Scammers take advantage of people’s generosity and busy schedules during the holiday season to steal information and money. People over the age of 65 are especially vulnerable to being targeted because they’re more likely to own their own home, have a retirement fund and have excellent credit. To keep Grinches out of your holidays, keep an eye out for the following common holiday scams:

• Online shopping schemes.

  During the holidays, everyone is on the lookout for good shopping deals. But it’s important to be hypervigilant and cautious when something seems too good to be true. Scammers use compelling – but fake – offers to lure people into sharing information or clicking a link that downloads malware on their computer. These schemes can take several forms, including the following:

  • Download an app for great discounts: A fake app will be made to look like a major retailer’s and offer significant discounts. Before downloading any apps, look to see if the business’s name is spelled correctly and whether the app has customer reviews. If there are typos and no reviews, it’s likely fraudulent.
  • Loyal customer gift card: A retailer you frequent says they want to reward you with a gift card. All you need to do is click a link and provide your information to apply. Ignore the offer, as it’s unlikely to be real and probably an attempt to steal your information.
  • Online secret shopper: You’re invited by email to shop online and rate retailers’ service. You can keep what you buy, and you may even be offered payment. To get started, you’re required to provide your financial information. Online secret shoppers are rarely recruited by email or through social media. Avoid these offers.
  • Problem with your purchase: A business you’ve shopped at says there’s an issue with your order and asks you to click a link and provide your information again. An actual email about an order would reference the order number, and you would be asked to login to your actual account – not click a link.

  In each of these examples, the scammer’s intent is to get you to click a malicious link and/or share sensitive information. During the holidays, and throughout the year, avoid clicking any links or attachments in suspicious emails, and don’t provide your personal information outside of your secure online accounts.

• Fake lottery or sweepstake winnings.

  The risk here is twofold. You may be offered an enticing prize in exchange for filling out a survey, but it has a fraudulent link that downloads malware. Or, you may be contacted with the exciting news that you’ve won a lottery or sweepstakes. You may even receive a check, only to discover it’s fake when it bounces days later. In the meantime, they may claim they need you to cover a prize fee or taxes and direct you to send money.

• Fraudulent gift cards.

  Gift cards are a great gift for adult grandchildren out on their own for the first time. But be careful where you purchase your gift cards. Fraudsters have been known to tamper with the gift cards displayed in grocery stores. Your best bet is to buy gift cards directly from the retailer at their register or on their website.

• Grandparent scam.

  The holidays are a perfect time to reconnect with family. Scammers may pretend to be a grandchild in trouble. The act goes something like this: They explain they’ve experienced some difficulty, be it medical, financial or legal, and they need you to send money for bail, legal fees, hospital bills or some other need. If they’re pretending to be a grandchild, they may stress that you can’t tell their supposed parent.

  To avoid this scam, tell them you’ll call them right back. Then call the number you have for your grandchild directly. Also call their parent. If your grandchild is safe at home, you’ll know it was a scammer.

  And, in general, be wary of any request to wire money. They’ll likely create a sense of urgency that pressures you into taking quick action. But money is rarely the immediate concern in a medical or legal emergency, and you have time to do your due diligence.

• Charity cheats.

  People love to give back during the holidays, and scammers know this. They may pose as someone from a reputable charity or solicit donations for a made-up cause. Before you write that check, confirm the charity is legitimate.

Scammers are clever, so if you fall prey to one of their schemes don’t be too hard on yourself. If you are involved in a scam, contact us right away.

The post Watch out for these common holiday scams against senior citizens. first appeared on Bridge Pioneers.

Watch Out for Catfishing

Catfishing is when someone presents themselves online as someone else to trick people into befriending them and giving them money. They may take months to establish a friendship or an online dating relationship. Then they’ll make innocent requests, like asking for help covering a medical bill, or telling you they’re having a hard time making some other type of payment. They’ll ask if they can pay you and have you make a payment on their behalf, but their payment to you will be fraudulent and you’ll be out the money.
I have spent time helping our customers with fraud cases, knowing that they don’t want to believe it’s real. The scammers have played to their emotions, or they pretend to be in romantic relationships. Whatever it is that person needs, the scammer will figure it out. The fraudsters are so good at earning trust, but in the end things never end up well.

Know the Red Flags

There are usually some consistent warning signs when someone is being defrauded. Here are a few things I tell my customers to look for:

• If you are doing a job or doing someone a favor for a lot of money and it sounds too good to be true, it’s probably a scam.
• We’re seeing a lot of scams that involve emotional decisions, like a request for help with medical bills, a family member in trouble or buying a puppy. Be careful not to let your heart get in the way.
• Watch for elements of transferring money, such as someone asking you to pay for something, and then they’ll compensate you or transfer your reimbursement.
• Be very cautious if someone warns you not to tell your friends or your banker about any financial arrangement they are requesting, That’s a huge signal that they’re up to something fraudulent.
• Do not give your banking information to anyone, this includes your online banking credentials.

If you think you could be dealing with fraudulent activity, please reach out to us, we are happy to help.

The post Warning Signs of Financial Fraud first appeared on Bridge Pioneers.

Unfortunately, there is no straightforward answer to this question. Whether or not your bank will refund scammed money depends on various factors — such as the bank’s policies, the type of scam, how you paid, and how quickly you reported the fraud.
The good news is that there are some protections for consumers who have been  scammed out of money:

• • The Fair Credit Billing Act (FCBA): This 1974 federal law limits consumer liability for credit card fraud to $50 in most cases, and provides special rights for fraud victims — like the ability to dispute charges via phone instead of in writing.
  • Credit Card Zero Liability Protection Policies: Many credit card companies offer zero liability protection policies that protect consumers from fraudulent charges made with their cards.
  • Bank Account Zero Liability Policies: Some banks’ policies include zero liability protection to ensure that customers don’t have to pay for fraudulent transactions made on their accounts — with limitations.
  • Regulation E: This federal regulation protects consumers who use electronic fund transfers, such as ATM transactions, debit card payments, gift cards, and direct deposits. In 2022, the Consumer Financial Protection Bureau (CFPB) updated Regulation E to protect all peer-to-peer (P2P) online payments.
    The bottom line: Refund and reimbursement policies change from bank to bank. There’s no guarantee that your dispute will be accepted. Instead, it’s a good idea to get additional protection and coverage from an

identity theft protection service

• • .

Your First Step: Secure Your Identity and Report the Fraud

Almost 50% of identity theft victims are repeat victims. Once scammers have your personally identifiable information (PII), they can exploit you with different payment scams — or even sell your information to other fraudsters.
That’s why the first thing you should do if you’ve been scammed is secure your identity and report the fraud.
Here’s what to do:

• • • Document the fraud and stop all contact with the scammer. Download statements and take screenshots of emails, texts, and any other correspondences that occurred with the scammer. Then, break off contact to stop any further fraud.
    • Lock your cards to prevent more damage. Contact your bank or credit card issuers and ask them to lock your cards and cancel your accounts. Double-check that they have your correct address for sending replacement cards to you.
    • Check your insurance coverage. Your home insurance provider or employer may provide coverage for fraud or identity theft. If not, you might want to consider getting dedicated identity theft insurance.
    • Freeze your credit with all three bureaus. Contact each of the three major credit reporting agencies (Equifax, Experian, and TransUnion) to request a credit freeze. This prevents anyone from accessing your credit file or opening new accounts in your name.
    • File an official report with the FTC. Gather details of the incident and your personal information to file a report now. The FTC will provide a recovery plan and help you dispute fraudulent charges.
    • Update your passwords. A crucial step in the wake of a scam is to change all of your online account passwords. By creating complex, unique login credentials that you can remember or store with a secure password manager, you’ll reduce the chance of a hack.
    • Enable two-factor authentication (2FA). For added protection, use 2FA on all of your accounts. If imposters can’t provide the second form of proof — like a one-time password (OTP) or biometric scan — they won’t be able to access your accounts.‍
    • Scan your devices for malware and other viruses. A reputable antivirus software scans your devices to detect and isolate malicious programs that hackers use to steal your passwords and data — like trojans, keyloggers, and spyware.

The post Do Banks Refund Scammed Money?  first appeared on Bridge Pioneers.

Getting a call, email or letter from a company that claims to be a debt collector can be alarming. Here are six telltale signs that you’re dealing with a credit collection services scam:

1. They pressure you

   A credit collection scam might use scare tactics and threats. The scammer might also pull the emotional card, making you feel like a bad or irresponsible person. They also might try to create a sense of urgency so you move quickly and do what they want.
   “Legitimate debt collectors may sometimes be aggressive, but scammers often use fear to get you to act quickly and not ask any questions,” says Thomas Nitzsche, a financial educator at Money Management International, a nonprofit credit counseling organization. “If they’re threatening you with jail time — or worse — that’s a violation of your rights and a major red flag.”
   The Fair Debt Collection Practices Act expressly prohibits debt collector conduct meant to “harass, oppress or abuse” you to collect on a debt — regardless of whether you owe the debt or not. They can’t threaten you with jail time, bodily harm or use profanity.
   Should they call your home or workplace, they can only call between 8 a.m. and 9 p.m. in your time zone and ask about your whereabouts. They must stop if you tell them not to call you at work. Furthermore, repeated phone calls intending to annoy you are also prohibited by federal law.

2. They won’t give you their contact information

   Real debt collectors are from reputable companies with websites and reviews, and you can contact them if necessary. Ask the caller for the debt collector’s company name, address and phone number.
   If a scammer is on the other end, they might distract away from your questions and insist that the debt needs to be resolved. If they refuse to disclose their identity and company information, that’s a telltale sign that it’s not a legitimate collection agency.

3. The debt isn’t yours

   If the supposed debt collector is trying to strong-arm you into paying a debt you don’t recognize, you might have a scammer on your hands. You can ask the debt collector for the creditor’s name and the amount you owe. By law, they must provide this information to you.
   Also, check your credit report for accounts in your name to see if it shows which debt collection agencies your defaulted accounts have gone to. You can also reach out to the original lender or creditor to see if your debt has been sold off and, if so, where your debt has been sold to.

4. You didn’t receive a letter in the mail

   If a debt has gone to a debt collector, you should receive formal, written notification in the mail. If you’re contacted by someone who you suspect is a scammer, ask them for verification of the debt. This is a letter that all debt collectors must send within five days of first contact with a consumer.
   The letter from the collection agency should disclose:

   • The debt amount in question
   • The creditor who is owed the debt
   • A disclosure statement giving the consumer 30 days to dispute the debt.

   When you do receive such letters, hold on to them. You can refer to them should a scammer contact you.

5. You’re asked to pay by prepaid card or money transfer

   Scammers almost always prefer non-reversible payment — think a prepaid card, money order or money transfer, Nitzsche says. These forms of payment can’t be traced, and scammers take off with your money with very slim chances of getting caught. Be alert if they ask for payment methods that seem out of the norm.
   If you go to pay a legitimate debt collector, pay in a way that you can use to verify that you have paid and the amount you paid.

6. They threaten to tell your co-workers, friends and employers about your debt

   By law, debt collection agencies typically aren’t allowed to share details about your debt with most people. For example, they can’t threaten to collect payment from your parents to coerce you into making an immediate payment.
   Any suggestion they might tell your employer or family members that you have debt to get you to pay is illegal. Federal law only allows them to inquire about your whereabouts.

The post 6 ways to spot collection scams first appeared on Bridge Pioneers.