Help Your Parents Avoid These New Financial Scams - Part 2
In part one of this series, we explored two popular scams that are targeting older adults this year. In this week’s blog, we’re sharing two more scams that you and your parents need to be aware of, plus tips for staying protected. Read more…
03 | PERSONALIZED PHISHING EMAILS
Imagine opening your inbox to an urgent email from a seemingly legitimate source—perhaps your bank, a popular online retailer, or even a social media platform. The message claims there has been suspicious activity on your account and urges you to click a link or provide sensitive information to verify your identity. This is the classic phishing email, a crafty attempt to deceive you into revealing your personal data.
Phishing has been around since email became mainstream, but what has changed is the depth to which scammers feign legitimacy. Even if you or your parents are familiar with phishing email schemes, new approaches and advances in technology are making it harder than ever to detect a phishing email.
Same Scammers, New Tricks
Phishers often pose as trusted entities such as banks, governments, or department stores. But in recent years, phishers have been sending more personalized emails to trick their victims into thinking the message is from someone the victim personally knows or is connected with. The email will address the victim by name and may appear to come from a friend, co‑worker, or supervisor. It may even contain a legitimate‑looking email domain, signature, or logo.
The email usually claims that there is a time‑sensitive matter that needs to be addressed, such as a gift that must be purchased for a co‑worker’s birthday or an important client, and asks the victim to purchase the gift via online gift cards, PayPal, or cryptocurrency.
For example, an email may read:
“Hi Jim, this is Mr. Boss. I’m going to be in meetings all day today but I need to send a gift to our new client right away. Please purchase a $200 gift card on Amazon and send it to this email address. I will then forward it to our client.”
Some phishers pose as banks, lending agencies, or debt relief programs and claim that you’ve been approved for special credit or financial assistance. In the aftermath of the COVID‑19 pandemic, student loan pauses, and hurricane season, you may have seen emails like this:
“Hi Aaron, it’s Gav with Hardship Relief Program. We tried reaching you at your home and did not hear back. I’m not sure if you’ve spoken to an assigned agent yet, but I do see that you’re pre‑approved for our Hardship Program. I’m going to keep this in pending status. Please give me a call between 8 AM and 10 AM EST to go over the details. My number is 555‑886‑3424.”
Identifying Scams: It’s All in the Details
Before responding to any email requesting a phone call or personal information, consider whether the request seems legitimate. Did you actually open an account or submit an application? Is it normal for your boss to email you with this kind of request?
Always scrutinize the sender’s email address, even if it looks legitimate, by hovering your cursor over it to reveal its true origin. Avoid clicking suspicious links, and never share personal information via email, no matter how professional the message appears.
Check the email and “from” address for typos, and verify the sender’s information—such as company name and phone number—by searching for it online. When in doubt, contact the company directly through official channels to confirm the message’s authenticity.
04 | THE ONLINE OVERPAYMENT SCAM
On online buying and selling platforms like Etsy, Facebook Marketplace, Poshmark, and Craigslist, scammers are increasing their attacks by preying on the good conscience of others.
In the overpayment scam, a fraudster contacts a seller pretending to be interested in purchasing an item. The scammer agrees to buy the item—often at an inflated price—and appears to send a payment that exceeds the agreed amount.
The scammer then asks the seller to refund the excess money, often acting panicked or upset and sometimes even threatening to contact law enforcement for “stealing” their money.
The twist is that the original payment was fake—a fraudulent check or forged payment confirmation email. When the seller sends the refund, they’re actually sending their own legitimate money. By the time the scam is discovered, the fraudster has disappeared.
To protect yourself and your parents from this scam:
Always require buyers to pay through traceable payment platforms such as PayPal, Cash App, or Venmo.
Avoid sending or receiving money from strangers through non‑refundable services like Zelle.
Never accept more money than the purchase price.
If a buyer requests a refund, log directly into your payment account to verify that funds were actually received. Never rely solely on a confirmation email, which can be easily faked.
Preserving Your Assets and Protecting Your Loved Ones
Staying on top of constantly changing financial scams can feel overwhelming. But with the right knowledge and tools, you can help protect yourself and your aging parents from the financial and emotional harm scams cause.
Helping You Protect the Ones You Love
We hope you learned a thing or two about how to protect yourself or your parents from these scams. To take the next step to safeguard your legacy, schedule a free consultation with us today by clicking here or calling at the number below, and stay tuned for the next installment of our series, where we’ll dive into two more financial scams you and your senior parents need to know about.
This article is a service of Simpson Law Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love. We offer a free Estate Planning session, during which you will get more financially organized than you’ve ever been before and we will assist you in making all the best choices for the people you love. You can begin by contacting us here, https://simpsonestatelaw.com/contact-us or calling us at 803-764-9555, and our friendly team will help you set up your consultation.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.