In today’s digital world, scams and identity theft are more frequent than ever, impacting individuals of all ages – especially those enjoying their retirement. We felt it would be helpful to share a simplified guide on how to stay protected from these fraudulent schemes.

Why Scams Are Increasing

The FBI’s Internet Crime Complaint Center (IC3) recently reported a significant rise in cyber scams. These scams are becoming increasingly sophisticated, targeting specific exposures rather than random attacks. Scammers use various methods to trick people into revealing personal information, making awareness and vigilance crucial.

Common Scams to Watch For

Phone Scams

• Urgent Messages: Scammers often create a false sense of urgency, such as claiming an issue with your Social Security number/credit card/bank account and demand immediate action. Please keep in mind that legitimate organizations will not rush you over the phone.
• Poor Language: Messages with grammatical errors or awkward phrasing are often a sign of a scam, particularly from overseas scammers using translation tools.
• Personal Information Requests: Please be cautious of unsolicited requests for sensitive information like Social Security numbers or bank details. Legitimate organizations will never ask for such details this way.

Email and Internet Scams

• Phishing Emails: These will appear to come from a trusted source, asking you to confirm account details. Please always verify through official websites or phone numbers, and not through any links provided in original phishing email.
• Fake Websites: Beware of ads or sites offering “free” software or services; they may be designed to steal your personal data or install malware.

Telemarketing and Robocalls

• False Promises: Offers of free vacations or guaranteed winnings can be red flags. Scammers use these tactics to get personal information or payments.
• Pressure Tactics: If a call feels too urgent or offers something that seems too good to be true, it likely is. Never hesitate to hang up & call LFA to discuss!

Scams Targeting Seniors

• Health Insurance Scams: Scammers posing as Medicare representatives may ask for personal information or fees for new benefits. Verify through official channels.
• Charity Scams: Confirm the legitimacy of any charity before donating, as scammers exploit generosity for fake causes.
• Grandparent Scam: Scammers will impersonate a family member in distress. Always verify with other relatives before even considering sending someone money.

How to Protect Yourself

Educate Yourself and Others

• Stay informed about common scams and share this knowledge with friends and family. Awareness is a powerful tool against fraud.

Use Technology Wisely

• Security Software: Keep your antivirus and security software up to date on all devices. Having Two-Factor-Authentication (2FA) in place is highly recommended!

Verify and Confirm

• If you receive unexpected requests for personal information or financial transactions, contact the organization directly using a known and trusted number. Or as mentioned above – contact us at Lighthouse and we can conference call the organization with you.

Freeze Your Credit Report

• Consider freezing your credit with major bureaus (Equifax, Experian, TransUnion) to prevent new accounts or liabilities being established in your name.

Report Suspicious Activity

• Report any suspected scams to Lighthouse Financial or even your local authorities. Early reporting can help minimize damage and aid in tracking down scammers.

Conclusion

While scams and identity theft are significant threats, you can help protect yourself with knowledge and awareness. Stay informed, use technology wisely, and don’t hesitate to seek help if something feels off. Your financial security is important to us, and together we can do our best to keep it safe.