Understanding and Preventing Elder Fraud & Financial Abuse
As our loved one’s age, they become increasingly vulnerable to a variety of scams and financial abuse that specifically target older adults. According to the Federal Bureau of Investigation (FBI) Internet Crime Complaint Center (IC3), scams reported by those over the age of 60 topped $3.4 billion in 2023, marking an almost 11% increase in reported losses from 2022. Older adults are particularly prone to financial fraud for various reasons because they tend to be trusting and polite. They usually [...]
How to Avoid Falling Victim to Fake Fraud Alert Scams
In today’s digital age, scams have become increasingly sophisticated, with fraudsters continually devising new ways to deceive individuals. One prevalent method is the fake fraud alert scam, where scammers pose as legitimate financial institutions or service providers to trick you into revealing personal information. Here are essential tips to help you stay vigilant and protect yourself from falling victim to these cunning schemes. 1. Recognize the Red Flags Understanding the common tactics used in fake fraud alert scams is the [...]
How to Avoid Elder Financial Exploitation
Did you know that individuals over the age of 50 control 70% of the country’s wealth, and seniors between the ages of 65 and 74, with an average net worth of $1.06 million, have more assets than any other age group? Because members of this age group have disposable income lying around, criminals often target them with scams and dementia, disability, and decline can make it even easier for these scammers to successfully steal funds. Elder scams are a problem [...]
How To Use QR Codes Safely
These days, QR codes are a common and convenient way to scan tickets, view a menu, pay for a service, or even board your flight. With so many great uses, it’s not hard to see why QR codes have gained popularity since the start of the pandemic, but unfortunately, they can be used in harmful ways as well. Recently, fraudsters have been using QR codes to hide harmful links that steal personal information. Want to know how to keep your [...]
Five Things to Know to Help You Avoid Putting Your Money At Risk
Guarding Your Finances: Dodging Scams In today's digital world, online banking makes life easier, but it also brings new challenges like spoofing and phishing scams that can put your money at risk. Let's break it down to help you recognize and avoid these tricky schemes. What's Spoofing? Spoofing is when tricksters pretend to be your Kitsap Credit Union to fool you. They might send texts or calls claiming there's a problem with your account. These texts or calls may even [...]
Spoofing Tactics to Keep An Eye Out For
Your financial safety is important to us, be aware of spoofing tactics to avoid financial harm! Spoofing is when a fraudster calls or texts pretending they are from a government agency, trusted company, or financial institution. The information shown on your caller ID may look like it’s legitimate however, the caller asks for your personal information, such as your pin number, debit or credit card number, or even your online account username and password. No matter how convincing they may [...]