Modern Women. Cecila Green can be contacted at cecgreen1@gmail.com.
