Fraud Protection: Basic Steps
By: Frank E. Fain, PhD
“Be wise in the way you act toward outsiders; make the most of every opportunity. Let your conversation be always full of grace, seasoned with salt, so that you may know how to answer everyone.” Colossians 4: 5 – 6
Fraudsters are using a multitude of schemes to scam Adults age 55 + out of their hard-earned savings and retirement income. How does the maturing adult protect their resources from con artists? Following are some basic steps individuals can take to protect themselves.
The first, and perhaps best, step for a person to combat fraud is to have a comprehensive financial plan that includes: a family budget, personal investment strategies, adequate insurance coverage, estate and funeral plans. A reputable financial planner can assist you in developing such a plan. Also, Baptist maturing adults are fortunate that both The Baptist Home’s Development Team and The Missouri Baptist Foundation have individuals specially trained to give assistance in the areas of wills, trusts and estate planning. A mature adult with a well thought out comprehensive financial plan in hand should find it easy to automatically say “No” to all financial solicitations.
A second step is to remove your name from calling lists by signing up for either the National or Missouri “No Call” registry. These are cooperating registries so you only need to sign up for one. For the national registry call 888-382-1222 (TTY 866-290-4326) from the phone number you want to register or you can register on line at www.donotcall.gov. For the Missouri “No Call” list call 866-662-2551 or online www.ago.mo.gov.
Your “No Call” registration lasts five years. Companies from whom you have purchased something within eighteen months can still call you until you request otherwise. It may take up to thirty days for telemarketers to discover you are on the “No Call” registry and remove you from their calling list.
A third step is to keep your personal information private. Do not supply, without reason, anyone with your bank account, credit card, Medicare and Social Security numbers. This confidential information is your major identifier. With this information a fraudster can steal your identity and will have direct access to your financial resources.
Make sure your account passwords and PINs are secure. Do not carry them in your wallet or leave them anywhere they can easily be accessed. Also secure you mail. If you will be away for a while never let it sit you your mailbox but have the post office hold it for you. If at all possible do not mail your payments from home but take them to the post office or public mailbox or make payments online.
A fourth step is to annually review your personal credit report. This report will verify the number of loans and credit cards in your name. By reviewing it you can discover someone is using your good name to secure credit or unusual activities in your accounts.
Finally keep informed about current scams. Educate yourself about current known scams by visiting: www.idteheftcenter.com, www.fraud.org, or www.consumer.gov. The Missouri’s Attorney General (www.aog.mo.gov) and Secretary of State (www.sos.mo.gov) each do an excellent job of posting scams occurring in Missouri. The better informed we are the less vulnerable we are to fraud and scams.
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