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Fraud and Scam Summit Recap

Written on . Posted in News.

Attendees of TARCOG’s Fraud and Scam Summit on Thursday, Aug. 8 described the event as “wonderful and informative” that provided them with “useful tools” to better protect themselves.

The keynote speaker, Mikala McCurry, senior public affairs specialist with the Alabama Securities Commission, presented a “Self Defense Class – How to Defend Yourself and Others Against Fraudsters.”

Among topics she covered for the 161 participants at the Robert “Bob” Harrison Senior Wellness and Advocacy Center in Huntsville included investment, romance, and pig butchering scams.

She said recent research has shattered the stereotype of investment fraud victims as isolated, frail and gullible. Instead, she said people who meet the following criteria fit the profile of an investment fraudster’s prime target:

  • Self-reliant when it comes to making decisions
  • Optimistic
  • Above-average income
  • Well educated
  • Open to listening to new ideas or sales pitches
  • Above-average financial knowledge
  • Experienced a recent health or financial setback

And it happens in multiple ways.

The Romance Scam

Scammers portray to be a love interest to gain trust before asking for money. Some Red Flags include:

  • Quickly professing love or quick use of terms of endearment
  • Grammatical errors in text messages
  • Never video calling or meeting in person
  • Asking for large sums of money for an “emergency” or “crisis”
  • Encouraging you to invest in cryptocurrency
  • Little to no online or social media footprint
  • Quickly urging you to change social media platforms

 Pig Butchering Scam

Scammers connect in a seemingly innocent way and build a connection or relationship with the victim over a long period of time before stealing money through cryptocurrency investments or asking for large sums of money for a crisis or other fraudulent “opportunities” under the guise of helping you protect your assets.

Some Red Flags include:

  • Out of the blue text message from a wrong number
  • Build a relationship over time
  • Encourage potential victim to start investing in cryptocurrency
  • Asking for large sums of money for emergencies
  • Quickly switch from one messaging/dating/social media platform to another one to avoid detection.

McCurry offered some helpful tips she calls the “DO NOT DO” List including:

  • Use the same password for everything
  • Create a document called “Passwords” where you keep track of all of your passwords.
  • Click on unfamiliar or strange links
  • Allow strangers access to your devices
  • Don’t send money, trade, or invest with a person you have only met online
  • Never give out personal information over the phone, email, or social media
  • Connect to “FREE Wi-Fi” or public charging stations

And on the “DO” List of Financial Protection Tips, she included:

  • Routinely check your bank and credit card statements, investment accounts and credit report
  • Protect your personal information
  • Verify individuals selling investments and their products and anyone giving investment advice
  • Seek advice from a trusted source
  • Ask questions
  • Do your own research
  • Request written information and/or documentation
  • Take your time and exercise caution
  • Report immediately if you suspect or become a victim of fraud
  • Remember STRANGER DANGER

Mikala said the Alabama Securities Commission is available to help. “Before you invest, check it out,” she said. Call her office at 800-222-1253 if you are suspicious or have questions. You may also reach the ASC by email at ASC@asc.alabama.gov or visit the website at www.asc.alabama.gov

TARCOG staff is available by calling 256-830-0818.

In addition to her presentation, Mikala also joined a panel discussion and Question and Answer session with co-presenters  Teresa Hazzard, TARCOG resource coordinator with the State Health Insurance Program (SHIP) and Senior Medicare Patrol counselor, Karen Reeves, president and CEO of the Better Business Bureau of North Alabama, Denise Cassidy, the Bank Secrecy Act Manager at Redstone Federal Credit Union, Christopher Edwards, Huntsville police investigator in the Cyber and Financial Crimes Unit, TARCOG Elder Law Attorney LaTanya Rhines, and Todd Long, Electronic Content Administrator for Huntsville Utilities. The moderator of the summit was LeQuitta Gaskins, TARCOG’s outreach manager.

 

   

   

Exhibitors sharing additional information with participants included: Better Business Bureau of North Alabama, Community Action Partnership, VIVA Healthcare, Preferred Care at Home, Home Instead and Huntsville Utilities.

TARCOG thanks all who attended and participated in the event, and the Bob Harrison Center staff.