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10 Frauds Seniors Are Often Confronted With

December 6, 2019 · Personal finance

Red Flags vs. Legitimate Requests

Developing a quick mental filter can help you navigate confusing phone calls or emails. Keep this comparison in mind when evaluating unexpected communications regarding your money.

Behavioral Category Legitimate Organization Scammer / Fraudster
Method of Initial Contact Sends formal notices via U.S. Mail; rarely calls unprompted regarding severe issues. Calls unexpectedly; sends urgent text messages; uses alarming computer pop-ups.
Payment Demands Accepts credit cards, checks, or direct portal payments through recognized banking channels. Demands gift cards, wire transfers, cryptocurrency, or sending cash hidden in a magazine.
Pacing and Urgency Provides due dates; allows you time to consult an accountant or attorney. Creates extreme panic; demands immediate action; threatens imminent arrest or financial ruin.
Secrecy Encourages you to verify information and discuss matters with your family. Demands absolute secrecy; instructs you to lie to bank tellers regarding large withdrawals.
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