By Younas Chaudhary
Summertime is the season of scams! For example, scammers from Nigeria want to share their large wealth and those claiming to be from the US Post Office want my address to deliver important packages!
Every scammer is in a hurry to steal my social security number or bank information. They are borderless and run their rackets from home 24/7.
I am overcautious and avoid all forms of scammer communication. Still, they try to trick me with professional calls, text messages, and copycat government web sites that seem so close to genuine ones.
Scammers’ easiest prey are seniors facing social isolation. Some, with no one to talk to get influenced by lottery sweepstakes, free trips to Hawaii, free healthcare and investment scams that pilfer their hard-earned savings and retirements.
According to the National Adult Protective Services Association, financial exploitation of the elderly begins with unusual financial activity, missing checks, forged signatures, and change to a financial power of attorney. Sadly, sometimes the thief is a close family member.
As people get older and suffer from memory loss, scammers try to lure them with sweet talk selling fraudulent schemes that might even include insurance programs for grandkids. A lot of it is done through text messages and social media hoaxes that target the poor and socially isolated individuals.
Commonly reported forms of financial exploitation include theft, fraud, real estate, lottery scams, and contractors who take money upfront and do not do any work. In Houston’s hot summer, it’s common for fraudulent air conditioning contractors to scam people asking them to replace their air conditioners when all that would have happened was a blown-out capacitor.
Scamming is so common that even Amazon has recently been accused of using deceptive web designs to get customers to enroll automatically in renewing their Prime subscriptions. The Federal Trade Commission recently issued a consumer alert asking people to watch what goes into their cart when shopping online. Be very wary of pre-checked boxes as they may enroll you for a product or service, always watch out for auto renewals and keep a close eye on your credit and debit card monthly statements.
So, who are the biggest scammers in 2023? Tech support scammers posing as online helpers are now ubiquitous. Signs that say “Warning! Virus Detected!” and “Your Computer is At Risk” pops up on computers telling people to call tech support. Some use loud voice warnings telling people not to switch off their computers and demand they call fraudulent tech supporters. Their cons can be so deceptive that some older, gullible people have lost their nest eggs by wire transferring money or sending gift cards.
In an increasingly distrustful world, it’s always good to be overcautious. If you ever suspect someone trying to fraud you, notify the authorities immediately. Stay Blessed!
Disclaimer
The views, thoughts, and opinions expressed in this article are my own and do not represent the opinions of any entity with which I have been, am now, or will be affiliated. Further, I make no warranty regarding the accuracy or effectiveness of my recommendations, and readers are advised to consult other advisors as well as their own judgments in making business decisions.
YBC Foundation 