Sponsored by JPMorganChase | How to take action and help protect older Montanans

This article is sponsored content created by JPMorgan Chase & Co. and presented by the Montana Free Press.

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Anyone can become a victim of scammers. They occur when scammers target people of all ages using tactics such as phone calls, emails and texts to trick unsuspecting victims into getting their money and personal information. The elderly are often prime targets, so it’s important to be aware of the common signs of fraud and financial abuse that can help protect elderly loved ones from becoming victims.

This is a particularly important issue for the local community, according to V US Census Bureau Population EstimatesMontana is one of the 20 states with the highest number of seniors per capita. And with Montana’s senior population expected to grow over the years, it’s important to understand how to protect yourself from scams.

KNOW THE SIGNS OF A SCAM

Scammers have grown very convincing. They can often pose as companies or organizations and trick you into believing the urgency or need behind their efforts. If you encounter any of the following signs, you are most likely dealing with a scammer.

1. Urgent requests to take action, send money and requests for personal information. The impostor may demand quick action, claim that you will lose money, and demand access to your personal account information, passwords, or verification codes. Remember, neither the banks nor the government will threaten you or demand money to protect your accounts. If you get a call that claims to be from your bank and you’re not sure, hang up and call the number on the back of your credit or debit card.
2. New relationships that are interested in their money. Financial abuse often occurs from people known to the victim, such as a security guard or a new acquaintance. Be wary of any new friends who approach you with investment “opportunities” or ask for your financial information.
3. Unexpected contact from “loved ones”. Fraudsters can use artificial intelligence (AI) to reproduce familiar voices, pretending to be friends or family. They will call you on the phone as if a loved one is in danger and demand that you send money. Hang up and contact your loved one directly to confirm it’s really them.
4. Unusual financial activity. Fraudsters can gain access to your account if you see withdrawals or changes to your accounts, such as new authorized users or missed bill payments. Also, be sure to keep your checkbook and monitor your check activity. Automate as many payments as you can and discuss who your trusted contacts are for money decision support should you ever need help.
5. Changes in ownership and liability. If you notice changes in your will, power of attorney or any other financial plans, this could be a sign of financial abuse.

TAKE ACTION TO AVOID SCAMS

You and your loved ones don’t have to be victims. These steps can help reduce your chances of falling for a scam:

• Ignore and block calls and messages from numbers you don’t know, and don’t trust caller ID alone. If in doubt, hang up and contact the company, bank or loved one directly to ask if there is a problem.
• Throw out junk mail and be wary of suspicious emails or social media posts. Do not answer questions about personal finances.
• Keep your personal information, account details and passwords safe to prevent fraudsters from gaining access to your money and personal data.
• Be careful when using checks. Digital payment methods or your bank’s online bill pay feature can help you get money to the intended recipient by eliminating paper checks that can be stolen and altered.
• Turn on online alerts to stay up to date with big purchases. You can act quickly if you see fraudulent charges.
• Shred bank statements, receipts, unused checks and credit cards before throwing them away.

If you’re an adult, talk to trusted family members about how they can support your financial needs as you age, which can help protect you from fraud and financial exploitation. For those with older loved ones, start the conversation now and use digital tools to help alert you to potential scams.

Remember that financial fraud can happen to anyone. If you think you’ve been scammed, contact your bank to check recent transactions and make sure there’s no unusual activity on your account. If you are a victim, don’t be afraid to share your experience with friends and family and ask for help.

You can learn more about ways to detect financial abuse and protect loved ones at chase.com/financialabuse.

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