×
Routing Number: 307070050
Search
Search Our Site
Type a word or phrase in the search field below. If you are unable to find the information you are looking for, please contact us.
Kirtland Federal Credit Union logo

Welcome To The Insighter!

Explore the latest happenings at Kirtland FCU and learn about important topics from around the financial world. Here’s your insight!

The Most Vulnerable Generation

04/22/2019
Security Team

They’re polite. They’re trusting. They’ve spent a lifetime building nest eggs and positioning themselves financially, and many have excellent credit. In other words, seniors represent a very attractive target for scammers and fraud schemes.
  • People who grew up in the 1930s, 1940s, and 1950s were generally raised to be polite and trusting. Con artists exploit these traits, knowing that it is difficult or impossible for these individuals to say “no” or just hang up the telephone.
  • Older Americans are less likely to report a fraud because they don’t know who to report it to, are too ashamed at having been scammed, or don’t know they have been scammed. Elderly victims may not report crimes, for example, because they are concerned that relatives may think the victims no longer have the mental capacity to take care of their own financial affairs.
  • When an elderly victim does report the crime, they often make poor witnesses. Con artists know the effects of age on memory, and they are counting on elderly victims not being able to supply enough detailed information to investigators. In addition, the victims’ realization that they have been swindled may take weeks—or more likely, months—after contact with the fraudster. This extended time frame makes it even more difficult to remember details from the events.
  • Senior citizens are more interested in and susceptible to products promising increased cognitive function, virility, physical conditioning, anti-cancer properties, and so on. In a country where new cures and vaccinations for old diseases have given every American hope for a long and fruitful life, it is not so unbelievable that the con artists’ products can do what they claim.
Telemarketing Fraud for Seniors

If you are age 60 or older—and especially if you are an older woman living alone—you may be a special target of people who sell bogus products and services by telephone. Telemarketing scams often involve offers of free prizes, low-cost vitamins and health care products, and inexpensive vacations.

Identity theft occurs when someone assumes your identity to perform a fraud or other criminal act. Criminals can get the information they need to assume your identity from a variety of sources, including by stealing your wallet, rifling through your trash, or by compromising your credit or bank information. They may approach you in person, by telephone, or on the Internet and ask you for the information.

The sources of information about you are so numerous that you cannot prevent the theft of your identity. But you can minimize your risk of loss by following a few simple hints.

Tips for Avoiding Identity Theft:
  • Never throw away ATM receipts, credit statements, credit cards, or bank statements in a usable form.
  • Never give your credit card number over the telephone unless you make the call.
  • Reconcile your bank account monthly and notify your bank of discrepancies immediately.
  • Keep a list of telephone numbers to call to report the loss or theft of your wallet, credit cards, etc.
  • Report unauthorized financial transactions to your bank, credit card company, and the police as soon as you detect them.
  • Review a copy of your credit report at least once each year. Notify the credit bureau in writing of any questionable entries and follow through until they are explained or removed.
  • If your identity has been assumed, ask the credit bureau to print a statement to that effect in your credit report.
If you know of anyone who receives mail from credit card companies or banks in the names of others, report it to local or federal law enforcement authorities.

Do you have a question or need help reporting an issue? Give us a call at 1.800.880.5328!
back to list