Now more than ever, all of us should be on high alert regarding our personal finances. This means being extra wary of possible money scams perpetrated by people who are taking advantage of the public’s tightened already finances.
Some of us need to take more precautions than most, though.
According to identity verification provider IDology, it’s older Americans that find themselves victimized by ID theft as well as other related frauds more often.
Belong to this vulnerable age group? Here are the scams you should watch out for and how to avoid falling prey to them.
Stealing & Buying IDs
Despite what most seniors believe, their ID information, Social Security number, and even bank details can be sold for just a couple of dollars in the dark web.
One precaution you can take to avoid such an outcome is to learn how to spot phishing scams, which goal is to steal your private information. Thus, keep an eye out for suspicious websites, calls, and text messages that seek your bank or Social Security details.
And when doing transactions over the Internet, always make sure to double-check the credentials of the institutions or stores you’re donating or buying items from.
As if the coronavirus pandemic isn’t a cause big enough for panic, some have taken advantage of the global crisis to fraud people.
For example, the Securities and Exchange Commission (SEC) issued an alert as early as February of this year warning citizens of investment scams that mention COVID-19, specifically those selling phony remedies for the illness. The Federal Trade Commission (FTC) has also advised companies against making dubious claims about the virus to their consumers.
Government agencies also noted how some fraudsters might pretend to be working for public health departments to phish for private information from unsuspecting people.
Fraudulent IRS Calls
Tax season may be over, but that won’t stop scammers from using ‘owed taxes’ as a way to deceive people into giving them money. Similarly, some have also used the promise of stimulus checks to steal people’s banking details.
To avoid falling for such schemes, always remember that no government agency would reach out to you via social media, text, or call to get the money you allegedly owe them. Similarly, legitimate agencies won’t ask for gift cards, cash transfers, or straight-up cash from you.