In the VSECU Blog you'll find financial and lifestyle resources to help empower possibilities for your personal success.
What is a romance scam? A romance scam is a specific type of confidence scam, in which a person is defrauded after another person has gained their trust. In this scenario, the fraudster creates a fake identity to gain the victim’s affection and trust, then exploits this relationship for their financial gain.
According to the Social Security Administration (SSA), Americans have lost more than $50 million over the last two years to Social Security scams—and that’s just from telephone scams. Unfortunately, the telephone isn’t the only method used. Between October 1, 2018 and September 30, 2019, more than 450,000 Americans reported being contacted by Social Security scammers by phone, email, or even physical mail. To help you avoid becoming a victim, consider this your guide to what tactics are commonly used, what to look for if you’re being targeted, and what to do to avoid the growing number of Social Security scams.
Fraudsters will never let a good crisis go to waste. During this coronavirus outbreak, people’s attention is focused on the health and social impacts of COVID-19, which creates fear and confusion that thieves can use as a tool to steal information and, ultimately, money. So, in addition to social distancing and washing your hands, you should keep an eye out for this other type of germ—the online scammer.
Criminals love the holiday season. Why? Because it gives them more opportunities to steal payment card information. They do this at the register, online, by phone, and even at the gas station. Fraudsters have many techniques for committing card fraud. This article will outline some of their techniques and give you some tips for how to keep your payment card safe over the holidays.
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As the holiday season approaches remember to protect yourself against fraud, which increases during this time of year. Every year, more and more people gravitate towards online shopping, making fraudulent activity harder to identify. Therefore, it’s important to pay more attention to your online practices and how they could potentially make you a victim.
Financial Fraudsters Prey on Vulnerable Adults Elder financial abuse is a problem in Vermont and across the country. Vulnerable adults can fall prey to the scams of strangers and exploitation by family members. There are no reliable statistics for the incidence of elder financial abuse in Vermont, but a 2011 study, conducted by the MetLife Mature Market Institute, notes that “the annual financial loss by victims of elder financial abuse is estimated to be at least $2.9 billion dollars, a 12% increase from the $2.6 billion estimated in 2008.” The study notes that over half of the reports of elder financial abuse are perpetrated by strangers, while about 34% of abusers are reported to be family, friends, and neighbors.