How to Avoid Becoming a Scam Artist's Next Victim
Fraud can happen to anyone, regardless of intelligence or knowledge. Scam artists are skilled at bypassing our defenses by triggering emotional responses that override logical thinking, according to AARP's fraud prevention director Kathy Stokes.
People over 50 control 83% of U.S. wealth, making them prime targets for fraudsters. However, studies show that financial decision-making abilities typically peak in our early 50s and decline afterward, while confidence in these abilities often increases – creating a dangerous gap between perceived and actual capability.
To protect yourself from scams:
- Register for the federal Do Not Call list
- Use call blocking services and let unknown calls go to voicemail
- Verify who you're giving personal information to and why
- Never make investment decisions based solely on unsolicited communications
Romance scams are particularly costly, with reported losses quadrupling to $143 million between 2015-2018. These scams often develop over months through dating apps, social media, or email, with fraudsters building trust before requesting money for "emergencies."
Protect yourself from romance scams by:
- Using reverse-image search tools like TinEye or Google Images to verify photos
- Checking known scammer databases like Romancescams.org
- Discussing potential romantic connections with trusted friends or family before sending money
The best defense against fraud is to:
- Get second opinions on financial decisions
- Consolidate accounts for easier monitoring
- Choose low-maintenance investments like target date funds
- Discuss suspicious situations with trusted advisors before taking action
Remember: Overconfidence in our ability to detect scams actually makes us more vulnerable to fraud. Stay vigilant and maintain healthy skepticism, regardless of age or experience.