John Good to see you!

Another important topic we are talking through is the top tricks used to scam older adults and how to spot them. Scams targeting older adults are on the rise in 2021, 93,000 older victims were scammed out of $1.7 billion. A recent report from the BBB found romance scams are the riskiest for people 55 to 64. So we're going to talk through some tips and the first one is to watch out for phone fraud. This isn't just about a bogus email.

Yeah, but we've talked about this on podcast videos in the past. The first thing you need to recognize, these scams are getting smarter and smarter. These people they're not, they're not spending their time becoming great citizens of this country or this world. They're taking their time learning how to make a quick, easy buck by scamming people. So we've talked about ID Theft monitoring in the past, that's a reactive system. I actually have it and it monitors where my personal information is. So one of the things that I got a couple of months ago, is guess what, my phone number was on the Black Market, and sure enough, look at here. This last week I got a nice scam text on my phone that I was charged $980 on PayPal. So obviously, the first thing I did was just simply go to my PayPal account and say “No I wasn’t charged”. Always, when it comes to emails, verify the sender. When it comes to a text, instead of clicking on the link, If you really think this could be legitimate, contact the company directly. Don't click on the link, confirm who is sending it, look up the phone number, just like with the email, and then verify whether that information is correct. Because remember, this is not a phone anymore. This is computer computer. And if they can enter some malware into this computer, it is just like having access to your computer at home.

Right. Well said. The next tip is to do your research before making an investment. Older adults are often targeted because of their greater financial resources.

Yeah, and you have the largest concentration of wealth and you're retired and have built up this huge nest egg. This is a tough topic to swallow, but you’re also getting older. So things aren’t working as sharp as they used to, and both, hey let’s be honest with ourselves. Both scammers and salespeople will take advantage of this. So when you're investing, understand the pros and cons of every investment and remember what you were told as a child, and what you probably told your kids. There is no such thing as a silver bullet investment, no such thing as a quick easy dollar, so do your due diligence always, always, always know the pros and cons of any investment.

Next, Be on guard for “Sweet Heart Swindles”, older adults who are widowed or divorced are often targeted.

Yeah, unfortunately, this is another sad reality of retirement, that your loved one will eventually pass. We talked about this in a podcast last month dealing with the grief of losing a spouse and unfortunately, there are people with no morals that understand that and will target you. So these sweetheart swindles as they're often called, often involve people from out of state or out of country. And they are saying “Hey, I want to come meet you. I can't afford it.” You know, “Send me money.” Always, always, always meet the person, old fashioned style, meet the person in person. And you know the same thing you tell your kids, don't ever give people money that you haven't known for quite some time and that you can’t validate that certain feelings are true and you’re not being scammed.

Next, you suggest asking for help or getting a second opinion. One-third of people who've been scammed are too ashamed to tell anyone.

Yeah, it's understandable. You know, people feel embarrassed or ashamed, and their egos get in the way. You know, something I always tell my kids you know, have very close-knit friends that will always be there for you, that will always be open and honest. Of course, family is a great resource. Those people are not going to be ashamed. They're not going to judge you. They're there to truly care and help you and have confidence in them. Talk to them, because they may see something and love is blind. Right talking about the sweetheart scandals. Love is blind. And sometimes when you have someone seeing a third-party outside perspective, it's a different view. So lean on those people.

And don't worry about taking time to go and get a second opinion, I think these scammers try to prey on us either acting quickly or without thought. Yeah, that makes a good point John, last guard your personal information very carefully.

Make it as hard as you can. Don't just go and put your social security number or personal information on these pages that you have no real business doing business with. Something I told my clients really a lot this year, wall off their financial information the best you can, and one way to do that is to have separate emails just for those accounts. And I tell my clients this email is not for me to communicate with you. It's just for those financial institutions. Like Schwab.

So many good tips in here, John, and you mentioned you do have experience with some clients who have asked for a second opinion, right, we've been able to help them spot some scams.

Yeah. And you talked about that trusted, trusted person. I had a client call me up where they were getting scammed by a company, a legitimate company. And we were able to give them the resources to not only not participate in this game but go after that company.

Interesting. So important. If somebody has questions or wants to talk through any of this what's the best way to reach you?

Well, we always direct people to our website, www.gosecurus.com. We have a ton of information there, we have past videos, past podcasts regarding protecting your ID and your cybersecurity. And while you're on the website. Click on the Contact Us tab to schedule a 15-minute phone call where I answer any questions for you, or a complimentary vision and clarity consultation. Or if you like to do things the old-fashioned way, give us a call at the office (858)-935-6210, and Emily will get you on our schedule.

John, thank you.

Thank you, Erin.