In the 2023 Elder Fraud Annual Report, the FBI found that losses related to elder financial fraud totaled at least $3.4 billion, marking an 11 percent increase since 2022. The experience of financial fraud and its deceptive practices are all too familiar for Gary and Cindy Wilbur.
For Gary, his experience came when he received a call from someone claiming to be working for his utility company. The person requested that Gary immediately provide his credit card information to pay a late bill, and Gary was about to do so before Cindy intervened. Fortunately, Gary hung up his phone.
“If not for Cindy walking into the room, I would have provided my credit card information,” Gary recounted. “The person on the phone was very convincing.”
With the help of their daughter Leslie, a U.S. Bank risk and control self-assessment specialist, Gary contacted his bank, the attorney general and the Better Business Bureau.
Cindy shared a similar experience when she searched online for Amazon’s phone number to follow up on a recent order. It turned out that she had found and dialed a false number. The fake representative convinced her to provide personal information and remote access to her computer. The next day, small amounts of money had been deducted from Cindy’s account. After conferring with Leslie, Cindy closed her accounts and put a freeze on her credit.
Due to their experiences, the Wilburs emphasize the importance of having open conversations with their children. Family members can help to simplify finances and monitor accounts for unusual withdrawals and changes in spending patterns.
Conversations should also involve protecting personal information online such as multi-factor authentication, especially when using new technologies and platforms.
“It’s important to be aware that information shared online is not as private as people might think,” U.S. Bank Senior Vice President and Head of Financial Planning Sarah Darr said. “It actually might put individuals at greater risk, as predators can illegally obtain data access to commit fraud.”
Another major recommendation is to never rush into financial decisions. Financial fraud often involves scenarios where a person may feel they are under immense pressure to make a payment or share information, including in government impersonation, lottery and tech support scams.
It is recommended to always ask for details in writing and obtain a second opinion, but, most importantly, to not be afraid of saying no to unsolicited phone offers.