THE 2 MOST COMMONWAYS CRIMINALS STEAL FROM SENIORS
And How to Spot Them
Scamming older adults has become big business. According to the American Journal for Public Health, an estimated 5 percent of seniors are hoodwinked by criminals every year, and that statistic is thought to be a steep underestimate since so many scams go unreported. To stem the tide of seniors unknowingly giving $36 billion to scammers annually, it’s important for retirees and their loved ones to get savvy on the subject.
COMPUTER SOFTWARE SERVICE FRAUD This type of scam is slightly more sophisticated. First, a hacker will call a victim and claim to be a member of a tech support team or an employee from a trusted company like
Here are the two of the most common scams older folks fall prey to — and how to avoid them.
Microsoft or Apple. Then, they’ll tell the victim there is a problem with their phone or computer and that if they cooperate with the “tech support” representative, they can sort it out. They may also ask you to install a piece of software on your device or provide credit card information to “validate your software.” The fact is that well-known tech companies will never send unsolicited emails to ask for your personal or financial information, and they definitely won’t ask you to install some shady software on your computer. If you ever receive a call out of the blue from “Microsoft,” hang up the phone immediately. The first step to stopping these criminals in their tracks is to be aware of their tactics. With these tips in your arsenal, you’ll be able to defend yourself and your bank account effectively.
While I have the good fortune of working with a diverse group of clients who tell me all kinds of awesome (and sometimes unbelievable) stories of how they got to where they are, perhaps no one’s journey has been more amazing than David Chen’s. David has been a client of my family’s for over 20 years. He is retired now, but he used to work in the Los Angeles County property tax field. Prior to living in California, David resided in Burma. Once he decided to immigrate to the United States, he came over with nothing but the clothes on his back. He didn’t know a single person here, he had nowhere to live, and he didn’t have a pile of cash to rely on, either. He made a decision about what he wanted his life to look like, and he made it happen. It’s truly admirable. I think it’s David’s inspiring background that helped him become the positive, kind, and generous human he is today. I know because I’ve experienced it firsthand. One time, we were chatting, and I mentioned in passing that one of my son’s birthdays was ADVANCED FEE FRAUD The most common con in 2017 and 2018 was the classic “You’ve won a sweepstakes!” scam. Victims are told they’ve won some exorbitant amount of money, but they must pay a fee to receive the prize. After the “fee” is paid, victims receive a fake check in the mail, but by the time it bounces, the scammers are gone and they’ve taken the money. If you ever receive a contract from an unknown entity out of nowhere, you should start seeing red flags. Unless you remember entering a contest, there is no chance you’ve won something. And it’s vital to understand that it is never safe to give out financial information over the phone or via email. Client Spotlight Meet David Chen!
coming up. Without even batting an eye, David gave Maria and me money to take our sons to SeaWorld as a present. There
was another instance where I needed a loan, so he wrote me a check for $50,000 plus interest. I made sure to pay him back, of course, but his decision to help me in a time of need and trust me to pay him back demonstrates how gracious he really is. There aren’t many people in the world who will show up when you actually need them, but David is one of the few who puts the needs of others above his own and who truly means it when he claims to have your back. I’m so grateful to have the privilege of calling him both a client and a friend.
2 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies
Published by The Newsletter Pro • www.TheNewsletterPro.com
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