5 ways to protect your parents from fraudsters and scammers

The number of scams and frauds is growing, and pensioners are the most common victims. Criminals are constantly using new tricks and technologies, taking advantage of the naivety and gullibility of the elderly.

News Bytes writes: "To protect our parents from fraud, it is important to understand in what situations and why this is possible. Here are some examples of the most common scams and ways to protect against them."

Fake investment scams

People work hard all their lives to save money for their retirement, but this desire makes them vulnerable to fraud.

Fraud schemes range from pyramid schemes to fake real estate investments, and they are always united by the promise of high returns and a complete lack of risk.

These "consultants" use high-pressure sales tactics to force seniors to act quickly, without giving them time to think.

How to protect yourself

Explain to your parents and grandparents the nature of these types of scams.

Advise them to study the information carefully, take their time, check the credentials of those behind the investment, and read the documents carefully before signing anything.

Remind them to trust their instincts. If something sounds too good to be true, it's probably a scam.

Fishing scams

Scammers use calls or messages to impersonate financial organizations or the IRS, and may claim that you are in legal trouble to make you panic.

Another technique is fishing emails or calls asking for confidential information, especially about online accounts and bank cards.

Your parents or relatives may also receive emails or messages containing links or attachments with malware.

How to prevent it

Teach your parents to be wary of unexpected emails, messages, and calls that ask for confidential information.

Teach them not to click on links or download attachments from unfamiliar or suspicious sources. Show them how to hover over links to see the actual URL before clicking.

Encourage the use of two-factor authentication for added security. Ensure that their devices have up-to-date software and operating systems.

Customs fraud

In this case, fraudsters deliberately make friends with ordinary people. They establish a connection and then make up a story about sending gifts from another country or planning a visit from abroad.

The catch is that they tell you that the gifts are being held up at customs and ask for money to resolve the issue.

It's a game of trust and compassion aimed at getting the victim to give them money.

Ways to protect yourself

Advise your parents to be careful when getting to know someone on social media, especially if they have never met in person. Explain that you need to ask in detail about the "customs issue" and never send money to strangers.

Set up privacy settings on social media accounts.

Grandparent scams

Grandparent scams involve fraudsters posing as grandchildren or children of the elderly, usually over the phone, creating urgent situations and demanding money immediately. They skillfully use an emotional connection to get money without verification.

By the way, the advent of artificial intelligence has made it easier to fake voices, and the effect of such fraud has increased.

How to prevent it

Advise your parents and grandparents not to ask personal questions that only a loved one can know. Convince them not to respond to urgent requests and not to transfer money.

Tell them about voice cloning technology and how fraudsters use it to make themselves sound authentic. Recommend contacting you to confirm the authenticity of the call.

Courier scam

Fraudsters contact victims claiming that illegal parcels, allegedly containing drugs, are being sent to foreign countries on their behalf.

They insist that the victims join a Skype or Zoom conversation posing as drug control officers and force them to provide identification and banking information. Then, under the guise of verification, the victims are forced to transfer money, after which the fraudsters disappear, leaving people without funds.

How to prevent it

Authorities and law enforcement officials should never ask for personal or financial information over the phone or by email.

Tell your parents not to give in to pressure or urgency from such callers.

Encourage them to verify any claim themselves by contacting the organization.

Advise them not to participate in Skype or video calls with strangers.

Clarify that they should never send money for verification or for any other reason.