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Saturday, August 13, 2022

Know the signs of financial exploitation

Imagine receiving an email that says you’ve won a new washer and dryer in a local contest. All you have to do is pay a small shipping fee to receive your appliances. Sounds great, right?

Unfortunately, this scenario has multiple signs of financial exploitation.

Financial exploitation occurs when someone illegally or improperly gains the assets of a vulnerable person through a scam. It may also happen through theft, deception, intimidation, or undue influence. According to the Federal Trade Commission, scammers stole nearly $3.3 billion in 2020.* Con artists have numerous—often believable—methods to trick people out of money. They may set up a fake dating profile, then ask for money for “emergencies.” Some impersonate government agencies, like the IRS, and threaten to arrest the victim unless they pay a fee. Retirees are often targeted because of their accumulated wealth, but scammers seek out people of all ages.

Read details of common scams.

We’re here to educate you on financial exploitation and help you protect your assets.

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