Our Seniors Are Especially Susceptible To Modern Scams

In today’s world, every task involves some level of digital interaction. Whether booking or modifying airline tickets, filling health prescriptions, banking, paying utility bills, or transferring money to loved ones, technology is a constant presence in our daily lives.

According to the FBI, elderly fraud scams resulted in seniors losing over $3.4 billion US in 2023.

Here are a few scams and tips that may help to protect you

Tech Support Scams:

Scammers pretend to be tech support and claim there is a problem with your computer. They are trying to gain access to your computer and take control to steal your personal data. The best way to end the call is to say, “I don’t own a computer”. They usually hang up and are more likely to remove you from their calling list.

Phishing Emails:

These are fraudulent emails that appear to be from legitimate companies asking for your personal information. If in doubt, please contact the company directly. Never click on any links in that email. Call a trusted phone number, like the phone number on the back of your debit or credit card, or find a location nearest you and contact them directly. If you are a small business owner, you should contact your email provider and request to have DKIM, SPF, and DMARC set up. This ensures your emails get received by your customers and are less likely to hit their spam folders, and it also prevents “spoofing“.

Government + Bank Imposter Scams:

Government impostor scams are a common type of fraud where scammers pretend to be from legitimate organizations like the Canada Revenue Agency (CRA), banks, or major companies. They use fear, urgency, or enticing offers to trick people into providing personal information or money. Due to the growth of Artificial Intelligence (AI), your best option is to hang up and not say a word. Today’s AI technology can take a few words you say and put them through an AI voice manipulation simulator, and use your voice to make it say anything. As an example, call your parents/children and say you’re in a foreign jail and need money wired to them for bail ASAP.

Safety Tip: Establish a family safe word known only to loved ones and never shared online/digitally, or in writing. Discuss it in person and choose a familiar word that everyone can easily remember. In an emergency, such as the unlikely event you’re stuck in a foreign jail and need money for bail, a family member can request the safe word to verify identity. Alternatively, you can just hang up and call the loved one in question and find out.

Strengthen your passwords:

Create and use strong passwords that combine numbers, letters, and symbols (&%#(!). Consider using a password manager to keep passwords secure. Our branch webmaster suggests KeePass. This is software you install on your computer, and it isn’t a cloud-based password manager, which is prone to data breaches. Be sure to set up a password that you don’t use anywhere else – one that does not follow the safety tip below. It might also be wise to share this password and your computer/phone password/PIN with your Power of Attorney(s) or Executor(s) so that they can gain access to your online accounts when needed. Be sure to keep your KeePass updated as you update your passwords or sign up for new accounts.

Safety Tip: Create a formula to make stronger yet easier-to-remember passwords. Use a combination such as:

• Your first pet’s name
• Your favourite symbol
• The first house number you lived in
• To keep each password unique from other websites, you can use the first two letters of the website’s name

For example, if your first pet was named Lynx, your favourite symbol is the exclamation point!, and your first house number was 247, your passwords would look like this:

• Facebook: Lynx!247fb
• LinkedIn: Lynx!247li
• Instagram: Lynx!247in

This method ensures unique passwords for different accounts while keeping them memorable. Please note that some online systems don’t allow you to use the same number twice in a row. So if the first house you lived in was number 33, you’ll need to find another combination number that you’ll remember, such as your first cell phone number, landline number or an area code you like. Note that most passwords have to be at least 6 characters and less than 15.

Enable Two-Factor Authentication (2FA):

What is 2FA? 2FA is a security feature that requires two different forms of identification, rather than just a password, to access a resource or your data. This makes it harder for unauthorized individuals to gain access, even if the password is compromised. The idea behind 2FA is to add an extra layer of security that you or a hacker have to jump through in order to get into your account. Google Autenticator App or Microsoft Authenticator App.

Install Antivirus Software:

Antivirus software is a security program designed to prevent, detect, search for, and remove viruses and other types of malware from your computer, networks, and other devices. This type of software is usually included in a security package when you purchase a new computer, but it can also be purchased as a standalone item. Be sure to keep it up to date and run Windows updates when they become available.

Be Cautious Online:

Everyone receives unsolicited emails daily. It is extremely important to avoid clicking on suspicious links or downloading attachments from unknown sources. When in doubt, delete the email and go to the company’s website or contact them by phone, chat or email and ask. No company would ever contact you by email and request personal details in the email. If you have an online account with this company, you can log in. Any important actions that need to be done will be in your online account.

Protect Personal Information:

It is important that you not share details of your travel on social media and other online platforms. Don’t check in at the Airport on Facebook, for example. Once you post personal information (departure dates, pictures, as you are on an Alaskan cruise, or your trip to Europe), you are signalling to scammers that your home is free to be targeted. You can wait till you are home to share your vacation photos. This way, you can be sure you’re sharing the best highlights of your trip with your friends and family.

Secure Your Home Network:

As with your devices, it is also important to secure your home network by using a strong Wi-Fi password. Consider setting up a guest network for your visitors. If you’re unsure how to do this, contact your internet provider for help. If you have purchased a router separately that connects to your modem, be sure to change the default password.

Use Safe Payment Methods:

It is a good idea to have a credit card with a very small limit ($500.00) for online purchases. Credit cards offer better fraud protection than debit cards.

Safety Tip: You can also purchase gift cards in person at stores and load them into your online accounts for the merchants you shop at frequently. Our webmaster recommends not saving your credit card details in your online shopping cart accounts because we never know when their system will be breached and your data stolen. It’s also not wise to store credit card details in your browser. Most credit cards do have fraud protection and can claw back charges if reported within 30 days or so (check with your card issuer as they all have different time frames to report fraudulent charges). However, with so many people being scammed on their credit cards these days, waiting on hold to speak to the fraud department can be hours of your time.

How to know if you’re passwords have been compromised:

There is a reputable site you can go to that will tell you if your email account was in a data breach. Here is the site URL: https://haveibeenpwned.com/. Have I Been Pwned allows you to search across multiple data breaches to see if your email address or phone number has been compromised. Just enter your email address(s) and click the green “pnewed” button. After you enter your email, scroll down past the three boxes trying to sell you services to see the list of sites your data has been leaked to.

Stay informed:

Keep informed and educate yourself by regularly reading about new scams and how to avoid them. Only use reliable sources like CBC, CTV, Forbes, TechCrunch, PCMag, etc.

Report Scams:

If you suspect that you have encountered a scam, please report it to the authorities. You can report scams to the Canadian Anti-Fraud Centre (CAFC) by calling 1.888.495.8501 or through their online Fraud Reporting System.

We hope that these tips will empower you to navigate the Internet confidently. Remember to always stay safe and cautious, and don’t feel the need to click, respond, or take action on anything immediately.

Written by: Leric Bishop BComm., CFP