At Mazuma Credit Union, the security of our Members’ financial information and accounts is our top priority. As your trusted financial partner, we closely monitor the evolving risks our Members face in today’s digital world – from phishing and social engineering scams to identity fraud, cybersecurity threats, and beyond. We proactively share information to empower our Members to identify and avoid potential threats that can compromise the security of their data.
June is Elder Abuse Awareness Month, and financial scams targeting older adults are an unfortunate and growing problem. Seniors are often approached by fraudsters because they may have accumulated savings, trust others more readily, or be less familiar with fast-changing technology. The good news is that with awareness and a few practical strategies, these scams can be identified and avoided.
Common Scams Targeting Older Adults
Understanding how scammers operate is the first step in preventing fraud. Some of the most common scams include:
- Imposter Scams: Someone pretends to be a government official, tech support agent, or even a grandchild in distress, demanding urgent payment.
- Phishing Emails and Texts: Messages that appear legitimate but aim to trick recipients into revealing personal or financial information.
- Lottery or Sweepstakes Scams: Victims are told they’ve won a prize but must pay fees or taxes upfront to claim it.
- Romance Scams: Fraudsters build emotional relationships online and eventually ask for money.
- Medicare or Insurance Scams: Fake representatives request sensitive healthcare or financial details.
Red Flags to Watch Out For
Scammers often rely on urgency and confusion. Here are key warning signs:
- Pressure to act quickly: “Act now or lose your opportunity” is a classic tactic.
- Requests for unusual payments: Legitimate organizations like Mazuma will never ask for payment via gift cards, wire transfers, or cryptocurrency.
- Unsolicited contact: Unexpected calls, emails, or messages asking for sensitive information should raise suspicion.
- Too-good-to-be-true offers: Large winnings, guaranteed returns, or “exclusive deals” often signal fraud.
- Requests for personal information: Social Security numbers, bank details, or passwords should never be shared casually, and legitimate organizations will not ask for them.
How to Protect Yourself
Protecting against scams just requires consistent caution:
- Pause before responding: Take time to think and avoid making decisions under pressure.
- Verify the source: Contact companies or individuals using official phone numbers or websites, not the contact details provided in the message.
- Limit personal information sharing: Be careful about what you disclose, especially online or over the phone.
- Use call and email filters: Many phone and email services can block or flag suspicious messages.
- Consult a trusted person: If something feels off, discuss it with a family member, friend, or advisor.
Supporting Loved Ones
Family members and caregivers play a crucial role in protecting seniors. Here’s how to help older adults stay safe:
- Encourage open conversations about suspicious encounters.
- Help set up online security measures and strong passwords.
- If needed, review bank and credit card statements for unusual activity.
- Reinforce that it’s okay to hang up the phone or ignore unsolicited requests.
By recognizing common strategies, staying cautious, and fostering open communication, older adults and their loved ones can significantly reduce the risk of financial exploitation. A few simple precautions can make all the difference in safeguarding your peace of mind and financial security.
Remember:
Mazuma Credit Union will never call, text, or email you asking for personally identifiable information (social security numbers, secure access codes, passwords/pin numbers, card numbers, or account numbers), ask you to provide us your card, or instruct you to send money through a third-party vendor (PayPal, Venmo, etc.).
If you are unsure whether an email, phone call, or text message is from Mazuma, please call us directly at 913-574-5000 so that we can assist you.
If you suspect a scam, report it to the FBI’s Internet Crime Complaint Center (IC3) at www.ic3.gov.
Check out Mazuma’s Member Security Center for more information!
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