State officials warn seniors to be on guard
As Equifax breach casts cybersecurity into the spotlight, state officials warn seniors especially to be on guard
Equifax breach casts cybersecurity into the spotlight for even tech-savvy individuals.
Even smart, savvy individuals need to better understand the signs of financial fraud, according to experts with the Securities Division of the New Mexico Regulation and Licensing Department.
Financial fraud and cybersecurity have been in the spotlight more and more as a result of the Equifax credit bureau breach, in which millions of consumers had their personal information made public due to a data breach by a company that gathered credit information, including Social Security numbers.
Officials with the state Regulation and Licensing Department said cybersecurity and financial issues, especially for seniors, is coming to the attention of more people, even those who define themselves as sophisticated investors.
“People haven’t thought about this being as much of an issue as it is,” said Brandon Toensing, a regulatory attorney with the Regulation and Licensing Department Securities Division. “It’s coming out more and more.”
Toensing said there is still a stigma of reporting financial crimes, as many victims feel vulnerable and embarrassed. But he said the number is growing and urges those victimized to come forward. To help make information about financial crimes easier to report, the state has built a website, redflagsnm.org.
Toensing and Benjamin Schrope, acting director of the Regulation and Licensing Department, gave a presentation last week at a workshop sponsored by Santa Fe Advisors, an investment advisory firm based in Santa Fe at 208 Delgado St.
Schrope said there is no surefire way to protect anyone from a financial crime — even those who unplug from the internet and electronic banking and carry a large amount of cash are vulnerable. But senior citizens, he said, are targeted more often for a reason: They have more money.
“The elderly has the assets, the younger generation has the debt. What are you going to steal from them?” Schrope said.
Both men urged caregivers and other professionals to be alert for signs that an older friend or relative is being victimized. Among them:
The recent loss of a spouse or partner that makes the elderly feel more isolated;
Excessive anxiety about finances;
The willingness to listen to telemarketers or other calls from unknown parties to attend free seminars or enter into sweepstakes;
Pressure from caregivers or relatives to share money;
An overdependence on someone to provide everyday care, transportation or other services.
The elderly has the assets, the younger generation has the debt. What are you going to steal from them?” Benjamin Schrope, acting director of the Regulation and Licensing Department