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How do I protect my elderly grandmother's bank account from potential scams?
The grandparent scam is a common type of fraud where scammers pose as a grandchild or another trusted person, claiming to be in trouble and needing money.
According to the Federal Trade Commission (FTC), in 2020, Americans lost over $1.9 billion to fraud, with older adults being disproportionately targeted.
One in five older adults have been victims of financial fraud, with 71% of these cases involving family members or caregivers as perpetrators.
Many banks offer biometric security features, such as voice recognition, to combat fraud, but these systems can be vulnerable to sophisticated scams.
Fraudsters often use psychological manipulation to gain trust, creating a sense of urgency or fear to prompt victims into taking action.
older adults are more susceptible to scams due to cognitive decline, social isolation, and decreased financial literacy.
Scammers often use publicly available information, such as social media profiles and public records, to gather personal details and build convincing stories.
Romance scams, where con artists pose as romantic partners, are common among older adults, with losses averaging around $2,600 per victim.
Mobile payment apps and digital wallets can be vulnerable to fraud, especially if passwords and PINs are not secure or are shared with others.
The Social Security Administration (SSA) will never call to ask for personal information or threaten to cancel benefits if information is not provided.
Fraudulent emails and texts often contain typos, grammatical errors, and generic greetings, unlike legitimate bank communications, which usually address customers by name.
To protect against phishing scams, banks recommend verifying email or text messages by calling the bank directly, using a trusted phone number.
Setting up alerts and notifications for large transactions or unusual account activity can help detect fraudulent behavior early on.
Registering your grandmother's phone number on the National Do Not Call Registry can help reduce unwanted calls from scammers.
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