Some old sayings stand the test of time, and for a good reason – they never lose relevance, no matter how much society evolves. In other words, when your parents told you to be aware of anything that sounds too good to be true, that sage advice is just as applicable today as it was when you first heard those words.
Unfortunately, particularly due to the highly intertwined and communicative framework established by technology in our modern, digitized world – specifically with respect to email, text messaging, and social media platforms – scam artists are running rampant in their constant search for new, unsuspecting victims. Baby Boomers are especially susceptible to these scams given their growing comfort with digital forms of communication but occasional lack of savvy in the darker side of digital life.
An Evolving Danger
Of course, financial scams are nothing new. Ponzi and pyramid schemes have been around just as long as society’s major institutions, preying on people’s blinding hope and financial aspirations to take advantage of those that historically haven’t had much to begin with. Sadly, for every Bernie Madoff of the world, there are literally hundreds of examples of other scam artists that victimize the everyday man or woman.
As previously mentioned, the digital environment has only increased the prevalence and likelihood of ordinary people becoming prey to financial scammers. In fact, it has been estimated that more than 5% of older adults experience some sort of financial scam or fraud every year. Particularly to Baby Boomers that are just now starting to enjoy the freedom of retirement, protecting oneself from scams grows in importance by the day.
Best Practices to Keep Yourself Safe
First and foremost, rely on your intuition to keep you financially safe. Or at risk of sounding repetitive, beware of anything that sounds too good to be true. Never give your personal information to unsolicited vendors, whether that’s over the phone, online, or in person. Most financial institutions, especially the IRS, will never call you to ask for your personal information. Furthermore, even companies you have existing financial relationships with, like banks and investment firms, will not likely require you to divulge your entire Social Security number to verify ownership.
There are rare instances, of course, where legitimate opportunities do arise, albeit in scarce circumstances. If you genuinely think such a circumstance has presented itself to you, always run it by people you trust before making any decisions. Heck, reach out to me, and I will happily vet it for you. Everyone occasionally gets blinded by such opportunities, modern instances of gold fever and get-rich-quick schemes. So, rely on the clarity and reasoning of others to prevent yourself from becoming a financial victim to the many scam artists waiting to victimize the massive Baby Boomer demographic.
Do you know anyone who has been a victim of online financial fraud or need help with your financial plan? We’re here to help! Simply click here or call (763) 445-2772 to schedule a complimentary consultation today!
