By: Glynis D. Smith; Physical Security and Fraud Officer
Here at First Farmers, we are dedicated to keeping our seniors safe, especially in the digital world. According to the Internet Crime Complaint Center’s Elder Fraud Report, victims over the age of 60 reported losses of $1.7 billion just last year.
With technology advancing so quickly, it is more important than ever to stay up to date with the latest scams and how best to prepare. When in doubt, we always welcome a quick call or in-person meeting to ensure you and your loved ones’ financial assets are protected.
Recognizing National Cybersecurity Month in October, we wanted to share the most common digital finance scams targeted toward mature adults.
Common Scams
1. Sales Receipts and Company Emails
If you receive a sales receipt or email update from a company that does not quite align with your recent purchases, log into your online account right away! Double-check the content of your history on the site to see if it aligns with the email you received—this is a great way to verify if it is real. If you are still unsure, please get in touch with me, or a colleague here at First Farmers, and we can assist in verifying the content of the email.
2. Home Repairs and Work
If you receive a proposal for a service you did not inquire about directly, this is an immediate warning that the sender can be implementing a scam. Scammers often guarantee you the “best rate” and request payment upfront. You should never feel obligated to pay workers before the project begins. It is also important that you always work with a trusted company.
3. The Lottery
One of the most common online scams is a notification or email stating you have just won the lottery. After walking through the steps to “claim your winnings,” the scammer will typically request that you pay a tax agent to receive your prize. Do not be fooled. When winning a state or federal lottery, you are required to pay the IRS directly, never a tax agent.
4. Paying with Gift Cards
If a service provider requests payment via gift card, you may want to think twice. This allows scammers to receive untraceable payments, making it difficult for your bank to track down service providers to get your money back. If you receive a bill noting payment must be made by gift card, please reach out to your local First Farmers branch. We always appreciate the opportunity to assist in evading fraudulent transactions.
With so many digital scams at play, we compiled key tools and steps to keep your finances safe and secure!
Steps to Protect Your Digital Assets
The Card Suite Lite tool allows you to preemptively set limits and alerts for your debit cards. You can create parameters for how much you can spend on a single purchase and where and when the card can be used. This will allow us to put a hold on your debit card if we believe it has been stolen or compromised.
2. First Farmers Contact Center
At First Farmers, we pride ourselves on offering our clients access to an educated group of financial specialists in our contact center. We can speak with you and your loved ones and walk you through any concerns or problems in real time. If our team needs additional assistance, I am always right behind them, ready to help in any way I can! To reach our contact center, dial (931) 388-3145.
3. American Bankers Association (ABA)
The ABA is another great resource for informing mature adults about the do’s and don’ts of the digital world and better understanding scams. They have also implemented the #BanksNeverAskYou campaign to create infographics, videos, and websites to assist in clarifying what a digital scam could look like and how to best prepare yourself against them.
If you are interested in learning more about First Farmers’ scam prevention, you can visit us online, give us a call, or visit your nearest branch location. Our team would be happy to meet with you and share additional insights!
*SecurLOCK Equip is a trademark of FIS, LLC.
References to resources or organizations listed in this communication do not constitute or imply endorsement or support by First Farmers & Merchants Bank.
