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Safeguarding Seniors: The Importance of Avoiding Holiday Scams

11/22/2023

As the holiday season approaches, it becomes imperative to shed light on the significance of protecting our seniors from potential scams and elder abuse. The festive period, marked by generosity and warmth, unfortunately, also opens the door to opportunistic fraudsters preying on vulnerable individuals, particularly seniors.

Elderly individuals are often targeted due to their perceived trusting nature and potential unfamiliarity with evolving scam tactics. Holiday scams can take various forms, from fake charity solicitations to deceptive online shopping schemes. These scams not only pose a financial threat but can also have severe emotional and psychological consequences for seniors.

By emphasizing the importance of avoiding holiday scams, we aim to empower seniors and their caregivers with knowledge and awareness. Understanding common scam tactics enables seniors to identify red flags and take proactive measures to protect themselves. Encouraging open communication within families and communities is crucial, as it fosters an environment where seniors feel comfortable reporting suspicious activities.

We encourage you to learn more about holiday scams by listening to this podcast from AARP:
https://www.aarp.org/podcasts/the-perfect-scam/info-2023/holiday-fraud-to-watch-out-for.html

Ask Your Financial Institution How They Are Keeping You Safe

11/13/2023

Four financial institutions are the cornerstone of the safety for fraud. Big Sky Senior Services works with multiple banks and credit unions to help keep seniors in our community safe. When you do anything with your bank it is important to ask how they are keeping you safe from fraud.

This fall we ran into one financial institution with some great ideas. They do two things before wire transfers which can hopefully help victims slow down and realize when fraud is happening to them.

1. They have all people take a questionnaire before a wire transfer that hopefully will highlight a needed conversation before the transaction takes place. A conversation that might include a question of if this transaction is really what the person wants to do.

2. They ask all people doing a wire transfer to sign a statement that they understand the consequences are permanent.

Both of these measures will not stop fraud completely, but we applaud them because they slow down the transactions and give the institution and the customer time to talk and think through a serious transaction.

We encourage you to ask your financial institution to use tools like these and inquire what they will do to keep you safe.

(The questions and signature sheet are below.)

Questionnaire

Have you received an unsolicited call indicating that you’ve won money in a lottery? Yes No
Have you been instructed to send a wire to pay taxes on lottery winnings? Yes No
Does this transaction involve someone you’ve never met in person, but have communicated with via the internet or social media sites (email, Facebook, Snapchat, etc.)? Yes No
Does this transaction involve communicating with someone via the internet who states they are an old friend/relative you’ve had no recent contact with? Yes No
Have you been instructed to send excess funds back to an individual or a business after they mistakenly sent you too much? Yes No
Has someone promised to redeposit this money for you or pay you back later? Yes No
Are you sending funds to an individual or business to pay a bill, invest in something, or unlock your computer? Yes No

Statement they sign off on:
If your response to any of these questions is “yes”, please consider the following:
Verify you personally know the individual you are sending to or can confirm the legitimacy of the
business you are sending to.
· Scammers often impersonate friends or family members. Verify that the person you’re communicating
with truly is your friend or family member.
· Review the transaction and any concerns you have with your financial institution representative.

Keeping Seniors Independent and Free From Abuse

Safeguarding Seniors: The Importance of Avoiding Holiday Scams

Ask Your Financial Institution How They Are Keeping You Safe

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