| Ponzi schemes, other investment fraud on rise during pandemic, SEC says | | |  | WED, DEC 16, 2020 | | | | An email lands with offers to sign up for a Covid-19 vaccine. An IRS agent calls to get personal information to confirm a stimulus payment, or someone is at the door offering to swab your nose to see if you have the coronavirus.
These are some of the many tactics scammers are using right now in hopes of profiting from the uncertainty, fear and anxiety that the coronavirus pandemic has caused. To be sure, scammers will descend on the vulnerable. They look to take advantage of all the confusion and emotion.
Everyone is a potential target, of course. Sadly, however, seniors become the easy prey.
Heightened isolation and loneliness during the pandemic have created a perfect storm for senior financial exploitation. To be sure, the unprecedented quarantines of older folks to protect against the spread of the coronavirus have taken social isolation to a new level for many seniors, making them even more vulnerable to financial scams.
Posing as reputable companies or organizations, these scammers are targeting seniors because they are viewed as easy targets. Overall, seniors are in a stable financial situation and are trusting. What's more, senior citizens have always remained a primary target for cyber criminals and scammers due to their inexperience with technology, experts say.
Older adults have also been put at higher risk of online malicious targeting due to the increased need to stay home and socially distant during the pandemic, increasing their time spent online.
With that said, if you have older neighbors or know of other seniors who are alone, it's a good reminder to find ways to check in on them. This is especially important if they don't have friends or family that live near them. Also, some of these folks may not have someone they can rely on to ask questions about confusing emails or calls they may receive.
And while in-person visits may not be possible yet, be sure to keep in touch with these folks. Call them or leave a note on their front door. If they have the technology, send them a text or email or even contact them via Facetime, Skype, Zoom or other video apps.
Make sure you explain to any of these seniors that during this time, they need to be aware of phony phone calls from people asking for personal information or even money. It's a common scam, and seniors can easily fall for it. Tell them that if someone calls asking for personal information or money, they should just hang up.
For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow.
| |
Post a Comment