Welcome to another edition of Charlie FraudWatch, the newsletter that helps protect you from the multitude of scams targeted at the 62+ community. Of course you are doing everything you can to avoid being scammed, but what happens if you find yourself among the millions of Americans that fall victim to fraud annually? If you suspect that you've been scammed, it's crucial to act promptly and strategically. This article outlines steps to take if you find yourself in this distressing situation.
Step 1: Immediate Action to Limit Damage
Contact Financial Institutions: Immediately reach out to your bank or credit card company to report suspected fraud. This action can prevent further unauthorized transactions. Make sure you use the contact number on your bank card. Be wary of anyone calling as a representative from your bank that asks for your personal information.
Change Online Passwords: If the fraud involves online accounts, change your passwords immediately. Ensure your passwords are memorable, but also unique from other passwords you’ve used. It can be challenging for anyone to keep all of that information in your head, so you might consider a password storage app like 1password. DO NOT store your passwords on a piece of paper or in the unsecure notes app on your phone.
Step 2: Report the Fraud
Report to Authorities: Contact your local police department to file a report. While they might not always be able to take direct action, having a report on file is crucial to have the incident documented.
Notify National Agencies: Consider reporting the incident to the Federal Trade Commission (FTC) through IdentityTheft.gov or the National Fraud Information Center. These agencies compile fraud data and provide resources for recovery. If it’s happened to you, it could be happening to countless other Americans, and the FTC can help drive awareness.
Step 3: Credit Bureau Notification
Contact Credit Bureaus: Reach out to the three major credit bureaus (Equifax, Experian, and TransUnion) and place a fraud alert on your credit reports. This alert will make it harder for fraudsters to open accounts in your name.
Consider a Credit Freeze: For added security, you might want to initiate a credit freeze, which completely restricts access to your credit reports. Freezing your credit still allows you to use your credit cards - it just prevents others from setting up new cards in your name. Visit this page on charlie.com to learn more about how to freeze your credit.
Step 4: Monitor Your Accounts
Regularly Review Statements: Keep a close eye on your bank and credit card statements for any unauthorized transactions. If you have a Charlie Account, you can enable “Text Me All Transactions” to receive real-time transaction notifications via SMS.
Check Credit Reports: Obtain and review your credit reports regularly for any suspicious activity or unfamiliar accounts. Visit this page on charlie.com to learn more about how to obtain your credit reports
Step 5: Seek Professional Advice
Consult Legal Counsel: If the fraud is extensive, consider consulting a lawyer who specializes in fraud or identity theft. They may be in a position to help you recover the funds or stop any further losses.
Financial Advisor Consultation: Talk to your financial advisor for guidance on safeguarding your assets and revising your financial plan if necessary.
Step 6: Stay Informed and Educated
Community Resources: Participate in community programs or workshops focusing on fraud awareness and prevention.
Educate Yourself: Stay updated on common fraud schemes targeting the 62+ community. Knowledge is a powerful tool in preventing future fraud. Signing up for this newsletter is a good start!
Conclusion
Experiencing financial fraud can be a distressing and perilous experience, especially for retirees who have worked hard to secure their financial future. However, by taking immediate action, reporting the fraud, closely monitoring your financial accounts, and staying informed, you can navigate through this challenging time and take steps to prevent future occurrences. Remember, vigilance and prompt action are key to minimizing the impact of financial fraud.
Thanks for reading,
Tony from Team FraudWatch
P.S. If you find this article valuable, please share it to a friend or relative. We’re in this together.
