Older Clients May Be Prey for Phone Scammers Faking Family Emergencies

A report from the Federal Trade Commission's Division of Consumer and Business Education found phone scammers are calling older victims and making up family emergencies to steal money over the phone, according to Financial Advisor . These fraudsters will call, text, email, or send messages on social media requesting funds to be sent immediately. They fabricate convincing stories and insist their request be kept a secret, and it is common for these callers to have personal information about loved ones or attempt to guess facts about them. FTC attorney Carol Kando-Pineda says victims who receive such calls should contact the relative to confirm the claims even if instructed not to. She advises against wiring money, sending checks, overnighting money orders, or paying with a gift card or reloadable cash card, as they would require immediate action to successfully intercept. Kando-Pineda warns that if anyone calls with instructions to send them money in this way, it is likely they are a scammer.