It’s not your imagination – scams are getting more sophisticated! Part of maintaining your financial well-being is staying alert and learning to protect yourself from potential attacks. In this blog, we outline the top five scams for you to look out for and make suggestions for how to protect yourself.
Here are our top five scams to discuss and understand:
1. Email and/or Text Scams
Many scams start from an innocent-looking email or text and can include scams, phishing, and links to fake websites. Use Multi-Factor Authentication (MFA) to add a layer of protection to all accounts. Remember not to click on external links right away – hover over them to see where it will take you, or better yet, use an app or stored URL.
2. Grandparent Scams
Voice-mimicking technology is getting more sophisticated with the use of AI. The criminal impersonates the child or grandchild and expresses the need to send money. To proactively help with this situation, create a family-safe code or phrase that can be used as a “password”. If someone is asking for personal or financial information, you can verify who they are by asking them to confirm the family’s “password.”
3. Social Security Scams
Criminals claim to be from the Social Security office and threaten to cut off benefits if you don’t provide personal information. Don’t feel intimidated by threats and demands, since the Social Security office will not ask for personal information via phone, text, or email.
4. Medicare Scams
Like the Social Security Scams, criminals call to inform you there’s something wrong with your Medicare account. Do not provide personal information, especially for your financial accounts.
5. Bank Imposter Scams
Criminals may send texts or emails with links and ask you to log into your bank account. Do not click on a link or use a phone number provided to you from an unknown source. Instead, reach the bank directly via a trusted website or phone number.
Keeping your data safe should be a top priority. We suggest these specific steps:
- Make a comprehensive list of all your financial accounts
- Consolidate any accounts you can, so you have fewer accounts to monitor
- Sign up for large transaction alerts
- Set up MFA on all accounts (including emails)
- Use password management software like LastPass to create and/or store passwords
We hope that in addition to applying some of our suggestions to your own financial life, you take some time to check in with your family and friends who may not have this information or struggle to understand how they can protect themselves. Similarly to ensuring your loved ones are safe to drive or live alone, it’s important to ensure they are keeping their finances and personal information safe. It can be a difficult topic of conversation, but critical to their well-being.
One option to consider is designating a Durable Power of Attorney. DPOA allows someone to make financial decisions on another person’s behalf. If you are interested in learning more about this path for you or your loved ones, please contact us. We can help you with any questions you may have or recommend an Estate Attorney.
We are always happy to help if you are concerned about a potential risk or think you or a loved one may have been affected by a scam. Please give us a call, and we will be happy to answer any questions or provide resources to help you. Feel free to share this information with anyone who can benefit from it.
