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financial scams

How to stay safe from financial scams

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One of the biggest mistakes you can make when it comes to protecting yourself from financial scams is thinking you’re too smart to be duped by one.

“We’re all vulnerable — we can all fall for a scam given the right set of circumstances,” says Eva Velasquez, president and CEO of the Identity Theft Resource Center, a nonprofit organization that provides advice and assistance related to identity theft. Keeping yourself safe starts with accepting that fact, she adds.

“You look at the profiles of victims who filed complaints and it runs the gamut from highly educated, high-income people all the way down to the most vulnerable people in our population,” says John Breyault, vice president of public policy, telecommunications and fraud at the National Consumers League, a nonprofit advocacy group that speaks out about consumer concerns.

While there isn’t a “foolproof solution to stay safe from all scams,” as Breyault puts it, there are strategies you can employ to reduce your risk. In Kimberly Palmer’s latest for the Washington Post, learn how to stay safe from financial scams.

How to protect parents from financial scams

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When a scam artist called Cameron Huddleston’s mom to tell her to wire money in order to claim a prize, Huddleston had to intercept the calls. Her mom, who had been diagnosed with Alzheimer’s, was convinced she had to wire the money as soon as possible.

“That was a wake-up call for me. If you have any cognitive decline, you don’t see those red flags anymore,” says Huddleston, who lives in Kentucky and is the director of education at Carefull, a service built to protect aging adults’ daily finances. She also wrote the book “Mom and Dad, We Need to Talk,” on how to have important conversations about money with your parents.

Scam artists often target older adults, partly because they have amassed greater wealth. In Kimberly Palmer’s latest for the Associated Press, learn how to protect parents from financial scams.

Tuesday’s need-to-know money news

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Today’s top story: How one-income couples can remain equals. Also in the news: How to get your tax refund back ASAP, 7 financial scams, bubbles, and boondoggles, and Bogleheads, baby steps and other personal financial strategies you should know.

How One-Income Couples Can Remain Equals
Whether you previously had financial independence or now face the pressure of being a primary provider, it can be a tough adjustment. Being honest with your partner can help.

How to Get Your Tax Refund Back ASAP
While the IRS may always be behind, you can get ahead with these steps.

7 Financial Scams, Bubbles, and Boondoggles That Are Definitely Nothing Like Cryptocurrency and NFTs
You can’t learn anything about NFTs and crypto by considering history’s biggest pyramid schemes, scams, and bubbles. Nope, not a single thing.

Bogleheads, Baby Steps, and Other Personal Financial Strategies You Should Know
Here’s a primer on some of the most popular budgeting and investment strategies.

Thursday’s need-to-know money news

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help-parents-manage-moneyToday’s top story: The problem with how whole life insurance is sold. Also in the news: How to save money on your commute, debt snowball vs debt avalanche, and how to stop senior citizen financial scams.

This Is What’s Wrong With How Whole Life Insurance Is Sold
Don’t get talked into pricey policies.

Save Money on Your Commute With This Often Overlooked Employee Tax Benefit
Turning your commute expenses into work expenses.

Debt Snowball Or Debt Avalanche: How To Eliminate Credit Card Debt
Which method is best for you?

5 Ways to Stop Senior Citizen Scams
Protecting your loved ones.

Monday’s need-to-know money news

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air-miles-cardToday’s top story: How your medical debt impacts your FICO score. Also in the news: Signs your parents are victims of a financial scam, what you need to know when hunting for scholarships, and how to fly first class on the cheap.

The Impact of Medical Debt on FICO Scores
A new formula treats medical debt differently.

5 Signs Your Parents Are the Victims of a Financial Scam
Older adults are more susceptible to scams.

Everything You Need to Know When Hunting for Scholarships
Helping your kids on the road to college.

How to fly first class for free (or on the cheap)
Bargain your way out of coach this summer.

Thursday’s need-to-know money news

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Household-Budget1Today’s top story: How a good budget can help you build credit. Also in the news: Avoiding financial scams, tips on managing your elderly parent’s money, and five money rules for a successful retirement.

How Your Budget Can Help You Build Credit
A good budget can help you build a great credit score.

10 Tips To Avoid Common Financial Scams
Don’t be taken advantage of.

Managing Your Mom or Dad’s Money
Taking over a difficult task.

5 Money Rules For A Successful Retirement
How to make your money last longer.