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Preventing and Reporting Scams of Older Adults

Posted: May 12, 2022 | Author: CFPB
CFPB  compliance  elder financial abuse  FTC  ReportFraud 

The CFPB has a blog article with tips for older adults and their families and friends on how to prevent and report scams which target older adults:

  • Don’t wire money. Wiring money is like sending cash. Once you send it, you usually can’t get it back. Don’t wire money even if someone sends you a check, tells you to deposit it, and wire some of the money back to them. That’s a fake check scam, and the bank will want you to repay the money you withdrew and sent. That may also be a money mule scam that will involve you in moving stolen money.
  • Don’t pay with a gift card. Gift cards are for gifts. As soon as you tell someone the numbers on the back of the gift card, they get control of the card and your money is gone forever. No legitimate business or government agency will insist that you pay with a gift card.
  • Don’t pay with cryptocurrency. If someone requires you to pay for something with Bitcoin, Ether, or some other type of cryptocurrency, they are probably a scammer. Cryptocurrency payments don’t come with legal protections. If you pay with cryptocurrency, you usually can’t get your money back unless the person you paid sends it back.
  • Report fraud to the Federal Trade Commission. If you’re contacted by someone telling you to pay or send money using these methods, please tell the FTC about it at ReportFraud. The information you share can help protect your community from fraud, scams, and bad business practices.

 

Source:  CFPB

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