Stopping Scammers In Their Tracks

According to a February 9, 2024 business blog by Lesley Fair: “Facts about fraud from the FTC – and what it means to business” 1 – the FTC, reports that in 2023, fraud-related losses totaled $10 billion dollars, an increase of over $1 billion from the previous year. The article lists the top frauds as:

Imposter Scams
Online Shopping Scams
Sweepstakes and Lottery Scams
Investment Scams
Social Media Scams
Email Scams (Phishing)

The report goes on to mention that imposter scams was at the top of their list costing consumers $2.7 billion in losses.

There is a galaxy of strategies that consumers can employ to thwart fraud. In previous featured articles in OurSeniors Magazine, we discussed in some detail how ID thievery and other frauds might be curtailed. In my humble opinion, one of the less discussed reasons why fraud is skyrocketing is because individuals open themselves up to being scammed by being too complacent and failing to take important steps to shield themselves from victimization. I believe individuals began to become complacent in the late 1930s and early 1940s; during a period when products were invented that helped make American’s lives easier and less complicated. Some of these inventions include: the escalator, automatic car transmission, drive thru restaurant, TV remote, TV Guide, TV dinner, transistor radio, electric washing machine, electric reclining easy chair, family station wagon, electric coffee pot, microchip, and the fax machine. Pulling this thread even further, the 1960s and 1970s, saw the dawn of the push button telephone, the personal computer, the computer mouse, the GPS system, the microwave, the Walkman, and the video game. It’s no wonder that individuals began getting lackadaisical. As this new technology took America by storm, it also helped make individuals indolent and more prone to taking dangerous shortcuts. In turn, these shortcuts have helped make individuals less security conscious and more susceptible to the scammer’s deadly reach. Whilst these deadly shortcuts are inviting ways to save time and personal energy they also serve as fraud enabling strategies. Some of these deadly shortcuts include:

Not ordering credit reports (even though copies are provided gratis annually and/or if the individual is a fraud victim)
Not checking credit reports for inconsistencies
Not disputing credit report inconsistencies
Not purchasing credit monitoring services
Not reporting fraud scams
Not using pin activation when signing onto electronic devices
Not automatically storing and saving passwords for future quick access
Not periodically changing passwords
Not drafting strong / non-descriptive passwords containing upper- and lower-case letters, numbers and symbols
Not shredding sensitive documents
Not unsubscribing from incoming emails but from company websites
Not using Gel Tip or Uni Ball Pens when writing checks
Not searching for the “S” and or “closed lock icon” symbol to verify that the website address is secure
Not seeking fueling stations and retail establishments in high trafficked areas (oftentimes, retailers in remote areas may be prone to having illegal scamming devices affixed to point of sale pumps)
Not seeking multi factor / 2 step authentication
Not securing chipped cards in RFID protected wallets (RFID – radio frequency identification)
Not ascertaining pick-up schedules for U.S. mailboxes before depositing mail (it is believed that many thieves have stolen mailbox keys)
Not keeping track of incoming billing cycles
Not placing “pre notification” safeguards on important documents such as deeds and titles, etc.
Not retrieving credit card receipts at fueling stations and retail establishments
Not turning off personal WIFI and Bluetooth settings when leaving safe locations (oftentimes, the smartphone and/or computer will automatically jump onto a previously used WIFI connection which may not be a secure site)
Not shopping on public WIFI networks
Not keeping virus / firewall protection up to date
Not verifying whether websites are secure before accepting cookie requests
Not checking caller ID before answering unknown calls (oftentimes, when a spam call is answered scammers know the number is an active number and add it to their “continue-to-call-list)
Not thinking before clicking!

Conclusion

Complacency is not contagious, but ignoring it is. Just like every cloud has a silver lining – every fraud-related scam has a solution. The secret to staying one step ahead of skyrocketing fraud is to stop taking short cuts and start making changes. An excellent way to stop scammers dead in their tracks is to think before you click and stop taking deadly shortcuts!

About the Author:
Anthony J. Luizzo, PhD, CFE, CST

Anthony J. Luizzo, PhD, CFE is an investigative sleuth with the Seniors vs Crime Project – a volunteer program of the Florida Attorney General. He is assigned to the Volusia County Office. Mr. Luizzo is a published author “Healthcare Security: Solutions for Management, Operations and Administration” – Productivity Press 2022 – ISBN 978103210549-9 (www.routledge.com) and “Fraud Auditing A Complete Guide” – NYS Society of Certified Public Accountants & The foundation for Accounting Education 1992 – Rev. 1995.

Featured, Fraud & Security, OurSeniors.net Magazine

Stopping Scammers In Their Tracks

OurSeniors.net Staff Writer