While fraud risk is nothing new, it is worth reminding ourselves that it is out there and a constant risk to all of us. In addition to reminding ourselves, it is important to take the time to educate our kids and grandkids of the risks, help them identify red flags, and develop prudent practices to help avoid being victimized. It is also important to keep our parents in mind too given the rise of elder abuse. Nearly everyone in my family – across generations – has had recent attempts (VERY convincing in one case) of being conned. I have seen more and more articles lately – there is one in today’s Wall Street Journal about check fraud – about the growing frequency and sophistication of fraudsters’ efforts so I thought it would be worth putting this email together to remind us all of ways to protect ourselves.
The Federal Trade Commission notes on its website four signs of a scam:
The risk of falling victim to a scam can be minimized by following several practices. The list below is not meant to be comprehensive, but it does outline many.
No fraud prevention method is going to be bulletproof. However, the more practices that we can adopt to lessen the risk, the better off we will be. Many of the practices noted above are routine for us, but it never hurts to remind ourselves – and others – of them from time to time.
On our end, we and Schwab continue to do all that we can to avert potential fraud. We always require verbal confirmation before disbursing funds. In cases where funds are being sent to new payees, written authorization is also required.
As always, please feel free to reach out with any questions.