Protecting Seniors Against Phishing

Online fraud is a growing concern for people of all ages, but it can be especially devastating for wealthy seniors. While online encryption is an important tool in the fight against fraud, much more commonly, fraud is caused by phishing. In this post, we’ll discuss ways that seniors can protect themselves from online fraud.

What is Phishing?

Phishing is a type of online scam where criminals attempt to trick individuals into revealing personal or financial information, such as passwords, credit card numbers, or Social Insurance Numbers. The scam usually involves sending a message that appears to be from a legitimate source, such as a bank, credit card company, or government agency, Amazon, or Paypal. The message typically asks the recipient to provide sensitive information, either by replying to the message or by clicking on a link that takes them to a fake website that looks like the legitimate one.

The goal of phishing is to obtain personal or financial information that can be used for fraudulent purposes, such as identity theft, credit card fraud, or unauthorized access to online accounts. Phishing attacks can be very convincing, with scammers using sophisticated tactics to make their messages and websites look like the real thing. They may also use social engineering techniques to create a sense of urgency or fear, such as claiming that the recipient’s account has been compromised or that there is a problem with their payment information.

It’s important to be vigilant when it comes to phishing scams and to take steps to protect oneself from them. This can include being cautious when opening emails or messages from unknown sources, avoiding clicking on links or downloading attachments from suspicious emails, and double-checking the email address or website before entering any sensitive information. It’s also important to use strong, unique passwords for each online account, regularly monitor credit reports and financial accounts for any suspicious activity,

Having Conversations with Family & Friends

One of the most important steps seniors can take to protect themselves from online fraud is to have conversations with family and friends about the risks and how to stay safe. Family members can help seniors understand the latest threats and provide guidance on how to protect themselves. They can also assist with setting up online accounts and managing passwords.

Developing a Process for Managing Passwords

Developing a process for managing passwords is another important step in protecting oneself from online fraud. Seniors should use strong, unique passwords for each online account and avoid using the same password for multiple accounts. They should also change their passwords regularly and use two-factor authentication whenever possible.

Never Clicking on a Link from an Email

Phishing emails are often designed to look like legitimate messages from banks, credit card companies, or other trusted sources. However, they contain links that lead to fake websites designed to steal personal information. Seniors should always be cautious when opening emails from unknown senders. And, never click on links unless they are certain the email is legitimate.

Never Providing Information to Inbound Calls

Scammers may pose as representatives from banks, credit card companies, or government agencies. They may ask for personal information over the phone. Seniors should never provide personal information over the phone unless they have initiated the call themselves.

Limiting Interaction with Banks to Key Contacts & Relationship Managers

Finally, seniors should be cautious when interacting with unfamiliar individuals or websites. Only provide personal information to trusted contacts. By limiting interactions with banks to staff members they know, seniors can reduce their phishing risk.

Our Family Office

For wealthy investors, the consequences of fraud are high. So, reducing the risk of fraud is a key service our family office provides. In some cases, this means developing a standard process for payments to service providers, investments, and between accounts. Our family office also develops relationships with our service providers (banks, brokers, etc) so that there is another set of eyes on your accounts. We also provide comprehensive reporting that captures each transaction.

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