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CAN YOU GUESS WHICH GENERATION IS MOST SUSCEPTIBLE TO SCAMS?




No, it’s not Baby Boomers, though they are the target of certain types of scams.
The age group most vulnerable to scams is actually 18 to 24 years olds. Although
those digital natives understand a lot about how technology works and can help
you navigate the latest social media network, they also can fall prey to savvy
scammers.

 

Are you in that age group? Are your students or children?  Fear not! There are
six simple ways to protect yourself, and your money, from fraud.

 

LOOK OUT FOR FAKE CHECK SCAMS

Fake check scams are unfortunately too common. A fake check scam might play out
like this: Imagine that you are trying to sell something online. A potential
buyer contacts you about the item and says they will have a friend bring you a
check, but for an amount larger than the purchase price. They ask you to deposit
the check and transfer (via wire or payment app) the difference to the person or
someone else. Often, the person disappears and the check may bounce, leaving you
out the money you sent to the person.

Fake checks can look very real, or may even be the checks of someone who is the
victim of identity theft.  It can take weeks for a check to be deemed bad, even
if the funds are made available in your account quickly or the check has
appeared to clear. As a best practice, only accept checks from people you know
and trust. Never use check money to send gift cards, wire transfers or other
instant money transfers to people you do not know or have just met. A fake check
scam might also involve winning a contest you never signed up for but asked to
send money for taxes, processing or other fees. A good rule to live by is that
if something seems too good to be true, it likely is.

If you’ve been a victim of this type of fraud or someone has attempted this scam
intending you to be the victim, report it to the Federal Trade Commission.

 

Keep an eye out for email scams - Julie Beckham offers practical tips

 

FIGHT AGAINST IDENTITY FRAUD

The Federal Trade Commission received 1.4 million reported cases of consumer
identity theft in 2021, a number that has drastically increased over the last
five years. Experts believe that a case of identity theft happens every 22
seconds – meaning by the time you have read this part of the article, there have
likely been at least three new cases of identity theft.

Alarming as those statistics are, you have the power to protect your information
and fight against identity theft. Examples include:

 * Installing and maintaining security software on devices like your laptop
 * Using strong passwords that differ across key accounts like your email,
   online banking and other places that house sensitive information (including
   credit or debit card numbers)
 * Enabling multi-factor authentication on accounts where possible
 * Signing up for credit score monitoring, as well as alerts from financial
   institutions like your bank, credit card company and any payment apps you use
 * Staying alert, especially when conducting any business online

 

STAY SMART ON PAYMENT APPS

Online payment services have made sending and receiving money from friends and
family quick and easy. Unfortunately, scammers know that with these apps, once
money is sent it is incredibly difficult or nearly impossible to get back.

If you often use these payment services, be sure that you verify who you are
sending money to and double-check details before pressing send. If you receive a
text, email or other communication from someone you don’t know or recognize or
get a message asking you for money unexpectedly, do not click on any links. Even
if you hate talking on the phone, sometimes a quick call to verify with someone
can save a lot of headache down the line.

Be wary of sharing any personal information, such as username, PIN or passwords
as well. Rarely, if ever, will legitimate organizations solicit these details
from you out of the blue.

 

VERIFY, VERIFY, VERIFY!

Shopping online is another gateway for scammers to gain access to your financial
information. One of the reasons that 18 to 24 are more vulnerable to scams is
due to the fact that this group is more likely to make a purchase or do other
business digitally or online.

You’ve likely heard horror stories about companies advertising on popular social
media sites that do not deliver the product they advertise, take forever to
actually send the goods purchased, or straight up just take money. Before any
type of personal or exchanging money with a business online, it’s wise to do
some research into the legitimacy of the company. Check out reviews online and
organizations like the Better Business Bureau before inputting any financial
information, like a credit or debit card number.

 

If you are a victim of fraud, learn more about how to report it here

 

TAKE A BREATH!

Some errors that mean lost money can come from moving too quickly or
multitasking. Before making a purchase or sending money through a payment app,
we recommend pausing to ensure all details add up. This one simple step can help
you avoid becoming a scam statistic.

 

STAY ALERT!

From phone scams to phishing emails and texts, scammers are finding new ways
every day to fraudulently gain access to personal and sensitive information.
Vigilance is the best prevention measure. Keeping up with your finances and
financial information, like your credit report, can help you identify and solve
issues quickly. Reporting fraud within 24 hours of the occurrence gives you the
best chance to get your money back.

You aren’t alone in the fight against fraud. Rockland Trust takes these issues
very seriously and is always looking for ways to improve security to help
prevent scams or fraud attempts from being successful. We are here to help you
safeguard your financial information and live your best financial life.

--------------------------------------------------------------------------------

CHECK OUT THESE VIDEOS ABOUT DIFFERENT TYPES OF SCAMS WITH OUR FINANCIAL
EDUCATION OFFICER JULIE BECKHAM:

 * Spot the Scam: Phone Scams
 * Spot the Scam: Email Scams
 * Spot the Scam: Homeowner Scams



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Also of Interest:
 * Four Tips for Caring for Children and Aging...
 * Spot the Scam: Homeowner Scams with Julie Beckham
 * Back to Basics: Preventative Measures Against Scams


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