Scams are becoming more threatening every day with over $1.3 billion lost by consumers to tech support and impersonation scams in 2023. This is especially true for consumers above the age of 60, who have lost more money to these scams than all other age groups combined.* Scammers are aware that this vulnerable group needs protection and use that to their advantage.

How It Works:

Tech support scams start with someone reaching out directly through email, social media, or text message, stating that your device is unprotected or has been hacked. For a small fee, their company will protect your device or address the hack. Once you sign up for the service, they install malicious software on your device or steal your information.

Impersonation scams are where scammers impersonate any major company that is broad enough that it might impact you, such as your bank, the postal service, online websites you order from, or the government. The common theme between these scams is that they will attempt to persuade you to withdraw cash, invest your money, pay a small fee to avoid punishment, or input your personal information.

How to Protect Yourself:

• The safest place to keep your money safe is in a federally insured bank.
• Keep your address to yourself. If you need to meet a stranger, do so in a public location.
• Do not click on unsolicited pop-ups, text messages, links, or emails with attachments that you do not recognize. If you are curious if a company sent you a concerning message, call them to verify. If it was truly concerning, they would not only send you a text message about it.
• Do not call unknown telephone numbers. Do your own research on a secure tab and see if the numbers match up.
• Do not download any piece of software at the request of any individual that you do not know.
• Do not allow unknown people access to any of your devices. On average, it takes only 10-15 minutes to wipe someone’s phone completely and only a few seconds to download a new app that you might not notice. 

How to Report a Scam:

1. Tell your bank so they can help you and other clients who might be experiencing the same thing.

2. Contact law enforcement.

3. File a report with the FBI at IC3.gov 

Scammers are continuously developing new tactics to appear more convincing and realistic. It is important to stay informed regarding the ways that scammers will attempt to deceive you. If you have doubts about if something is too good to be true, trust your gut, and report it immediately. Do not hesitate to reach out with your questions and concerns.

*Source: FBI’s 2023 IC3 Elder Fraud Report