Vigilance keeps scammers from prevailing

So many aspects of life slowed down in the last few months as people hunkered down at home in response to the coronavirus pandemic. Unfortunately scammers only seemed to pick up the pace of their work.

People can help by being sure to stay in contact with older family members, friends and neighbors.

For years now warnings have been coming from all directions about the need to be vigilant as perpetrators of fraud continue their constant search for victims.

It’s imperative that people be on their guard, especially when someone contacts them out of the blue and tries to extract money or sensitive personal information.

It’s been so bad that not only do people have to worry when they know they’re talking to a stranger, but when someone claims to be a relative, a law enforcement officer or someone with whom they do business.

While people of all ages are susceptible to scams, older individuals are particularly vulnerable. State officials say that’s particularly true during the COVID-19 pandemic.

The state Department of Banking and Securities recently issued a warning about signs of senior financial exploitation and ways to help prevent this type of abuse.

Acting Secretary Richard Vague said the social isolation caused by the pandemic makes it easier for practitioners of fraud to prey on the elderly.

“Social distancing and other mitigation efforts have helped to reduce the spread of COVID-19, but it provides more opportunities for scammers to take advantage of seniors,” Vague said in the department’s announcement. “It’s important for all of us to know the signs of elder financial abuse and what to do about it.”

The government warning notes that perpetrators often strike during vulnerable moments such as during a health crisis or after the death of a loved one. Scammers gather personal details from obituaries and social media posts and use this information to target their victims. Some even will exploit trust within seniors’ social and support groups to become more involved in their lives, according to the banking department.

Warning signs include:

• A new and overly protective friend or caregiver or surrendering control of finances to a new friend or partner.

• Fear or sudden change in feelings about somebody.

• A lack of knowledge about financial status or reluctance to discuss financial matters.

• Sudden or unexplained changes in spending habits, a will, trust or beneficiary designations.

• Unexplained checks made out to cash, unexplained loans, or unexplained disappearance of assets. Watch for suspicious signatures on the senior’s checks or other documents.

State officials have been reinforcing these messages for a long time, but they’re particularly important right now.

People can help by being sure to stay in contact with older family members, friends and neighbors. Inform them that scammers have found ways to exploit the pandemic. Make them aware of that any time someone asks them for money or information such as a Social Security number, extreme caution is in order.

A few basic guidelines:

• Anytime someone calls asking for money, even if they claim to be a close relative, don’t take their word for it without further verification.

• If someone informs you that you won a contest that you don’t recall entering, hang up.

• The IRS and law-enforcement agencies won’t demand money from you by phone. If you need assurance, look up the number of the agency in question and call them directly.

• Don’t comply with anyone who requests payment in gift cards rather than cash.

• Don’t click on links or respond to emails claiming to be from financial institutions. If you’re not sure, contact your financial institution directly.

The state offers a 24-hour hotline for reports of elder financial abuse at 1-800-490-8505. If you believe you or a loved one have fallen victim to a scam, contact local law enforcement.

But the best practice of all is vigilance to prevent such crimes from happening in the first place.