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We have engaged FORVIS, LLP (Attn: Jeff Rosno, 1801 California Street , Ste. 2900, Denver, CO 80202) to perform member verifications. Kindly compare the balance of your accounts on your December 2022 statement WITH YOUR RECORDS. If balances do not agree, please address your discrepancies directly to FORVIS, LLP. Include your name, truncated account number, and an explanation of the difference noted. A reply is not considered necessary unless a difference is noted.
Kirtland CU branches and the Member Contact Center will be closed Thursday, November 23 in observance of Thanksgiving.
If you may experience financial hardship related to the government shutdown, we’re here to help. Call 1.800.880.5328 or visit one of our branch locations for more information.
Financial scams targeting older adults are nothing new – but according to the FBI’s Internet Crime Report for 2022, they are affecting more people, at a much higher cost than ever before. Over 88,000 victims over the age of 60 reported being impacted by fraud, suffering $3.1 billion in losses – nearly double what was reported the year prior.
Whether through get-rich-quick schemes, tugging at their heartstrings, or intimidation about a purported financial or legal emergency, scammers continue to target senior citizens – because, as the statistics indicate, it works.
These scams are not going away – but knowing more about them can help you avoid them and protect your family from suffering financial loss.
In this scam, fraudsters contact older adults claiming to be a representative from a government agency, such as Medicare, the IRS, or the Social Security Administration. They may use caller ID spoofing to make the call appear genuine – and they may also use the victim’s Social Security number to further legitimize the call.
There are many different types of impersonation scams; here are a few examples:
The key to avoiding being defrauded is to remember that federal government agencies almost never reach out to people via telephone – especially for something like a crime. If you get an unsolicited call from an agency, asking for payment with gift cards or wire transfers, or asking for sensitive information like your SSN, Medicare number, or credit card, hang up and call that agency’s official phone number.
These scams were the most lucrative for fraudsters in 2022, accounting for over $3.3 billion in losses across all age groups – and with a lifetime of earnings available for the taking, senior citizens are often the most vulnerable to these types of attacks.
Scammers will make unsolicited calls, posing as financial advisors with lucrative investment opportunities – only to make off with transaction fees or stolen investments from their targets.
Among the investment scams that target seniors:
It’s been said many times before and will continue to be said: If something seems too good to be true – like getting a handsome return for a minimal investment – it probably is. It also bears remembering that no investment is 100% safe or can guarantee returns – and if the “advisor” is trying to pressure you into making a decision quickly, or won’t allow you to withdraw your principal investment, that’s a major red flag.
In these scams, someone contacts the victim, alleging to be from a trusted company like Apple or Microsoft. They’ll claim the victim’s computer, smartphone, or other device is at risk of being infected by viruses or is otherwise compromised – but it can be taken care of if they are granted access to the device, or if they pay for a service.
This usually happens over the phone but can also happen through pop-up ads embedded on senior citizen-targeted content online.
The main thing to remember about these scams is the same as most other scams: Companies like Apple or Microsoft will never call you unsolicited to talk about tech support. If you see pop-up ads claiming your device has viruses, don’t interact with them. Instead, use trusted anti-virus and anti-malware software from reputable software companies like Norton and McAfee.
Fighting fraud against older adults (https://consumer.ftc.gov/consumer-alerts/2023/10/fighting-fraud-against-older-adults?utm_source=govdelivery)
The Top 5 Financial Scams Targeting Older Adults (https://www.ncoa.org/article/top-5-financial-scams-targeting-older-adults)
Fighting Financial Scams Targeted at Members 60 and Over (https://kirtlandcu.org/fighting-financial-scams-targeted-at-members-60-and-over/)
12 Alarming Senior Citizen Scams: What You Need to Know (https://www.aura.com/learn/senior-citizen-scams)
2022 FBI Internet Crime Report – Internet Crime Complaint Center (https://www.ic3.gov/Media/PDF/AnnualReport/2022_IC3Report.pdf)