Protecting Yourself from Romance, Elder Abuse, and Check Scams

Posted by Excite Credt Union on Feb 16, 2024 8:03:40 AM

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Let’s discuss three common scams—Romance, Elder Abuse, and Check Scams. We’re sharing practical tips on how to safeguard your finances with easy-to-follow advice so you can protect yourself from scams that can threaten your financial well-being.

Romance Scams

Romance scams (sometimes referred to as “catfishing”) often prey on emotions, and scammers may pose as potential love interests online. Learn to identify red flags, such as requests for money, suspicious behavior, or inconsistent stories. Trust your instincts and proceed with caution.

Protect yourself by using secure communication channels and being cautious about sharing personal information. Excite Credit Union advises members to avoid sending money to someone they've never met in person and to report suspicious activities immediately.

Elder Financial Exploitation Scams

Elder Financial Exploitation scams target vulnerable individuals, often exploiting trust and familiarity. Be aware of common tactics, including fake calls from "grandchildren", investment opportunities that will help members get rich quick, purchasing of cryptocurrency from an individual and not a brokerage, or requests for financial assistance. Encourage elderly family members to verify requests with trusted contacts before taking any action.

Empower seniors with knowledge about potential scams, emphasizing the importance of verifying the identity of callers or individuals requesting financial assistance. Provide them with a reliable support system to report any suspicious activity.

Check Scams

Check scams come in various forms, such as fraudulent checks or overpayment schemes. Always verify the legitimacy of checks received, especially from unfamiliar sources. If something seems too good to be true, it probably is.

Protect your bank accounts by adopting secure banking practices. Report any suspicious checks or financial transactions to your financial institution promptly. Remember that your watchful eye makes a big difference in keeping your money safe and secure.

By staying informed and adopting these tips, you can prevent Romance, Elder Financial Exploitation, and Check Scams. Learn more about current scams by visiting our Security page. Stay sharp, stay smart, and let's keep your hard-earned cash where it belongs—right in your pocket.

Topics: Talking About Money