June 13, 2025
Targets of Fraud
Targets of Fraud – World Elder Abuse Awareness Day is June 15 and according to the World Health Organization, one in six people 60 years and older experience financial fraud or abuse each year. Elder fraud reports to the FBI’s Crime Complaint Center have risen by 14%, with an average loss of $34K (see link below). Chris Boyd, Jeff Perry, and Russ Ball dig into
the statistics and discuss the most common types of fraud. The trio also shares practical advice how to avoid scams and fraud and what to do if you become a victim.
https://www.fbi.gov/news/stories/elder-fraud-in-focus
For more information or to reach TEAM AMR, click the following link:
https://www.wealthenhancement.com/s/advisor-teams/amr
1
00:00:00,580 --> 00:00:03,080
Welcome to Something More with Chris Boyd.
2
00:00:03,440 --> 00:00:06,260
Chris Boyd is a certified financial planner practitioner
3
00:00:06,260 --> 00:00:09,240
and senior vice president financial advisor at Wealth
4
00:00:09,240 --> 00:00:11,900
Enhancement Group, one of the nation's largest registered
5
00:00:11,900 --> 00:00:12,940
investment advisors.
6
00:00:13,320 --> 00:00:15,379
We call it Something More because we'd like
7
00:00:15,379 --> 00:00:17,500
to talk not only about those important dollar
8
00:00:17,500 --> 00:00:19,680
and cents issues, but also the quality of
9
00:00:19,680 --> 00:00:22,120
life issues that make the money matters matter.
10
00:00:22,520 --> 00:00:25,880
Here he is, your fulfillment facilitator, your partner
11
00:00:25,880 --> 00:00:29,020
in prosperity, advising clients on Cape Cod and
12
00:00:29,020 --> 00:00:30,100
across the country.
13
00:00:30,520 --> 00:00:32,900
Here's your host, Jay Christopher Boyd.
14
00:00:33,500 --> 00:00:35,860
Welcome to Something More with Chris Boyd.
15
00:00:35,940 --> 00:00:38,180
I'm Chris Boyd here with Jeff Perry and
16
00:00:38,180 --> 00:00:40,600
Russ Ball, both of the AMR team.
17
00:00:41,680 --> 00:00:44,620
And we are all of Wealth Enhancement Group
18
00:00:44,620 --> 00:00:46,180
and glad to have you with us for
19
00:00:46,180 --> 00:00:47,500
another episode of the show.
20
00:00:48,020 --> 00:00:52,140
Jeff had recently taken a CE course, prompted
21
00:00:52,140 --> 00:00:53,580
us for this episode.
22
00:00:53,860 --> 00:00:55,920
I think this is the kind of thing
23
00:00:55,920 --> 00:01:00,020
that all of us have run into these
24
00:01:00,020 --> 00:01:02,660
kinds of issues when it comes to fraud
25
00:01:02,660 --> 00:01:08,360
and scams and the risks of being caught
26
00:01:08,360 --> 00:01:12,420
up in these kinds of efforts to trick
27
00:01:12,420 --> 00:01:14,120
people into giving up their money.
28
00:01:14,820 --> 00:01:19,220
Well, June 15th is World Financial Fraud Abuse
29
00:01:19,220 --> 00:01:21,280
Day, Awareness Day.
30
00:01:22,220 --> 00:01:23,880
So, you know, every day should be that,
31
00:01:23,980 --> 00:01:24,160
right?
32
00:01:24,300 --> 00:01:27,400
But with that in mind and some recent
33
00:01:27,400 --> 00:01:29,500
data that came out from the FBI and
34
00:01:29,500 --> 00:01:31,860
yes, I took that continuing education course.
35
00:01:32,720 --> 00:01:34,620
So it's been hitting me over the back
36
00:01:34,620 --> 00:01:36,440
of the head, I guess, for the last
37
00:01:36,440 --> 00:01:38,700
week or so, financial fraud.
38
00:01:38,780 --> 00:01:40,920
And I think it's a big topic, right?
39
00:01:41,360 --> 00:01:45,680
The FBI, the FTC, Social Security, IRS, they
40
00:01:45,680 --> 00:01:48,620
all have dedicated efforts to prevent and mitigate
41
00:01:48,620 --> 00:01:51,400
and deal with investigations regarding fraud.
42
00:01:51,480 --> 00:01:54,420
But I think for our purposes, and I
43
00:01:54,420 --> 00:01:56,680
think the intent of the World Day is
44
00:01:56,680 --> 00:01:59,720
to focus on seniors who are growing more
45
00:01:59,720 --> 00:02:03,320
and more vulnerable to these types of frauds.
46
00:02:03,340 --> 00:02:04,540
And I just want to start out with,
47
00:02:04,600 --> 00:02:05,580
you know, setting the stage.
48
00:02:05,680 --> 00:02:07,639
We know this, we talk about it from
49
00:02:07,639 --> 00:02:11,600
time to time, but America's getting grayer or
50
00:02:11,600 --> 00:02:14,200
whiter, or whatever the case may be.
51
00:02:16,800 --> 00:02:20,820
18% or almost 60 million people in
52
00:02:20,820 --> 00:02:21,360
the United States.
53
00:02:21,360 --> 00:02:23,420
You mean whiter by terms of their hair,
54
00:02:23,560 --> 00:02:24,480
you're saying, right?
55
00:02:24,780 --> 00:02:25,820
I guess I should be.
56
00:02:27,000 --> 00:02:27,940
Yes, whiter.
57
00:02:28,300 --> 00:02:30,820
Our hair is getting whiter or losing or
58
00:02:30,820 --> 00:02:31,400
leaving us.
59
00:02:31,400 --> 00:02:32,800
Older, whatever it might be.
60
00:02:33,060 --> 00:02:34,740
Yeah, we're getting older.
61
00:02:35,160 --> 00:02:35,540
Yes.
62
00:02:36,500 --> 00:02:39,840
Almost 1 in 5, 18%, a little short
63
00:02:39,840 --> 00:02:42,260
of 1 in 5, Americans are over 60.
64
00:02:43,880 --> 00:02:45,140
That's a big number.
65
00:02:45,220 --> 00:02:47,760
60 million people in the United States.
66
00:02:48,260 --> 00:02:50,880
Obviously, it's growing and growing because we're living
67
00:02:50,880 --> 00:02:53,340
longer and the baby boomer generation.
68
00:02:54,180 --> 00:02:59,900
1.9 million Americans are over 90.
69
00:03:00,900 --> 00:03:04,120
And there's 90,000 Americans over 100.
70
00:03:05,200 --> 00:03:05,680
Wow.
71
00:03:06,100 --> 00:03:07,720
I think that just sets the stage of
72
00:03:07,720 --> 00:03:09,220
the targets.
73
00:03:09,400 --> 00:03:11,700
You know, the title of our podcast today
74
00:03:11,700 --> 00:03:12,740
is Targets of Fraud.
75
00:03:13,180 --> 00:03:16,100
Americans are getting older and the types of
76
00:03:16,100 --> 00:03:18,300
fraud, this is according to the FBI.
77
00:03:18,600 --> 00:03:20,680
I'll throw a link to this report in
78
00:03:20,680 --> 00:03:22,920
the notes, so if people want to go
79
00:03:22,920 --> 00:03:25,920
into it, but the types of fraud that
80
00:03:25,920 --> 00:03:28,860
are impacting Americans, and this is only the
81
00:03:28,860 --> 00:03:31,060
fraud that is reported.
82
00:03:31,640 --> 00:03:33,840
Of course, we know that less than 10
83
00:03:33,840 --> 00:03:36,300
% of all fraud committed against elderly is
84
00:03:36,300 --> 00:03:37,940
reported, and maybe we can go into why
85
00:03:38,480 --> 00:03:39,540
that is in a little bit.
86
00:03:39,840 --> 00:03:43,720
But of the number one type of fraud
87
00:03:43,720 --> 00:03:46,240
reported to the FBI last year was tech
88
00:03:46,240 --> 00:03:49,820
support scams, 18,000.
89
00:03:50,520 --> 00:03:54,120
And then it was fraud related to personal
90
00:03:54,120 --> 00:03:56,340
data breaches, you know, when they're just trying
91
00:03:56,340 --> 00:03:58,180
to get your information and use it for
92
00:03:58,180 --> 00:03:59,240
some other purpose later.
93
00:04:00,480 --> 00:04:04,500
Number three was confidence and romance scams.
94
00:04:05,280 --> 00:04:07,060
There's a lot there to talk about.
95
00:04:07,900 --> 00:04:12,360
Number four was non-payment, alleged, this isn't
96
00:04:12,360 --> 00:04:13,520
really non-payment, right?
97
00:04:13,640 --> 00:04:14,940
It's a fraud.
98
00:04:15,459 --> 00:04:17,160
And non-delivery scams.
99
00:04:17,720 --> 00:04:19,399
I've heard about this one a lot lately.
100
00:04:19,600 --> 00:04:21,520
I'll give you an example, if you like.
101
00:04:21,720 --> 00:04:26,120
And the top fifth, the fifth top reported
102
00:04:26,120 --> 00:04:28,520
elder fraud scams last year, according to the
103
00:04:28,520 --> 00:04:30,180
FBI, is investment scams.
104
00:04:31,640 --> 00:04:32,880
So it's all over.
105
00:04:32,980 --> 00:04:34,660
It's not just one thing that people need
106
00:04:34,660 --> 00:04:36,000
to be looking for.
107
00:04:36,560 --> 00:04:38,160
It's a variety of scams.
108
00:04:38,620 --> 00:04:41,740
And that data, according to the FBI, is
109
00:04:41,740 --> 00:04:44,580
up 14% last year over the previous
110
00:04:44,580 --> 00:04:49,880
year, with no signs of declining.
111
00:04:50,440 --> 00:04:53,640
It totaled $3.4 billion in aggregate.
112
00:04:54,880 --> 00:04:57,740
And the average scam was $34,000.
113
00:04:59,720 --> 00:05:01,680
That's a lot of money to be out.
114
00:05:02,120 --> 00:05:03,260
$34,000.
115
00:05:04,640 --> 00:05:07,060
So wait, you're telling me that Bill Gates
116
00:05:07,060 --> 00:05:10,000
isn't calling me about repairing my computer?
117
00:05:10,480 --> 00:05:11,880
I don't think so.
118
00:05:12,840 --> 00:05:14,960
You're a pretty important guy, Chris, but I
119
00:05:14,960 --> 00:05:16,700
don't know if he'd personally call you.
120
00:05:16,800 --> 00:05:17,800
I think he might have somebody.
121
00:05:18,020 --> 00:05:20,200
Have you ever had one of those Microsoft
122
00:05:20,200 --> 00:05:20,840
calls?
123
00:05:20,840 --> 00:05:21,880
I have not.
124
00:05:22,400 --> 00:05:23,360
Oh, I've gotten those.
125
00:05:23,620 --> 00:05:23,820
Yeah.
126
00:05:24,260 --> 00:05:25,940
This is Microsoft calling.
127
00:05:26,180 --> 00:05:28,940
We noticed there's a problem on your computer.
128
00:05:29,100 --> 00:05:30,560
We just need to get it rectified.
129
00:05:30,680 --> 00:05:32,840
Can you, you know, and then they pursue
130
00:05:32,840 --> 00:05:35,700
trying to, like they're trying to be so
131
00:05:35,700 --> 00:05:36,040
helpful.
132
00:05:36,300 --> 00:05:36,480
Right.
133
00:05:37,380 --> 00:05:38,980
Well, that's nice of them, right?
134
00:05:39,040 --> 00:05:40,400
Well, that wasn't that kind of them.
135
00:05:41,260 --> 00:05:42,240
And I'm like, who are you?
136
00:05:42,460 --> 00:05:42,660
What?
137
00:05:43,740 --> 00:05:44,400
You know.
138
00:05:45,140 --> 00:05:47,300
I referenced that I had a little experience
139
00:05:47,300 --> 00:05:49,260
with the package delivery scam.
140
00:05:50,320 --> 00:05:50,840
Yeah.
141
00:05:51,380 --> 00:05:53,620
My son called me and said, I think
142
00:05:53,620 --> 00:05:54,440
I got scammed.
143
00:05:54,860 --> 00:05:56,220
I said, what'd you do?
144
00:05:57,100 --> 00:05:57,620
Yeah.
145
00:05:57,900 --> 00:06:00,300
And he said that he was waiting for
146
00:06:00,300 --> 00:06:02,160
a package, but it was early.
147
00:06:02,220 --> 00:06:03,240
So it didn't make sense.
148
00:06:03,240 --> 00:06:04,920
But the post office sent him a text
149
00:06:04,920 --> 00:06:09,640
message saying he owed $2, you know, postage
150
00:06:09,640 --> 00:06:09,920
due.
151
00:06:10,340 --> 00:06:10,680
Yeah.
152
00:06:10,900 --> 00:06:12,220
So he didn't think $2.
153
00:06:12,540 --> 00:06:13,520
He didn't think about it.
154
00:06:13,540 --> 00:06:13,840
Right.
155
00:06:14,120 --> 00:06:16,180
So he clicked the link in his text,
156
00:06:16,660 --> 00:06:18,640
his credit card, a debit card, whatever he
157
00:06:18,640 --> 00:06:18,960
used.
158
00:06:19,880 --> 00:06:20,940
And it was $2.
159
00:06:21,280 --> 00:06:22,220
It was $2.
160
00:06:23,100 --> 00:06:25,260
And instantly the card was hacked.
161
00:06:25,940 --> 00:06:28,400
And, you know, the other information, he had
162
00:06:28,400 --> 00:06:29,900
to put all this information in to verify
163
00:06:29,900 --> 00:06:30,440
it was him.
164
00:06:30,560 --> 00:06:31,700
You know, he fell for it.
165
00:06:31,740 --> 00:06:32,600
Hook, line and sinker.
166
00:06:32,700 --> 00:06:34,920
He, you know, he knew he made a
167
00:06:34,920 --> 00:06:35,320
mistake.
168
00:06:35,420 --> 00:06:36,180
That's why he called.
169
00:06:36,700 --> 00:06:36,800
Yeah.
170
00:06:38,300 --> 00:06:38,700
Right.
171
00:06:39,040 --> 00:06:41,080
And so, you know, it doesn't have to
172
00:06:41,080 --> 00:06:45,660
be somebody calling asking for $34,000 or
173
00:06:45,660 --> 00:06:47,520
something really suspicious sounding.
174
00:06:47,720 --> 00:06:48,540
It can be something.
175
00:06:49,300 --> 00:06:50,740
I mean, that's why you get these calls
176
00:06:50,740 --> 00:06:53,740
and these texts from national banks, Bank of
177
00:06:53,740 --> 00:06:54,600
America, Chase.
178
00:06:55,320 --> 00:06:55,600
Right.
179
00:06:55,700 --> 00:06:56,660
And you say, I don't have a Chase
180
00:06:56,660 --> 00:06:57,020
account.
181
00:06:57,300 --> 00:06:58,320
And so, you know it, but.
182
00:06:58,420 --> 00:06:59,960
You know, the odds are they're going to
183
00:06:59,960 --> 00:07:00,700
hit enough people.
184
00:07:00,840 --> 00:07:01,200
That's right.
185
00:07:01,400 --> 00:07:01,620
Right.
186
00:07:01,920 --> 00:07:04,680
And when they make that personal connection, like,
187
00:07:04,960 --> 00:07:05,660
it must be true.
188
00:07:05,720 --> 00:07:06,720
I have a Chase account.
189
00:07:07,400 --> 00:07:07,620
Right.
190
00:07:07,920 --> 00:07:08,140
Right.
191
00:07:08,360 --> 00:07:09,600
And so forth.
192
00:07:09,700 --> 00:07:10,060
So.
193
00:07:10,700 --> 00:07:12,400
Well, you know, as you kind of alluded
194
00:07:12,400 --> 00:07:16,800
to this earlier, that the number of victims
195
00:07:16,800 --> 00:07:20,760
that are actually affected, it's far fewer that
196
00:07:20,760 --> 00:07:21,520
go reported.
197
00:07:22,320 --> 00:07:24,900
It's a little bit embarrassing for people.
198
00:07:25,240 --> 00:07:27,060
You know, they feel like, oh, how stupid
199
00:07:27,060 --> 00:07:27,880
I should have known.
200
00:07:28,180 --> 00:07:31,140
But this is only going to get harder
201
00:07:31,140 --> 00:07:34,100
to detect with artificial intelligence.
202
00:07:34,300 --> 00:07:36,160
You can fake your voices.
203
00:07:36,640 --> 00:07:36,800
Right.
204
00:07:36,880 --> 00:07:38,500
You could have false identities.
205
00:07:38,760 --> 00:07:41,620
Like, this is going to become more and
206
00:07:41,620 --> 00:07:42,680
more prevalent.
207
00:07:43,880 --> 00:07:45,680
But what was it?
208
00:07:45,700 --> 00:07:48,100
Something like 5 million scams.
209
00:07:48,640 --> 00:07:48,960
Exactly.
210
00:07:49,380 --> 00:07:50,360
5 million a year.
211
00:07:51,480 --> 00:07:54,440
And to your point, the research has indicated
212
00:07:54,440 --> 00:07:57,400
that only 4% of these cases are
213
00:07:57,400 --> 00:07:57,840
reported.
214
00:07:58,400 --> 00:07:58,560
Yeah.
215
00:07:58,740 --> 00:08:00,440
And you can see, I mean, on some
216
00:08:00,440 --> 00:08:01,980
level, you go, what are you going to
217
00:08:01,980 --> 00:08:03,300
do about it realistically?
218
00:08:03,800 --> 00:08:03,900
Right.
219
00:08:04,140 --> 00:08:05,840
So do you want to go through the
220
00:08:05,840 --> 00:08:08,160
trouble of filing a police report or whatever?
221
00:08:08,480 --> 00:08:11,440
They're not really going to catch the people
222
00:08:11,440 --> 00:08:12,960
most of the time, you know.
223
00:08:13,160 --> 00:08:13,960
Most of the time.
224
00:08:14,240 --> 00:08:18,180
But there are special areas of law enforcement
225
00:08:18,180 --> 00:08:23,120
that do gather this data and then ultimately
226
00:08:23,120 --> 00:08:27,180
can sometimes be able to shut these things
227
00:08:27,180 --> 00:08:27,600
down.
228
00:08:27,940 --> 00:08:28,240
Right.
229
00:08:28,460 --> 00:08:30,500
And if you have a specific scam, like
230
00:08:30,500 --> 00:08:33,080
it's a social security scam, a post office
231
00:08:33,080 --> 00:08:38,900
scam, etc., a tax scam, you contact the
232
00:08:38,900 --> 00:08:41,640
IRS, has their own division, social security and
233
00:08:41,640 --> 00:08:43,059
so forth, the post office.
234
00:08:43,360 --> 00:08:45,900
But if it's a general scam, those reports,
235
00:08:46,120 --> 00:08:48,360
you can file an online report at the
236
00:08:48,360 --> 00:08:52,020
Federal Trade Commission, FTC, and they gather up
237
00:08:52,020 --> 00:08:52,820
all the data.
238
00:08:53,140 --> 00:08:55,980
And obviously, they're not going to pick, you
239
00:08:55,980 --> 00:08:59,000
know, if you've lost $500, the likelihood of
240
00:08:59,000 --> 00:09:02,020
them picking your case and traveling to Africa
241
00:09:02,020 --> 00:09:06,560
or wherever, you know, to get your money
242
00:09:06,560 --> 00:09:06,900
back.
243
00:09:07,200 --> 00:09:08,500
But they look for patterns.
244
00:09:08,660 --> 00:09:10,020
They look for commonalities.
245
00:09:10,500 --> 00:09:14,780
They look for, you know, modus operandi, you
246
00:09:14,780 --> 00:09:16,640
know, ways that they can mitigate and investigate
247
00:09:16,640 --> 00:09:20,980
these cases larger and hopefully either with technology
248
00:09:20,980 --> 00:09:23,360
or, you know, cyber activity.
249
00:09:23,680 --> 00:09:25,200
So you should report it.
250
00:09:25,840 --> 00:09:27,180
You're not going to make the front page
251
00:09:27,180 --> 00:09:30,360
of the newspaper that, you know, you're a
252
00:09:30,360 --> 00:09:31,040
victim here.
253
00:09:31,480 --> 00:09:31,620
Yeah.
254
00:09:31,780 --> 00:09:33,620
And be embarrassed or something.
255
00:09:33,740 --> 00:09:33,860
Yeah.
256
00:09:33,940 --> 00:09:34,140
Right.
257
00:09:35,620 --> 00:09:38,100
Let's talk about what are some common scams
258
00:09:38,100 --> 00:09:41,040
because I think being aware of some of
259
00:09:41,040 --> 00:09:43,780
these can help you to be less susceptible
260
00:09:43,780 --> 00:09:44,240
to them.
261
00:09:44,300 --> 00:09:47,520
And of course, you know, they alter and
262
00:09:47,520 --> 00:09:49,460
they adapt.
263
00:09:49,740 --> 00:09:50,360
Yeah, they morph.
264
00:09:50,940 --> 00:09:51,480
They sure do.
265
00:09:51,480 --> 00:09:54,500
It's not, you know, necessarily identical to what
266
00:09:54,500 --> 00:09:56,900
we might reference here, but, you know, you
267
00:09:56,900 --> 00:10:00,320
can maybe have a heightened awareness for some
268
00:10:00,320 --> 00:10:00,940
of these things.
269
00:10:01,440 --> 00:10:02,100
Yeah, for sure.
270
00:10:02,340 --> 00:10:07,220
Also, you know, the topic of why it
271
00:10:07,220 --> 00:10:10,660
is that seniors are, I think, more frequently
272
00:10:11,600 --> 00:10:12,040
targeted.
273
00:10:12,900 --> 00:10:14,440
Let's talk about that for just a quick
274
00:10:14,440 --> 00:10:16,000
second and then go into some of these
275
00:10:16,000 --> 00:10:16,340
scams.
276
00:10:17,080 --> 00:10:19,080
One of them is I think it tends
277
00:10:19,080 --> 00:10:21,320
to be not always, but tends to be
278
00:10:23,280 --> 00:10:27,900
seniors are a little less technologically comfortable, right?
279
00:10:28,000 --> 00:10:29,980
Things change a lot and they're not necessarily
280
00:10:29,980 --> 00:10:32,780
up to the date on all the latest
281
00:10:32,780 --> 00:10:34,300
and greatest, you know, things.
282
00:10:34,400 --> 00:10:37,100
And so they either take advantage of that,
283
00:10:37,180 --> 00:10:42,200
like a self-awareness.
284
00:10:42,320 --> 00:10:44,380
Oh, I don't know that I have this
285
00:10:44,380 --> 00:10:48,840
mastered or they're able to, you know, use
286
00:10:48,840 --> 00:10:52,180
technology in a way that it undermines, you
287
00:10:52,180 --> 00:10:54,240
know, it can put you at a disadvantage,
288
00:10:54,660 --> 00:10:55,140
you know what I mean?
289
00:10:55,440 --> 00:10:55,760
That's right.
290
00:10:55,980 --> 00:10:58,600
I think also when you think about seniors,
291
00:10:59,040 --> 00:11:03,720
some seniors, not all, of course, but may
292
00:11:03,720 --> 00:11:12,720
have a diminished capacity at times and that
293
00:11:12,720 --> 00:11:17,100
they're the most susceptible to these challenges, you
294
00:11:17,100 --> 00:11:20,760
know, and they still might, you know, control
295
00:11:20,760 --> 00:11:24,080
their finances and things, but they could get
296
00:11:24,080 --> 00:11:29,940
more confused or people, they could be in
297
00:11:29,940 --> 00:11:31,660
a position where they might trust that someone's
298
00:11:31,660 --> 00:11:33,920
to help them when in fact they're, you
299
00:11:33,920 --> 00:11:35,420
know, who's positioned themselves to help.
300
00:11:35,720 --> 00:11:38,640
Oh, my call from Microsoft is a nice
301
00:11:38,640 --> 00:11:40,860
of you to call, you know, I've been
302
00:11:40,860 --> 00:11:43,200
having trouble with my computer, you know, that
303
00:11:43,200 --> 00:11:43,780
kind of thing.
304
00:11:44,980 --> 00:11:48,000
So in any case, what are some of
305
00:11:48,000 --> 00:11:48,880
the scams?
306
00:11:49,200 --> 00:11:50,620
Did you want to say something, Russ?
307
00:11:50,760 --> 00:11:52,540
You look like you're poised to jump in.
308
00:11:52,680 --> 00:11:55,320
No, I think it's just, yeah, especially when
309
00:11:55,320 --> 00:11:57,600
people are calling in and, you know, when
310
00:11:57,600 --> 00:11:59,400
you're actually talking to someone on the phone,
311
00:12:00,160 --> 00:12:01,720
it's very easy to think like, yeah, this
312
00:12:01,720 --> 00:12:04,880
person's calling from a reputable company and I
313
00:12:04,880 --> 00:12:06,760
do have that issue, like you mentioned before,
314
00:12:07,220 --> 00:12:10,220
and very easy to kind of go down
315
00:12:10,220 --> 00:12:12,560
that route and, you know, click on something
316
00:12:12,560 --> 00:12:13,100
you shouldn't.
317
00:12:14,420 --> 00:12:17,440
And, you know, it's a numbers game, right?
318
00:12:17,500 --> 00:12:19,960
So most seniors will not fall for this.
319
00:12:20,020 --> 00:12:21,540
We're talking as a percentage, right?
320
00:12:21,580 --> 00:12:22,780
And it's a numbers game.
321
00:12:23,040 --> 00:12:26,580
So if you have a senior who is
322
00:12:26,580 --> 00:12:31,120
maybe a little cognitively declined, maybe they're isolated,
323
00:12:31,380 --> 00:12:33,140
so they don't have someone just to check
324
00:12:33,140 --> 00:12:33,480
with.
325
00:12:34,600 --> 00:12:36,400
Or maybe they're just more trusting.
326
00:12:37,520 --> 00:12:38,440
Those are all reasons.
327
00:12:38,680 --> 00:12:41,200
And, you know, I'm not, the number one
328
00:12:41,200 --> 00:12:44,800
list, according to my continuing education class, which
329
00:12:44,800 --> 00:12:49,080
is from FINRA, is IRS impersonation scams.
330
00:12:49,140 --> 00:12:50,940
And I think that goes with, because people
331
00:12:50,940 --> 00:12:53,980
generally of all ages are afraid of the
332
00:12:53,980 --> 00:12:54,400
IRS.
333
00:12:54,620 --> 00:12:55,080
Absolutely.
334
00:12:55,080 --> 00:12:57,380
Who wants to mess with the IRS?
335
00:12:57,820 --> 00:13:00,040
Yeah, I don't want to have audits for
336
00:13:00,040 --> 00:13:01,260
the rest of my life, right?
337
00:13:01,420 --> 00:13:01,600
Yeah.
338
00:13:01,780 --> 00:13:03,700
So let's start with one premise as, you
339
00:13:03,700 --> 00:13:07,680
know, a positive prevention suggestion is the IRS
340
00:13:07,680 --> 00:13:10,200
does not call you, period.
341
00:13:10,780 --> 00:13:12,860
It's absolute hard and fast.
342
00:13:13,120 --> 00:13:13,540
That's right.
343
00:13:13,860 --> 00:13:15,740
The IRS does not make outbound calls.
344
00:13:16,080 --> 00:13:16,680
That's correct.
345
00:13:17,460 --> 00:13:22,820
They send you correspondence by mail if you
346
00:13:22,820 --> 00:13:24,740
have an issue they need to address.
347
00:13:25,820 --> 00:13:27,580
And a common one that was on the
348
00:13:27,580 --> 00:13:29,380
Cape for a while, I haven't heard about
349
00:13:29,380 --> 00:13:32,060
it, but it was the individual would get
350
00:13:32,060 --> 00:13:34,020
a call and say there was about to
351
00:13:34,020 --> 00:13:36,140
be a warrant for your arrest.
352
00:13:36,220 --> 00:13:38,000
Yeah, I remember this being prominent.
353
00:13:38,320 --> 00:13:38,560
Yeah.
354
00:13:38,980 --> 00:13:42,460
Because you have failed to pay whatever the
355
00:13:42,460 --> 00:13:44,780
IRS scam is.
356
00:13:45,000 --> 00:13:47,120
Or it could be, it also was associated
357
00:13:47,120 --> 00:13:47,880
with jury duty.
358
00:13:48,200 --> 00:13:49,080
You missed jury duty.
359
00:13:49,640 --> 00:13:51,020
You didn't show up for the hearing.
360
00:13:51,620 --> 00:13:52,760
And now there's a warrant.
361
00:13:52,860 --> 00:13:54,220
And the only way to avoid that is
362
00:13:54,220 --> 00:13:55,180
to post a bond.
363
00:13:55,560 --> 00:13:57,180
And you can do that by going to
364
00:13:57,180 --> 00:13:59,640
your Walgreens or CVS and buying a green
365
00:13:59,640 --> 00:14:02,580
card and calling me back.
366
00:14:02,800 --> 00:14:04,240
My name is Deputy Dog.
367
00:14:04,800 --> 00:14:07,580
And I will take those numbers and you
368
00:14:07,580 --> 00:14:08,400
will be off the hook.
369
00:14:08,500 --> 00:14:09,900
I will personally take care of it.
370
00:14:09,960 --> 00:14:11,240
I think this is an injustice.
371
00:14:12,220 --> 00:14:12,320
Yeah.
372
00:14:12,460 --> 00:14:13,920
Not fair, but I'm going to help you.
373
00:14:14,320 --> 00:14:16,260
Just call me back at this number.
374
00:14:17,420 --> 00:14:17,620
Yeah.
375
00:14:17,620 --> 00:14:19,300
And then of course, they answer it with
376
00:14:19,300 --> 00:14:21,300
IRS warrant service, you know?
377
00:14:21,420 --> 00:14:21,640
Yeah.
378
00:14:21,700 --> 00:14:21,980
Yeah.
379
00:14:22,020 --> 00:14:22,340
Right.
380
00:14:23,720 --> 00:14:25,960
So IRS impersonation is number one.
381
00:14:26,040 --> 00:14:28,860
And number two is maybe the oldest one,
382
00:14:28,940 --> 00:14:30,220
or at least one of the older ones,
383
00:14:30,320 --> 00:14:32,300
lottery and sweepscapes.
384
00:14:32,660 --> 00:14:33,100
Yeah.
385
00:14:33,380 --> 00:14:33,820
Scams.
386
00:14:34,520 --> 00:14:34,640
Yeah.
387
00:14:34,700 --> 00:14:36,940
The Nigerian Prince or one of those where
388
00:14:36,940 --> 00:14:40,640
they just, if you just help them, give
389
00:14:40,640 --> 00:14:42,480
them a little bit to get the legal
390
00:14:42,480 --> 00:14:43,480
fees or something.
391
00:14:43,700 --> 00:14:43,920
Yeah.
392
00:14:44,160 --> 00:14:45,060
Processing fees.
393
00:14:45,060 --> 00:14:50,020
I'll share the abundance of wealth that's coming
394
00:14:50,020 --> 00:14:50,740
my way.
395
00:14:51,800 --> 00:14:54,540
It's difficult to understand how people could buy
396
00:14:54,540 --> 00:14:55,040
that one.
397
00:14:55,300 --> 00:14:57,500
But, you know, once again, a numbers game,
398
00:14:57,560 --> 00:14:58,880
you only need one a day to get
399
00:14:58,880 --> 00:14:59,260
rich.
400
00:14:59,980 --> 00:15:00,460
Yeah.
401
00:15:00,580 --> 00:15:01,840
They're on the phone all day.
402
00:15:02,380 --> 00:15:07,300
Imagine if they put this effort to doing
403
00:15:07,300 --> 00:15:08,120
good, right?
404
00:15:10,400 --> 00:15:13,000
Well, I could say that about a lot
405
00:15:13,000 --> 00:15:13,480
of things.
406
00:15:13,840 --> 00:15:14,100
Yes.
407
00:15:14,720 --> 00:15:15,160
Robocalls.
408
00:15:15,500 --> 00:15:16,880
What are robocalls?
409
00:15:16,980 --> 00:15:17,700
What's that about?
410
00:15:18,000 --> 00:15:20,320
Robocalls is an automated phone call that you
411
00:15:20,320 --> 00:15:20,620
get.
412
00:15:21,160 --> 00:15:21,380
Yeah.
413
00:15:21,540 --> 00:15:23,780
And it's pretending to be from someone, you
414
00:15:23,780 --> 00:15:25,120
know, like a Chase Bank.
415
00:15:25,200 --> 00:15:26,180
I hate to keep using Chase.
416
00:15:26,240 --> 00:15:26,920
Bank of America.
417
00:15:26,980 --> 00:15:27,900
One of the big names.
418
00:15:28,100 --> 00:15:28,560
From Big Bank.
419
00:15:28,740 --> 00:15:28,900
Yeah.
420
00:15:29,160 --> 00:15:29,340
Yeah.
421
00:15:29,400 --> 00:15:30,140
Like that.
422
00:15:30,380 --> 00:15:30,520
Yeah.
423
00:15:30,560 --> 00:15:32,520
And they're designed to get you to call
424
00:15:32,520 --> 00:15:32,880
back.
425
00:15:34,180 --> 00:15:36,560
And so call back the number that they
426
00:15:36,560 --> 00:15:37,060
leave you.
427
00:15:37,480 --> 00:15:41,400
So this machine is making calls with a
428
00:15:41,400 --> 00:15:41,960
fake number.
429
00:15:41,960 --> 00:15:44,400
Um, I learned this in politics.
430
00:15:44,540 --> 00:15:46,240
I did not know this from law enforcement.
431
00:15:46,380 --> 00:15:49,460
But you can using a voice over internet
432
00:15:49,460 --> 00:15:54,060
protocol, uh, machine computer software.
433
00:15:54,340 --> 00:15:56,720
You can program it to have it come
434
00:15:56,720 --> 00:15:58,720
from any number that you set.
435
00:15:59,920 --> 00:16:00,440
Interesting.
436
00:16:00,860 --> 00:16:01,180
Yeah.
437
00:16:01,240 --> 00:16:03,380
So they set it from an area code
438
00:16:03,380 --> 00:16:06,820
that might look like Washington, D.C. or
439
00:16:06,820 --> 00:16:08,260
New York or.
440
00:16:08,500 --> 00:16:08,640
Yeah.
441
00:16:08,640 --> 00:16:11,080
Something close to maybe what your, the real
442
00:16:11,080 --> 00:16:12,880
Chase Bank account number is.
443
00:16:13,420 --> 00:16:16,600
And so, and they leave a number that
444
00:16:16,600 --> 00:16:17,120
you call.
445
00:16:17,200 --> 00:16:19,860
So it doesn't feel like you're being, you
446
00:16:19,860 --> 00:16:20,400
know, pressured.
447
00:16:21,340 --> 00:16:24,100
And then you're into their system, verifying your
448
00:16:24,100 --> 00:16:26,680
identity, giving them your social security number.
449
00:16:26,980 --> 00:16:29,700
And before you know it, they have everything
450
00:16:29,700 --> 00:16:30,240
they need.
451
00:16:32,060 --> 00:16:32,540
Yeah.
452
00:16:32,760 --> 00:16:36,460
Uh, hard to believe, uh, that, uh, you
453
00:16:36,460 --> 00:16:37,940
know, when, when you get that kind of
454
00:16:37,940 --> 00:16:39,440
thing, don't call the number given.
455
00:16:40,120 --> 00:16:41,900
If you get a message from your bank,
456
00:16:42,140 --> 00:16:42,240
right.
457
00:16:42,500 --> 00:16:43,980
Use the number on the back of your
458
00:16:43,980 --> 00:16:46,120
ATM card or whatever it is, you know,
459
00:16:46,180 --> 00:16:47,820
look it up yourself.
460
00:16:48,140 --> 00:16:50,500
Um, and then I received this call.
461
00:16:50,660 --> 00:16:51,380
Is this legit?
462
00:16:51,480 --> 00:16:52,520
You know, that kind of thing.
463
00:16:52,520 --> 00:16:54,020
You can find a way to do that.
464
00:16:54,300 --> 00:16:55,360
That's, that's good advice.
465
00:16:55,400 --> 00:16:57,520
A lot of these scams, you know, whether
466
00:16:57,520 --> 00:16:59,160
it be someone at your front door, knocking
467
00:16:59,160 --> 00:17:01,800
someone calling, whatever it is, if you just
468
00:17:01,800 --> 00:17:05,200
stop, if you just pause and say, you
469
00:17:05,200 --> 00:17:08,640
know, ask a friend, call a relative, uh,
470
00:17:08,640 --> 00:17:10,240
you can call the local law enforcement if
471
00:17:10,240 --> 00:17:13,119
you'd like, um, look up the number independently,
472
00:17:13,119 --> 00:17:16,319
as you say, and, or just wait, um,
473
00:17:16,400 --> 00:17:18,079
just don't react immediately.
474
00:17:18,400 --> 00:17:20,400
You know, of course their, their pitch or
475
00:17:20,400 --> 00:17:21,760
their messages, something's wrong.
476
00:17:21,819 --> 00:17:23,740
You have to get us right now or
477
00:17:23,740 --> 00:17:24,859
the world's going to end.
478
00:17:25,079 --> 00:17:28,180
And so just pause.
479
00:17:28,520 --> 00:17:30,960
These, um, these grandparents scams are going to
480
00:17:30,960 --> 00:17:33,720
become even harder to, uh, discern.
481
00:17:34,200 --> 00:17:34,500
Yeah.
482
00:17:34,660 --> 00:17:40,460
The voice, uh, uh, AI or whatever it
483
00:17:40,460 --> 00:17:40,880
is.
484
00:17:40,960 --> 00:17:43,520
And if you think about, uh, social media
485
00:17:43,520 --> 00:17:49,420
generally, our grandchildren, our children, we, Hey, we're
486
00:17:49,420 --> 00:17:51,380
providing content right now.
487
00:17:51,700 --> 00:17:54,400
Um, there's so many examples that AI can
488
00:17:54,400 --> 00:17:56,940
pick up from public information.
489
00:17:57,120 --> 00:17:59,480
We had this scam at the sheriff's office
490
00:17:59,480 --> 00:18:02,160
several times where it would be like, they
491
00:18:02,160 --> 00:18:04,060
would look up someone's social media and many
492
00:18:04,060 --> 00:18:05,360
of these are local by the way.
493
00:18:06,040 --> 00:18:08,680
So it's something definitely to report to the
494
00:18:08,680 --> 00:18:09,900
local law enforcement.
495
00:18:10,320 --> 00:18:11,860
So they'll see that you have a grand
496
00:18:11,860 --> 00:18:14,500
grandchild or a child, whatever, they may be
497
00:18:14,500 --> 00:18:16,320
able to tell what they're involved in.
498
00:18:16,520 --> 00:18:17,960
So they have some data, they know their
499
00:18:17,960 --> 00:18:18,380
name.
500
00:18:18,900 --> 00:18:22,140
So they call and say, Russ, your, your
501
00:18:22,140 --> 00:18:24,580
grandchild, um, has been arrested.
502
00:18:24,700 --> 00:18:25,520
It's nothing serious.
503
00:18:25,640 --> 00:18:26,160
Don't worry.
504
00:18:26,240 --> 00:18:28,200
They asked us to call you because they
505
00:18:28,200 --> 00:18:29,440
didn't want to worry anybody else.
506
00:18:29,440 --> 00:18:31,040
And they know that you would help quietly
507
00:18:31,040 --> 00:18:31,540
privately.
508
00:18:31,720 --> 00:18:33,460
So this didn't, you know, get out in
509
00:18:33,460 --> 00:18:34,340
the media or anything.
510
00:18:35,360 --> 00:18:36,840
Um, it's not serious.
511
00:18:36,980 --> 00:18:37,760
Don't worry about it.
512
00:18:37,820 --> 00:18:42,220
But little Johnny just needs $500 to get
513
00:18:42,220 --> 00:18:42,500
out.
514
00:18:42,960 --> 00:18:44,560
And as soon as he's out, I'll call
515
00:18:44,560 --> 00:18:46,040
you and you can come pick them up.
516
00:18:47,680 --> 00:18:49,980
And, you know, they'll even in our case,
517
00:18:49,980 --> 00:18:51,360
when I was working with the sheriff's office,
518
00:18:51,400 --> 00:18:52,580
they even gave her address.
519
00:18:53,460 --> 00:18:53,860
Right.
520
00:18:53,920 --> 00:18:58,280
Cause obviously they're not, yeah, they're not, um,
521
00:18:58,700 --> 00:19:00,140
they don't have their own jail and that's
522
00:19:00,140 --> 00:19:02,840
not a real, real scheme here.
523
00:19:02,980 --> 00:19:04,060
So they would give the address.
524
00:19:04,200 --> 00:19:05,100
People would look it up.
525
00:19:05,340 --> 00:19:07,180
We even had people come in and say,
526
00:19:07,320 --> 00:19:09,500
I didn't give him any money, but I
527
00:19:09,500 --> 00:19:10,780
want to know what's going on.
528
00:19:10,840 --> 00:19:11,200
Yeah.
529
00:19:11,740 --> 00:19:12,100
Right.
530
00:19:12,140 --> 00:19:13,440
And then we had people come in and
531
00:19:13,440 --> 00:19:14,480
say, I paid the bail.
532
00:19:14,900 --> 00:19:15,940
You know, here's my number.
533
00:19:16,020 --> 00:19:18,580
And it's like, that's a scam.
534
00:19:18,940 --> 00:19:20,020
And it's so powerful.
535
00:19:20,100 --> 00:19:22,800
I mean, they, they, they have the name,
536
00:19:22,860 --> 00:19:25,660
they have some details about you and you're
537
00:19:25,660 --> 00:19:27,160
just trying to help and it's not like
538
00:19:27,160 --> 00:19:27,960
$10 million.
539
00:19:27,960 --> 00:19:29,400
It was usually 500.
540
00:19:30,220 --> 00:19:32,320
So you're just reacting real quick.
541
00:19:34,160 --> 00:19:37,280
Um, it occurs to me as we're in
542
00:19:37,280 --> 00:19:38,880
the midst of this, uh, there was a
543
00:19:38,880 --> 00:19:44,680
recent episode of, um, another podcast, the Washington
544
00:19:44,680 --> 00:19:48,360
wise podcast, we've had Michael Townsend as a
545
00:19:48,360 --> 00:19:49,260
guest before.
546
00:19:49,920 --> 00:19:53,220
And, uh, he, they also happened to address
547
00:19:53,220 --> 00:19:57,340
fraud, financial fraud, one of their recent episodes,
548
00:19:58,020 --> 00:19:59,080
episode one 20.
549
00:19:59,240 --> 00:20:00,560
You may want to check that out.
550
00:20:00,620 --> 00:20:02,960
It gave some specifics about the kind of
551
00:20:02,960 --> 00:20:05,800
things that a Schwab is doing to protect
552
00:20:05,800 --> 00:20:07,300
their clientele.
553
00:20:07,440 --> 00:20:09,480
I'm sure that can give people on who
554
00:20:09,480 --> 00:20:11,200
use brokerage accounts.
555
00:20:11,280 --> 00:20:14,840
I'm sure the similar kinds of practices at
556
00:20:14,840 --> 00:20:19,320
the major brokerage platforms, some things to check
557
00:20:19,320 --> 00:20:19,660
out.
558
00:20:20,020 --> 00:20:21,400
We give it a wrap it up.
559
00:20:21,420 --> 00:20:23,480
Um, a short episode today.
560
00:20:23,480 --> 00:20:25,920
Anything else you wanted to, uh, you know,
561
00:20:25,940 --> 00:20:29,500
the kind of conclude with or resources or,
562
00:20:29,500 --> 00:20:32,580
um, you know, things people should keep in
563
00:20:32,580 --> 00:20:32,880
mind.
564
00:20:33,140 --> 00:20:35,800
Um, one comment and I'll just refer people
565
00:20:35,800 --> 00:20:36,580
to the show notes.
566
00:20:36,580 --> 00:20:38,320
I'll put a couple of resources in there.
567
00:20:39,960 --> 00:20:42,460
Um, this isn't just from people from foreign
568
00:20:42,460 --> 00:20:44,020
countries or criminals.
569
00:20:44,440 --> 00:20:46,440
Sometimes it's related to caregivers.
570
00:20:47,120 --> 00:20:49,540
Sometimes it's related to people who are in
571
00:20:49,540 --> 00:20:51,140
the home, you know, lawfully.
572
00:20:51,140 --> 00:20:54,580
And so it's, it's broader than that.
573
00:20:54,720 --> 00:20:58,200
So be aware, you know, ask, do your
574
00:20:58,200 --> 00:20:59,260
reading, do your research.
575
00:20:59,500 --> 00:21:02,440
If things don't seem right, they probably aren't
576
00:21:02,440 --> 00:21:04,620
and turn to somebody and you can always
577
00:21:04,620 --> 00:21:05,900
turn to local law enforcement.
578
00:21:06,120 --> 00:21:07,840
Don't think that you're the first person to
579
00:21:07,840 --> 00:21:08,760
ever call with this.
580
00:21:08,880 --> 00:21:09,580
It's very common.
581
00:21:09,780 --> 00:21:11,960
And that call can save a lot of
582
00:21:11,960 --> 00:21:14,800
grief and a lot of expense, a lot
583
00:21:14,800 --> 00:21:15,380
of expense.
584
00:21:15,600 --> 00:21:18,300
So it's a way it's awareness day on
585
00:21:18,300 --> 00:21:18,900
the 15th.
586
00:21:18,900 --> 00:21:22,620
So be aware, maybe talk to your parents
587
00:21:22,620 --> 00:21:24,720
or grandparents who are getting older, maybe be
588
00:21:24,720 --> 00:21:27,760
more engaged in certain things and, you know,
589
00:21:28,120 --> 00:21:29,420
just be aware.
590
00:21:30,020 --> 00:21:30,940
Good, good comments.
591
00:21:31,040 --> 00:21:32,220
Good, good suggestions.
592
00:21:32,220 --> 00:21:34,740
And thanks for bringing this to our attention.
593
00:21:34,960 --> 00:21:37,880
If anyone needs help, whether it's with some
594
00:21:37,880 --> 00:21:39,860
of these issues or any aspect of your
595
00:21:39,860 --> 00:21:43,120
portfolio management or financial planning, don't hesitate to
596
00:21:43,120 --> 00:21:45,340
reach out to us until next time, everybody
597
00:21:45,340 --> 00:21:46,880
keeps driving for something more.
598
00:21:46,880 --> 00:21:50,220
Thank you for listening to something more with
599
00:21:50,220 --> 00:21:50,900
Chris Boyd.
600
00:21:51,220 --> 00:21:53,380
Call us for help, whether it's for financial
601
00:21:53,380 --> 00:21:57,300
planning or portfolio management, insurance concerns, or those
602
00:21:57,300 --> 00:21:59,340
quality of life issues that make the money
603
00:21:59,340 --> 00:22:00,460
matters matter.
604
00:22:00,900 --> 00:22:01,820
Whatever's on your mind.
605
00:22:01,900 --> 00:22:05,700
Visit us at somethingmorewithchrisboyd.com or call us
606
00:22:05,700 --> 00:22:10,940
toll free at 866-771-8901.
607
00:22:10,940 --> 00:22:14,820
Or send us your questions to amr-info
608
00:22:14,820 --> 00:22:16,760
at wealthenhancement.com.
609
00:22:16,940 --> 00:22:18,880
You're listening to something more with Chris Boyd
610
00:22:18,880 --> 00:22:19,720
Financial Talk Show.
611
00:22:19,880 --> 00:22:22,320
Wealth Enhancement Advisory Services and Jay Christopher Boyd
612
00:22:22,320 --> 00:22:24,660
provide investment advice on an individual basis to
613
00:22:24,660 --> 00:22:25,200
clients only.
614
00:22:25,360 --> 00:22:27,340
Proper advice depends on a complete analysis of
615
00:22:27,340 --> 00:22:28,540
all facts and circumstances.
616
00:22:28,760 --> 00:22:30,620
The information given on this program is general
617
00:22:30,620 --> 00:22:32,660
financial comments and cannot be relied upon as
618
00:22:32,660 --> 00:22:34,220
pertaining to your specific situation.
619
00:22:34,420 --> 00:22:36,420
Wealth Enhancement Group cannot guarantee that using the
620
00:22:36,420 --> 00:22:38,420
information from this show will generate profits or
621
00:22:38,420 --> 00:22:39,520
ensure freedom from loss.
622
00:22:39,520 --> 00:22:41,880
Listeners should consult their own financial advisors or
623
00:22:41,880 --> 00:22:44,000
conduct their own due diligence before making any
624
00:22:44,000 --> 00:22:44,760
financial decisions.
00:00:00,580 --> 00:00:03,080
Welcome to Something More with Chris Boyd.
2
00:00:03,440 --> 00:00:06,260
Chris Boyd is a certified financial planner practitioner
3
00:00:06,260 --> 00:00:09,240
and senior vice president financial advisor at Wealth
4
00:00:09,240 --> 00:00:11,900
Enhancement Group, one of the nation's largest registered
5
00:00:11,900 --> 00:00:12,940
investment advisors.
6
00:00:13,320 --> 00:00:15,379
We call it Something More because we'd like
7
00:00:15,379 --> 00:00:17,500
to talk not only about those important dollar
8
00:00:17,500 --> 00:00:19,680
and cents issues, but also the quality of
9
00:00:19,680 --> 00:00:22,120
life issues that make the money matters matter.
10
00:00:22,520 --> 00:00:25,880
Here he is, your fulfillment facilitator, your partner
11
00:00:25,880 --> 00:00:29,020
in prosperity, advising clients on Cape Cod and
12
00:00:29,020 --> 00:00:30,100
across the country.
13
00:00:30,520 --> 00:00:32,900
Here's your host, Jay Christopher Boyd.
14
00:00:33,500 --> 00:00:35,860
Welcome to Something More with Chris Boyd.
15
00:00:35,940 --> 00:00:38,180
I'm Chris Boyd here with Jeff Perry and
16
00:00:38,180 --> 00:00:40,600
Russ Ball, both of the AMR team.
17
00:00:41,680 --> 00:00:44,620
And we are all of Wealth Enhancement Group
18
00:00:44,620 --> 00:00:46,180
and glad to have you with us for
19
00:00:46,180 --> 00:00:47,500
another episode of the show.
20
00:00:48,020 --> 00:00:52,140
Jeff had recently taken a CE course, prompted
21
00:00:52,140 --> 00:00:53,580
us for this episode.
22
00:00:53,860 --> 00:00:55,920
I think this is the kind of thing
23
00:00:55,920 --> 00:01:00,020
that all of us have run into these
24
00:01:00,020 --> 00:01:02,660
kinds of issues when it comes to fraud
25
00:01:02,660 --> 00:01:08,360
and scams and the risks of being caught
26
00:01:08,360 --> 00:01:12,420
up in these kinds of efforts to trick
27
00:01:12,420 --> 00:01:14,120
people into giving up their money.
28
00:01:14,820 --> 00:01:19,220
Well, June 15th is World Financial Fraud Abuse
29
00:01:19,220 --> 00:01:21,280
Day, Awareness Day.
30
00:01:22,220 --> 00:01:23,880
So, you know, every day should be that,
31
00:01:23,980 --> 00:01:24,160
right?
32
00:01:24,300 --> 00:01:27,400
But with that in mind and some recent
33
00:01:27,400 --> 00:01:29,500
data that came out from the FBI and
34
00:01:29,500 --> 00:01:31,860
yes, I took that continuing education course.
35
00:01:32,720 --> 00:01:34,620
So it's been hitting me over the back
36
00:01:34,620 --> 00:01:36,440
of the head, I guess, for the last
37
00:01:36,440 --> 00:01:38,700
week or so, financial fraud.
38
00:01:38,780 --> 00:01:40,920
And I think it's a big topic, right?
39
00:01:41,360 --> 00:01:45,680
The FBI, the FTC, Social Security, IRS, they
40
00:01:45,680 --> 00:01:48,620
all have dedicated efforts to prevent and mitigate
41
00:01:48,620 --> 00:01:51,400
and deal with investigations regarding fraud.
42
00:01:51,480 --> 00:01:54,420
But I think for our purposes, and I
43
00:01:54,420 --> 00:01:56,680
think the intent of the World Day is
44
00:01:56,680 --> 00:01:59,720
to focus on seniors who are growing more
45
00:01:59,720 --> 00:02:03,320
and more vulnerable to these types of frauds.
46
00:02:03,340 --> 00:02:04,540
And I just want to start out with,
47
00:02:04,600 --> 00:02:05,580
you know, setting the stage.
48
00:02:05,680 --> 00:02:07,639
We know this, we talk about it from
49
00:02:07,639 --> 00:02:11,600
time to time, but America's getting grayer or
50
00:02:11,600 --> 00:02:14,200
whiter, or whatever the case may be.
51
00:02:16,800 --> 00:02:20,820
18% or almost 60 million people in
52
00:02:20,820 --> 00:02:21,360
the United States.
53
00:02:21,360 --> 00:02:23,420
You mean whiter by terms of their hair,
54
00:02:23,560 --> 00:02:24,480
you're saying, right?
55
00:02:24,780 --> 00:02:25,820
I guess I should be.
56
00:02:27,000 --> 00:02:27,940
Yes, whiter.
57
00:02:28,300 --> 00:02:30,820
Our hair is getting whiter or losing or
58
00:02:30,820 --> 00:02:31,400
leaving us.
59
00:02:31,400 --> 00:02:32,800
Older, whatever it might be.
60
00:02:33,060 --> 00:02:34,740
Yeah, we're getting older.
61
00:02:35,160 --> 00:02:35,540
Yes.
62
00:02:36,500 --> 00:02:39,840
Almost 1 in 5, 18%, a little short
63
00:02:39,840 --> 00:02:42,260
of 1 in 5, Americans are over 60.
64
00:02:43,880 --> 00:02:45,140
That's a big number.
65
00:02:45,220 --> 00:02:47,760
60 million people in the United States.
66
00:02:48,260 --> 00:02:50,880
Obviously, it's growing and growing because we're living
67
00:02:50,880 --> 00:02:53,340
longer and the baby boomer generation.
68
00:02:54,180 --> 00:02:59,900
1.9 million Americans are over 90.
69
00:03:00,900 --> 00:03:04,120
And there's 90,000 Americans over 100.
70
00:03:05,200 --> 00:03:05,680
Wow.
71
00:03:06,100 --> 00:03:07,720
I think that just sets the stage of
72
00:03:07,720 --> 00:03:09,220
the targets.
73
00:03:09,400 --> 00:03:11,700
You know, the title of our podcast today
74
00:03:11,700 --> 00:03:12,740
is Targets of Fraud.
75
00:03:13,180 --> 00:03:16,100
Americans are getting older and the types of
76
00:03:16,100 --> 00:03:18,300
fraud, this is according to the FBI.
77
00:03:18,600 --> 00:03:20,680
I'll throw a link to this report in
78
00:03:20,680 --> 00:03:22,920
the notes, so if people want to go
79
00:03:22,920 --> 00:03:25,920
into it, but the types of fraud that
80
00:03:25,920 --> 00:03:28,860
are impacting Americans, and this is only the
81
00:03:28,860 --> 00:03:31,060
fraud that is reported.
82
00:03:31,640 --> 00:03:33,840
Of course, we know that less than 10
83
00:03:33,840 --> 00:03:36,300
% of all fraud committed against elderly is
84
00:03:36,300 --> 00:03:37,940
reported, and maybe we can go into why
85
00:03:38,480 --> 00:03:39,540
that is in a little bit.
86
00:03:39,840 --> 00:03:43,720
But of the number one type of fraud
87
00:03:43,720 --> 00:03:46,240
reported to the FBI last year was tech
88
00:03:46,240 --> 00:03:49,820
support scams, 18,000.
89
00:03:50,520 --> 00:03:54,120
And then it was fraud related to personal
90
00:03:54,120 --> 00:03:56,340
data breaches, you know, when they're just trying
91
00:03:56,340 --> 00:03:58,180
to get your information and use it for
92
00:03:58,180 --> 00:03:59,240
some other purpose later.
93
00:04:00,480 --> 00:04:04,500
Number three was confidence and romance scams.
94
00:04:05,280 --> 00:04:07,060
There's a lot there to talk about.
95
00:04:07,900 --> 00:04:12,360
Number four was non-payment, alleged, this isn't
96
00:04:12,360 --> 00:04:13,520
really non-payment, right?
97
00:04:13,640 --> 00:04:14,940
It's a fraud.
98
00:04:15,459 --> 00:04:17,160
And non-delivery scams.
99
00:04:17,720 --> 00:04:19,399
I've heard about this one a lot lately.
100
00:04:19,600 --> 00:04:21,520
I'll give you an example, if you like.
101
00:04:21,720 --> 00:04:26,120
And the top fifth, the fifth top reported
102
00:04:26,120 --> 00:04:28,520
elder fraud scams last year, according to the
103
00:04:28,520 --> 00:04:30,180
FBI, is investment scams.
104
00:04:31,640 --> 00:04:32,880
So it's all over.
105
00:04:32,980 --> 00:04:34,660
It's not just one thing that people need
106
00:04:34,660 --> 00:04:36,000
to be looking for.
107
00:04:36,560 --> 00:04:38,160
It's a variety of scams.
108
00:04:38,620 --> 00:04:41,740
And that data, according to the FBI, is
109
00:04:41,740 --> 00:04:44,580
up 14% last year over the previous
110
00:04:44,580 --> 00:04:49,880
year, with no signs of declining.
111
00:04:50,440 --> 00:04:53,640
It totaled $3.4 billion in aggregate.
112
00:04:54,880 --> 00:04:57,740
And the average scam was $34,000.
113
00:04:59,720 --> 00:05:01,680
That's a lot of money to be out.
114
00:05:02,120 --> 00:05:03,260
$34,000.
115
00:05:04,640 --> 00:05:07,060
So wait, you're telling me that Bill Gates
116
00:05:07,060 --> 00:05:10,000
isn't calling me about repairing my computer?
117
00:05:10,480 --> 00:05:11,880
I don't think so.
118
00:05:12,840 --> 00:05:14,960
You're a pretty important guy, Chris, but I
119
00:05:14,960 --> 00:05:16,700
don't know if he'd personally call you.
120
00:05:16,800 --> 00:05:17,800
I think he might have somebody.
121
00:05:18,020 --> 00:05:20,200
Have you ever had one of those Microsoft
122
00:05:20,200 --> 00:05:20,840
calls?
123
00:05:20,840 --> 00:05:21,880
I have not.
124
00:05:22,400 --> 00:05:23,360
Oh, I've gotten those.
125
00:05:23,620 --> 00:05:23,820
Yeah.
126
00:05:24,260 --> 00:05:25,940
This is Microsoft calling.
127
00:05:26,180 --> 00:05:28,940
We noticed there's a problem on your computer.
128
00:05:29,100 --> 00:05:30,560
We just need to get it rectified.
129
00:05:30,680 --> 00:05:32,840
Can you, you know, and then they pursue
130
00:05:32,840 --> 00:05:35,700
trying to, like they're trying to be so
131
00:05:35,700 --> 00:05:36,040
helpful.
132
00:05:36,300 --> 00:05:36,480
Right.
133
00:05:37,380 --> 00:05:38,980
Well, that's nice of them, right?
134
00:05:39,040 --> 00:05:40,400
Well, that wasn't that kind of them.
135
00:05:41,260 --> 00:05:42,240
And I'm like, who are you?
136
00:05:42,460 --> 00:05:42,660
What?
137
00:05:43,740 --> 00:05:44,400
You know.
138
00:05:45,140 --> 00:05:47,300
I referenced that I had a little experience
139
00:05:47,300 --> 00:05:49,260
with the package delivery scam.
140
00:05:50,320 --> 00:05:50,840
Yeah.
141
00:05:51,380 --> 00:05:53,620
My son called me and said, I think
142
00:05:53,620 --> 00:05:54,440
I got scammed.
143
00:05:54,860 --> 00:05:56,220
I said, what'd you do?
144
00:05:57,100 --> 00:05:57,620
Yeah.
145
00:05:57,900 --> 00:06:00,300
And he said that he was waiting for
146
00:06:00,300 --> 00:06:02,160
a package, but it was early.
147
00:06:02,220 --> 00:06:03,240
So it didn't make sense.
148
00:06:03,240 --> 00:06:04,920
But the post office sent him a text
149
00:06:04,920 --> 00:06:09,640
message saying he owed $2, you know, postage
150
00:06:09,640 --> 00:06:09,920
due.
151
00:06:10,340 --> 00:06:10,680
Yeah.
152
00:06:10,900 --> 00:06:12,220
So he didn't think $2.
153
00:06:12,540 --> 00:06:13,520
He didn't think about it.
154
00:06:13,540 --> 00:06:13,840
Right.
155
00:06:14,120 --> 00:06:16,180
So he clicked the link in his text,
156
00:06:16,660 --> 00:06:18,640
his credit card, a debit card, whatever he
157
00:06:18,640 --> 00:06:18,960
used.
158
00:06:19,880 --> 00:06:20,940
And it was $2.
159
00:06:21,280 --> 00:06:22,220
It was $2.
160
00:06:23,100 --> 00:06:25,260
And instantly the card was hacked.
161
00:06:25,940 --> 00:06:28,400
And, you know, the other information, he had
162
00:06:28,400 --> 00:06:29,900
to put all this information in to verify
163
00:06:29,900 --> 00:06:30,440
it was him.
164
00:06:30,560 --> 00:06:31,700
You know, he fell for it.
165
00:06:31,740 --> 00:06:32,600
Hook, line and sinker.
166
00:06:32,700 --> 00:06:34,920
He, you know, he knew he made a
167
00:06:34,920 --> 00:06:35,320
mistake.
168
00:06:35,420 --> 00:06:36,180
That's why he called.
169
00:06:36,700 --> 00:06:36,800
Yeah.
170
00:06:38,300 --> 00:06:38,700
Right.
171
00:06:39,040 --> 00:06:41,080
And so, you know, it doesn't have to
172
00:06:41,080 --> 00:06:45,660
be somebody calling asking for $34,000 or
173
00:06:45,660 --> 00:06:47,520
something really suspicious sounding.
174
00:06:47,720 --> 00:06:48,540
It can be something.
175
00:06:49,300 --> 00:06:50,740
I mean, that's why you get these calls
176
00:06:50,740 --> 00:06:53,740
and these texts from national banks, Bank of
177
00:06:53,740 --> 00:06:54,600
America, Chase.
178
00:06:55,320 --> 00:06:55,600
Right.
179
00:06:55,700 --> 00:06:56,660
And you say, I don't have a Chase
180
00:06:56,660 --> 00:06:57,020
account.
181
00:06:57,300 --> 00:06:58,320
And so, you know it, but.
182
00:06:58,420 --> 00:06:59,960
You know, the odds are they're going to
183
00:06:59,960 --> 00:07:00,700
hit enough people.
184
00:07:00,840 --> 00:07:01,200
That's right.
185
00:07:01,400 --> 00:07:01,620
Right.
186
00:07:01,920 --> 00:07:04,680
And when they make that personal connection, like,
187
00:07:04,960 --> 00:07:05,660
it must be true.
188
00:07:05,720 --> 00:07:06,720
I have a Chase account.
189
00:07:07,400 --> 00:07:07,620
Right.
190
00:07:07,920 --> 00:07:08,140
Right.
191
00:07:08,360 --> 00:07:09,600
And so forth.
192
00:07:09,700 --> 00:07:10,060
So.
193
00:07:10,700 --> 00:07:12,400
Well, you know, as you kind of alluded
194
00:07:12,400 --> 00:07:16,800
to this earlier, that the number of victims
195
00:07:16,800 --> 00:07:20,760
that are actually affected, it's far fewer that
196
00:07:20,760 --> 00:07:21,520
go reported.
197
00:07:22,320 --> 00:07:24,900
It's a little bit embarrassing for people.
198
00:07:25,240 --> 00:07:27,060
You know, they feel like, oh, how stupid
199
00:07:27,060 --> 00:07:27,880
I should have known.
200
00:07:28,180 --> 00:07:31,140
But this is only going to get harder
201
00:07:31,140 --> 00:07:34,100
to detect with artificial intelligence.
202
00:07:34,300 --> 00:07:36,160
You can fake your voices.
203
00:07:36,640 --> 00:07:36,800
Right.
204
00:07:36,880 --> 00:07:38,500
You could have false identities.
205
00:07:38,760 --> 00:07:41,620
Like, this is going to become more and
206
00:07:41,620 --> 00:07:42,680
more prevalent.
207
00:07:43,880 --> 00:07:45,680
But what was it?
208
00:07:45,700 --> 00:07:48,100
Something like 5 million scams.
209
00:07:48,640 --> 00:07:48,960
Exactly.
210
00:07:49,380 --> 00:07:50,360
5 million a year.
211
00:07:51,480 --> 00:07:54,440
And to your point, the research has indicated
212
00:07:54,440 --> 00:07:57,400
that only 4% of these cases are
213
00:07:57,400 --> 00:07:57,840
reported.
214
00:07:58,400 --> 00:07:58,560
Yeah.
215
00:07:58,740 --> 00:08:00,440
And you can see, I mean, on some
216
00:08:00,440 --> 00:08:01,980
level, you go, what are you going to
217
00:08:01,980 --> 00:08:03,300
do about it realistically?
218
00:08:03,800 --> 00:08:03,900
Right.
219
00:08:04,140 --> 00:08:05,840
So do you want to go through the
220
00:08:05,840 --> 00:08:08,160
trouble of filing a police report or whatever?
221
00:08:08,480 --> 00:08:11,440
They're not really going to catch the people
222
00:08:11,440 --> 00:08:12,960
most of the time, you know.
223
00:08:13,160 --> 00:08:13,960
Most of the time.
224
00:08:14,240 --> 00:08:18,180
But there are special areas of law enforcement
225
00:08:18,180 --> 00:08:23,120
that do gather this data and then ultimately
226
00:08:23,120 --> 00:08:27,180
can sometimes be able to shut these things
227
00:08:27,180 --> 00:08:27,600
down.
228
00:08:27,940 --> 00:08:28,240
Right.
229
00:08:28,460 --> 00:08:30,500
And if you have a specific scam, like
230
00:08:30,500 --> 00:08:33,080
it's a social security scam, a post office
231
00:08:33,080 --> 00:08:38,900
scam, etc., a tax scam, you contact the
232
00:08:38,900 --> 00:08:41,640
IRS, has their own division, social security and
233
00:08:41,640 --> 00:08:43,059
so forth, the post office.
234
00:08:43,360 --> 00:08:45,900
But if it's a general scam, those reports,
235
00:08:46,120 --> 00:08:48,360
you can file an online report at the
236
00:08:48,360 --> 00:08:52,020
Federal Trade Commission, FTC, and they gather up
237
00:08:52,020 --> 00:08:52,820
all the data.
238
00:08:53,140 --> 00:08:55,980
And obviously, they're not going to pick, you
239
00:08:55,980 --> 00:08:59,000
know, if you've lost $500, the likelihood of
240
00:08:59,000 --> 00:09:02,020
them picking your case and traveling to Africa
241
00:09:02,020 --> 00:09:06,560
or wherever, you know, to get your money
242
00:09:06,560 --> 00:09:06,900
back.
243
00:09:07,200 --> 00:09:08,500
But they look for patterns.
244
00:09:08,660 --> 00:09:10,020
They look for commonalities.
245
00:09:10,500 --> 00:09:14,780
They look for, you know, modus operandi, you
246
00:09:14,780 --> 00:09:16,640
know, ways that they can mitigate and investigate
247
00:09:16,640 --> 00:09:20,980
these cases larger and hopefully either with technology
248
00:09:20,980 --> 00:09:23,360
or, you know, cyber activity.
249
00:09:23,680 --> 00:09:25,200
So you should report it.
250
00:09:25,840 --> 00:09:27,180
You're not going to make the front page
251
00:09:27,180 --> 00:09:30,360
of the newspaper that, you know, you're a
252
00:09:30,360 --> 00:09:31,040
victim here.
253
00:09:31,480 --> 00:09:31,620
Yeah.
254
00:09:31,780 --> 00:09:33,620
And be embarrassed or something.
255
00:09:33,740 --> 00:09:33,860
Yeah.
256
00:09:33,940 --> 00:09:34,140
Right.
257
00:09:35,620 --> 00:09:38,100
Let's talk about what are some common scams
258
00:09:38,100 --> 00:09:41,040
because I think being aware of some of
259
00:09:41,040 --> 00:09:43,780
these can help you to be less susceptible
260
00:09:43,780 --> 00:09:44,240
to them.
261
00:09:44,300 --> 00:09:47,520
And of course, you know, they alter and
262
00:09:47,520 --> 00:09:49,460
they adapt.
263
00:09:49,740 --> 00:09:50,360
Yeah, they morph.
264
00:09:50,940 --> 00:09:51,480
They sure do.
265
00:09:51,480 --> 00:09:54,500
It's not, you know, necessarily identical to what
266
00:09:54,500 --> 00:09:56,900
we might reference here, but, you know, you
267
00:09:56,900 --> 00:10:00,320
can maybe have a heightened awareness for some
268
00:10:00,320 --> 00:10:00,940
of these things.
269
00:10:01,440 --> 00:10:02,100
Yeah, for sure.
270
00:10:02,340 --> 00:10:07,220
Also, you know, the topic of why it
271
00:10:07,220 --> 00:10:10,660
is that seniors are, I think, more frequently
272
00:10:11,600 --> 00:10:12,040
targeted.
273
00:10:12,900 --> 00:10:14,440
Let's talk about that for just a quick
274
00:10:14,440 --> 00:10:16,000
second and then go into some of these
275
00:10:16,000 --> 00:10:16,340
scams.
276
00:10:17,080 --> 00:10:19,080
One of them is I think it tends
277
00:10:19,080 --> 00:10:21,320
to be not always, but tends to be
278
00:10:23,280 --> 00:10:27,900
seniors are a little less technologically comfortable, right?
279
00:10:28,000 --> 00:10:29,980
Things change a lot and they're not necessarily
280
00:10:29,980 --> 00:10:32,780
up to the date on all the latest
281
00:10:32,780 --> 00:10:34,300
and greatest, you know, things.
282
00:10:34,400 --> 00:10:37,100
And so they either take advantage of that,
283
00:10:37,180 --> 00:10:42,200
like a self-awareness.
284
00:10:42,320 --> 00:10:44,380
Oh, I don't know that I have this
285
00:10:44,380 --> 00:10:48,840
mastered or they're able to, you know, use
286
00:10:48,840 --> 00:10:52,180
technology in a way that it undermines, you
287
00:10:52,180 --> 00:10:54,240
know, it can put you at a disadvantage,
288
00:10:54,660 --> 00:10:55,140
you know what I mean?
289
00:10:55,440 --> 00:10:55,760
That's right.
290
00:10:55,980 --> 00:10:58,600
I think also when you think about seniors,
291
00:10:59,040 --> 00:11:03,720
some seniors, not all, of course, but may
292
00:11:03,720 --> 00:11:12,720
have a diminished capacity at times and that
293
00:11:12,720 --> 00:11:17,100
they're the most susceptible to these challenges, you
294
00:11:17,100 --> 00:11:20,760
know, and they still might, you know, control
295
00:11:20,760 --> 00:11:24,080
their finances and things, but they could get
296
00:11:24,080 --> 00:11:29,940
more confused or people, they could be in
297
00:11:29,940 --> 00:11:31,660
a position where they might trust that someone's
298
00:11:31,660 --> 00:11:33,920
to help them when in fact they're, you
299
00:11:33,920 --> 00:11:35,420
know, who's positioned themselves to help.
300
00:11:35,720 --> 00:11:38,640
Oh, my call from Microsoft is a nice
301
00:11:38,640 --> 00:11:40,860
of you to call, you know, I've been
302
00:11:40,860 --> 00:11:43,200
having trouble with my computer, you know, that
303
00:11:43,200 --> 00:11:43,780
kind of thing.
304
00:11:44,980 --> 00:11:48,000
So in any case, what are some of
305
00:11:48,000 --> 00:11:48,880
the scams?
306
00:11:49,200 --> 00:11:50,620
Did you want to say something, Russ?
307
00:11:50,760 --> 00:11:52,540
You look like you're poised to jump in.
308
00:11:52,680 --> 00:11:55,320
No, I think it's just, yeah, especially when
309
00:11:55,320 --> 00:11:57,600
people are calling in and, you know, when
310
00:11:57,600 --> 00:11:59,400
you're actually talking to someone on the phone,
311
00:12:00,160 --> 00:12:01,720
it's very easy to think like, yeah, this
312
00:12:01,720 --> 00:12:04,880
person's calling from a reputable company and I
313
00:12:04,880 --> 00:12:06,760
do have that issue, like you mentioned before,
314
00:12:07,220 --> 00:12:10,220
and very easy to kind of go down
315
00:12:10,220 --> 00:12:12,560
that route and, you know, click on something
316
00:12:12,560 --> 00:12:13,100
you shouldn't.
317
00:12:14,420 --> 00:12:17,440
And, you know, it's a numbers game, right?
318
00:12:17,500 --> 00:12:19,960
So most seniors will not fall for this.
319
00:12:20,020 --> 00:12:21,540
We're talking as a percentage, right?
320
00:12:21,580 --> 00:12:22,780
And it's a numbers game.
321
00:12:23,040 --> 00:12:26,580
So if you have a senior who is
322
00:12:26,580 --> 00:12:31,120
maybe a little cognitively declined, maybe they're isolated,
323
00:12:31,380 --> 00:12:33,140
so they don't have someone just to check
324
00:12:33,140 --> 00:12:33,480
with.
325
00:12:34,600 --> 00:12:36,400
Or maybe they're just more trusting.
326
00:12:37,520 --> 00:12:38,440
Those are all reasons.
327
00:12:38,680 --> 00:12:41,200
And, you know, I'm not, the number one
328
00:12:41,200 --> 00:12:44,800
list, according to my continuing education class, which
329
00:12:44,800 --> 00:12:49,080
is from FINRA, is IRS impersonation scams.
330
00:12:49,140 --> 00:12:50,940
And I think that goes with, because people
331
00:12:50,940 --> 00:12:53,980
generally of all ages are afraid of the
332
00:12:53,980 --> 00:12:54,400
IRS.
333
00:12:54,620 --> 00:12:55,080
Absolutely.
334
00:12:55,080 --> 00:12:57,380
Who wants to mess with the IRS?
335
00:12:57,820 --> 00:13:00,040
Yeah, I don't want to have audits for
336
00:13:00,040 --> 00:13:01,260
the rest of my life, right?
337
00:13:01,420 --> 00:13:01,600
Yeah.
338
00:13:01,780 --> 00:13:03,700
So let's start with one premise as, you
339
00:13:03,700 --> 00:13:07,680
know, a positive prevention suggestion is the IRS
340
00:13:07,680 --> 00:13:10,200
does not call you, period.
341
00:13:10,780 --> 00:13:12,860
It's absolute hard and fast.
342
00:13:13,120 --> 00:13:13,540
That's right.
343
00:13:13,860 --> 00:13:15,740
The IRS does not make outbound calls.
344
00:13:16,080 --> 00:13:16,680
That's correct.
345
00:13:17,460 --> 00:13:22,820
They send you correspondence by mail if you
346
00:13:22,820 --> 00:13:24,740
have an issue they need to address.
347
00:13:25,820 --> 00:13:27,580
And a common one that was on the
348
00:13:27,580 --> 00:13:29,380
Cape for a while, I haven't heard about
349
00:13:29,380 --> 00:13:32,060
it, but it was the individual would get
350
00:13:32,060 --> 00:13:34,020
a call and say there was about to
351
00:13:34,020 --> 00:13:36,140
be a warrant for your arrest.
352
00:13:36,220 --> 00:13:38,000
Yeah, I remember this being prominent.
353
00:13:38,320 --> 00:13:38,560
Yeah.
354
00:13:38,980 --> 00:13:42,460
Because you have failed to pay whatever the
355
00:13:42,460 --> 00:13:44,780
IRS scam is.
356
00:13:45,000 --> 00:13:47,120
Or it could be, it also was associated
357
00:13:47,120 --> 00:13:47,880
with jury duty.
358
00:13:48,200 --> 00:13:49,080
You missed jury duty.
359
00:13:49,640 --> 00:13:51,020
You didn't show up for the hearing.
360
00:13:51,620 --> 00:13:52,760
And now there's a warrant.
361
00:13:52,860 --> 00:13:54,220
And the only way to avoid that is
362
00:13:54,220 --> 00:13:55,180
to post a bond.
363
00:13:55,560 --> 00:13:57,180
And you can do that by going to
364
00:13:57,180 --> 00:13:59,640
your Walgreens or CVS and buying a green
365
00:13:59,640 --> 00:14:02,580
card and calling me back.
366
00:14:02,800 --> 00:14:04,240
My name is Deputy Dog.
367
00:14:04,800 --> 00:14:07,580
And I will take those numbers and you
368
00:14:07,580 --> 00:14:08,400
will be off the hook.
369
00:14:08,500 --> 00:14:09,900
I will personally take care of it.
370
00:14:09,960 --> 00:14:11,240
I think this is an injustice.
371
00:14:12,220 --> 00:14:12,320
Yeah.
372
00:14:12,460 --> 00:14:13,920
Not fair, but I'm going to help you.
373
00:14:14,320 --> 00:14:16,260
Just call me back at this number.
374
00:14:17,420 --> 00:14:17,620
Yeah.
375
00:14:17,620 --> 00:14:19,300
And then of course, they answer it with
376
00:14:19,300 --> 00:14:21,300
IRS warrant service, you know?
377
00:14:21,420 --> 00:14:21,640
Yeah.
378
00:14:21,700 --> 00:14:21,980
Yeah.
379
00:14:22,020 --> 00:14:22,340
Right.
380
00:14:23,720 --> 00:14:25,960
So IRS impersonation is number one.
381
00:14:26,040 --> 00:14:28,860
And number two is maybe the oldest one,
382
00:14:28,940 --> 00:14:30,220
or at least one of the older ones,
383
00:14:30,320 --> 00:14:32,300
lottery and sweepscapes.
384
00:14:32,660 --> 00:14:33,100
Yeah.
385
00:14:33,380 --> 00:14:33,820
Scams.
386
00:14:34,520 --> 00:14:34,640
Yeah.
387
00:14:34,700 --> 00:14:36,940
The Nigerian Prince or one of those where
388
00:14:36,940 --> 00:14:40,640
they just, if you just help them, give
389
00:14:40,640 --> 00:14:42,480
them a little bit to get the legal
390
00:14:42,480 --> 00:14:43,480
fees or something.
391
00:14:43,700 --> 00:14:43,920
Yeah.
392
00:14:44,160 --> 00:14:45,060
Processing fees.
393
00:14:45,060 --> 00:14:50,020
I'll share the abundance of wealth that's coming
394
00:14:50,020 --> 00:14:50,740
my way.
395
00:14:51,800 --> 00:14:54,540
It's difficult to understand how people could buy
396
00:14:54,540 --> 00:14:55,040
that one.
397
00:14:55,300 --> 00:14:57,500
But, you know, once again, a numbers game,
398
00:14:57,560 --> 00:14:58,880
you only need one a day to get
399
00:14:58,880 --> 00:14:59,260
rich.
400
00:14:59,980 --> 00:15:00,460
Yeah.
401
00:15:00,580 --> 00:15:01,840
They're on the phone all day.
402
00:15:02,380 --> 00:15:07,300
Imagine if they put this effort to doing
403
00:15:07,300 --> 00:15:08,120
good, right?
404
00:15:10,400 --> 00:15:13,000
Well, I could say that about a lot
405
00:15:13,000 --> 00:15:13,480
of things.
406
00:15:13,840 --> 00:15:14,100
Yes.
407
00:15:14,720 --> 00:15:15,160
Robocalls.
408
00:15:15,500 --> 00:15:16,880
What are robocalls?
409
00:15:16,980 --> 00:15:17,700
What's that about?
410
00:15:18,000 --> 00:15:20,320
Robocalls is an automated phone call that you
411
00:15:20,320 --> 00:15:20,620
get.
412
00:15:21,160 --> 00:15:21,380
Yeah.
413
00:15:21,540 --> 00:15:23,780
And it's pretending to be from someone, you
414
00:15:23,780 --> 00:15:25,120
know, like a Chase Bank.
415
00:15:25,200 --> 00:15:26,180
I hate to keep using Chase.
416
00:15:26,240 --> 00:15:26,920
Bank of America.
417
00:15:26,980 --> 00:15:27,900
One of the big names.
418
00:15:28,100 --> 00:15:28,560
From Big Bank.
419
00:15:28,740 --> 00:15:28,900
Yeah.
420
00:15:29,160 --> 00:15:29,340
Yeah.
421
00:15:29,400 --> 00:15:30,140
Like that.
422
00:15:30,380 --> 00:15:30,520
Yeah.
423
00:15:30,560 --> 00:15:32,520
And they're designed to get you to call
424
00:15:32,520 --> 00:15:32,880
back.
425
00:15:34,180 --> 00:15:36,560
And so call back the number that they
426
00:15:36,560 --> 00:15:37,060
leave you.
427
00:15:37,480 --> 00:15:41,400
So this machine is making calls with a
428
00:15:41,400 --> 00:15:41,960
fake number.
429
00:15:41,960 --> 00:15:44,400
Um, I learned this in politics.
430
00:15:44,540 --> 00:15:46,240
I did not know this from law enforcement.
431
00:15:46,380 --> 00:15:49,460
But you can using a voice over internet
432
00:15:49,460 --> 00:15:54,060
protocol, uh, machine computer software.
433
00:15:54,340 --> 00:15:56,720
You can program it to have it come
434
00:15:56,720 --> 00:15:58,720
from any number that you set.
435
00:15:59,920 --> 00:16:00,440
Interesting.
436
00:16:00,860 --> 00:16:01,180
Yeah.
437
00:16:01,240 --> 00:16:03,380
So they set it from an area code
438
00:16:03,380 --> 00:16:06,820
that might look like Washington, D.C. or
439
00:16:06,820 --> 00:16:08,260
New York or.
440
00:16:08,500 --> 00:16:08,640
Yeah.
441
00:16:08,640 --> 00:16:11,080
Something close to maybe what your, the real
442
00:16:11,080 --> 00:16:12,880
Chase Bank account number is.
443
00:16:13,420 --> 00:16:16,600
And so, and they leave a number that
444
00:16:16,600 --> 00:16:17,120
you call.
445
00:16:17,200 --> 00:16:19,860
So it doesn't feel like you're being, you
446
00:16:19,860 --> 00:16:20,400
know, pressured.
447
00:16:21,340 --> 00:16:24,100
And then you're into their system, verifying your
448
00:16:24,100 --> 00:16:26,680
identity, giving them your social security number.
449
00:16:26,980 --> 00:16:29,700
And before you know it, they have everything
450
00:16:29,700 --> 00:16:30,240
they need.
451
00:16:32,060 --> 00:16:32,540
Yeah.
452
00:16:32,760 --> 00:16:36,460
Uh, hard to believe, uh, that, uh, you
453
00:16:36,460 --> 00:16:37,940
know, when, when you get that kind of
454
00:16:37,940 --> 00:16:39,440
thing, don't call the number given.
455
00:16:40,120 --> 00:16:41,900
If you get a message from your bank,
456
00:16:42,140 --> 00:16:42,240
right.
457
00:16:42,500 --> 00:16:43,980
Use the number on the back of your
458
00:16:43,980 --> 00:16:46,120
ATM card or whatever it is, you know,
459
00:16:46,180 --> 00:16:47,820
look it up yourself.
460
00:16:48,140 --> 00:16:50,500
Um, and then I received this call.
461
00:16:50,660 --> 00:16:51,380
Is this legit?
462
00:16:51,480 --> 00:16:52,520
You know, that kind of thing.
463
00:16:52,520 --> 00:16:54,020
You can find a way to do that.
464
00:16:54,300 --> 00:16:55,360
That's, that's good advice.
465
00:16:55,400 --> 00:16:57,520
A lot of these scams, you know, whether
466
00:16:57,520 --> 00:16:59,160
it be someone at your front door, knocking
467
00:16:59,160 --> 00:17:01,800
someone calling, whatever it is, if you just
468
00:17:01,800 --> 00:17:05,200
stop, if you just pause and say, you
469
00:17:05,200 --> 00:17:08,640
know, ask a friend, call a relative, uh,
470
00:17:08,640 --> 00:17:10,240
you can call the local law enforcement if
471
00:17:10,240 --> 00:17:13,119
you'd like, um, look up the number independently,
472
00:17:13,119 --> 00:17:16,319
as you say, and, or just wait, um,
473
00:17:16,400 --> 00:17:18,079
just don't react immediately.
474
00:17:18,400 --> 00:17:20,400
You know, of course their, their pitch or
475
00:17:20,400 --> 00:17:21,760
their messages, something's wrong.
476
00:17:21,819 --> 00:17:23,740
You have to get us right now or
477
00:17:23,740 --> 00:17:24,859
the world's going to end.
478
00:17:25,079 --> 00:17:28,180
And so just pause.
479
00:17:28,520 --> 00:17:30,960
These, um, these grandparents scams are going to
480
00:17:30,960 --> 00:17:33,720
become even harder to, uh, discern.
481
00:17:34,200 --> 00:17:34,500
Yeah.
482
00:17:34,660 --> 00:17:40,460
The voice, uh, uh, AI or whatever it
483
00:17:40,460 --> 00:17:40,880
is.
484
00:17:40,960 --> 00:17:43,520
And if you think about, uh, social media
485
00:17:43,520 --> 00:17:49,420
generally, our grandchildren, our children, we, Hey, we're
486
00:17:49,420 --> 00:17:51,380
providing content right now.
487
00:17:51,700 --> 00:17:54,400
Um, there's so many examples that AI can
488
00:17:54,400 --> 00:17:56,940
pick up from public information.
489
00:17:57,120 --> 00:17:59,480
We had this scam at the sheriff's office
490
00:17:59,480 --> 00:18:02,160
several times where it would be like, they
491
00:18:02,160 --> 00:18:04,060
would look up someone's social media and many
492
00:18:04,060 --> 00:18:05,360
of these are local by the way.
493
00:18:06,040 --> 00:18:08,680
So it's something definitely to report to the
494
00:18:08,680 --> 00:18:09,900
local law enforcement.
495
00:18:10,320 --> 00:18:11,860
So they'll see that you have a grand
496
00:18:11,860 --> 00:18:14,500
grandchild or a child, whatever, they may be
497
00:18:14,500 --> 00:18:16,320
able to tell what they're involved in.
498
00:18:16,520 --> 00:18:17,960
So they have some data, they know their
499
00:18:17,960 --> 00:18:18,380
name.
500
00:18:18,900 --> 00:18:22,140
So they call and say, Russ, your, your
501
00:18:22,140 --> 00:18:24,580
grandchild, um, has been arrested.
502
00:18:24,700 --> 00:18:25,520
It's nothing serious.
503
00:18:25,640 --> 00:18:26,160
Don't worry.
504
00:18:26,240 --> 00:18:28,200
They asked us to call you because they
505
00:18:28,200 --> 00:18:29,440
didn't want to worry anybody else.
506
00:18:29,440 --> 00:18:31,040
And they know that you would help quietly
507
00:18:31,040 --> 00:18:31,540
privately.
508
00:18:31,720 --> 00:18:33,460
So this didn't, you know, get out in
509
00:18:33,460 --> 00:18:34,340
the media or anything.
510
00:18:35,360 --> 00:18:36,840
Um, it's not serious.
511
00:18:36,980 --> 00:18:37,760
Don't worry about it.
512
00:18:37,820 --> 00:18:42,220
But little Johnny just needs $500 to get
513
00:18:42,220 --> 00:18:42,500
out.
514
00:18:42,960 --> 00:18:44,560
And as soon as he's out, I'll call
515
00:18:44,560 --> 00:18:46,040
you and you can come pick them up.
516
00:18:47,680 --> 00:18:49,980
And, you know, they'll even in our case,
517
00:18:49,980 --> 00:18:51,360
when I was working with the sheriff's office,
518
00:18:51,400 --> 00:18:52,580
they even gave her address.
519
00:18:53,460 --> 00:18:53,860
Right.
520
00:18:53,920 --> 00:18:58,280
Cause obviously they're not, yeah, they're not, um,
521
00:18:58,700 --> 00:19:00,140
they don't have their own jail and that's
522
00:19:00,140 --> 00:19:02,840
not a real, real scheme here.
523
00:19:02,980 --> 00:19:04,060
So they would give the address.
524
00:19:04,200 --> 00:19:05,100
People would look it up.
525
00:19:05,340 --> 00:19:07,180
We even had people come in and say,
526
00:19:07,320 --> 00:19:09,500
I didn't give him any money, but I
527
00:19:09,500 --> 00:19:10,780
want to know what's going on.
528
00:19:10,840 --> 00:19:11,200
Yeah.
529
00:19:11,740 --> 00:19:12,100
Right.
530
00:19:12,140 --> 00:19:13,440
And then we had people come in and
531
00:19:13,440 --> 00:19:14,480
say, I paid the bail.
532
00:19:14,900 --> 00:19:15,940
You know, here's my number.
533
00:19:16,020 --> 00:19:18,580
And it's like, that's a scam.
534
00:19:18,940 --> 00:19:20,020
And it's so powerful.
535
00:19:20,100 --> 00:19:22,800
I mean, they, they, they have the name,
536
00:19:22,860 --> 00:19:25,660
they have some details about you and you're
537
00:19:25,660 --> 00:19:27,160
just trying to help and it's not like
538
00:19:27,160 --> 00:19:27,960
$10 million.
539
00:19:27,960 --> 00:19:29,400
It was usually 500.
540
00:19:30,220 --> 00:19:32,320
So you're just reacting real quick.
541
00:19:34,160 --> 00:19:37,280
Um, it occurs to me as we're in
542
00:19:37,280 --> 00:19:38,880
the midst of this, uh, there was a
543
00:19:38,880 --> 00:19:44,680
recent episode of, um, another podcast, the Washington
544
00:19:44,680 --> 00:19:48,360
wise podcast, we've had Michael Townsend as a
545
00:19:48,360 --> 00:19:49,260
guest before.
546
00:19:49,920 --> 00:19:53,220
And, uh, he, they also happened to address
547
00:19:53,220 --> 00:19:57,340
fraud, financial fraud, one of their recent episodes,
548
00:19:58,020 --> 00:19:59,080
episode one 20.
549
00:19:59,240 --> 00:20:00,560
You may want to check that out.
550
00:20:00,620 --> 00:20:02,960
It gave some specifics about the kind of
551
00:20:02,960 --> 00:20:05,800
things that a Schwab is doing to protect
552
00:20:05,800 --> 00:20:07,300
their clientele.
553
00:20:07,440 --> 00:20:09,480
I'm sure that can give people on who
554
00:20:09,480 --> 00:20:11,200
use brokerage accounts.
555
00:20:11,280 --> 00:20:14,840
I'm sure the similar kinds of practices at
556
00:20:14,840 --> 00:20:19,320
the major brokerage platforms, some things to check
557
00:20:19,320 --> 00:20:19,660
out.
558
00:20:20,020 --> 00:20:21,400
We give it a wrap it up.
559
00:20:21,420 --> 00:20:23,480
Um, a short episode today.
560
00:20:23,480 --> 00:20:25,920
Anything else you wanted to, uh, you know,
561
00:20:25,940 --> 00:20:29,500
the kind of conclude with or resources or,
562
00:20:29,500 --> 00:20:32,580
um, you know, things people should keep in
563
00:20:32,580 --> 00:20:32,880
mind.
564
00:20:33,140 --> 00:20:35,800
Um, one comment and I'll just refer people
565
00:20:35,800 --> 00:20:36,580
to the show notes.
566
00:20:36,580 --> 00:20:38,320
I'll put a couple of resources in there.
567
00:20:39,960 --> 00:20:42,460
Um, this isn't just from people from foreign
568
00:20:42,460 --> 00:20:44,020
countries or criminals.
569
00:20:44,440 --> 00:20:46,440
Sometimes it's related to caregivers.
570
00:20:47,120 --> 00:20:49,540
Sometimes it's related to people who are in
571
00:20:49,540 --> 00:20:51,140
the home, you know, lawfully.
572
00:20:51,140 --> 00:20:54,580
And so it's, it's broader than that.
573
00:20:54,720 --> 00:20:58,200
So be aware, you know, ask, do your
574
00:20:58,200 --> 00:20:59,260
reading, do your research.
575
00:20:59,500 --> 00:21:02,440
If things don't seem right, they probably aren't
576
00:21:02,440 --> 00:21:04,620
and turn to somebody and you can always
577
00:21:04,620 --> 00:21:05,900
turn to local law enforcement.
578
00:21:06,120 --> 00:21:07,840
Don't think that you're the first person to
579
00:21:07,840 --> 00:21:08,760
ever call with this.
580
00:21:08,880 --> 00:21:09,580
It's very common.
581
00:21:09,780 --> 00:21:11,960
And that call can save a lot of
582
00:21:11,960 --> 00:21:14,800
grief and a lot of expense, a lot
583
00:21:14,800 --> 00:21:15,380
of expense.
584
00:21:15,600 --> 00:21:18,300
So it's a way it's awareness day on
585
00:21:18,300 --> 00:21:18,900
the 15th.
586
00:21:18,900 --> 00:21:22,620
So be aware, maybe talk to your parents
587
00:21:22,620 --> 00:21:24,720
or grandparents who are getting older, maybe be
588
00:21:24,720 --> 00:21:27,760
more engaged in certain things and, you know,
589
00:21:28,120 --> 00:21:29,420
just be aware.
590
00:21:30,020 --> 00:21:30,940
Good, good comments.
591
00:21:31,040 --> 00:21:32,220
Good, good suggestions.
592
00:21:32,220 --> 00:21:34,740
And thanks for bringing this to our attention.
593
00:21:34,960 --> 00:21:37,880
If anyone needs help, whether it's with some
594
00:21:37,880 --> 00:21:39,860
of these issues or any aspect of your
595
00:21:39,860 --> 00:21:43,120
portfolio management or financial planning, don't hesitate to
596
00:21:43,120 --> 00:21:45,340
reach out to us until next time, everybody
597
00:21:45,340 --> 00:21:46,880
keeps driving for something more.
598
00:21:46,880 --> 00:21:50,220
Thank you for listening to something more with
599
00:21:50,220 --> 00:21:50,900
Chris Boyd.
600
00:21:51,220 --> 00:21:53,380
Call us for help, whether it's for financial
601
00:21:53,380 --> 00:21:57,300
planning or portfolio management, insurance concerns, or those
602
00:21:57,300 --> 00:21:59,340
quality of life issues that make the money
603
00:21:59,340 --> 00:22:00,460
matters matter.
604
00:22:00,900 --> 00:22:01,820
Whatever's on your mind.
605
00:22:01,900 --> 00:22:05,700
Visit us at somethingmorewithchrisboyd.com or call us
606
00:22:05,700 --> 00:22:10,940
toll free at 866-771-8901.
607
00:22:10,940 --> 00:22:14,820
Or send us your questions to amr-info
608
00:22:14,820 --> 00:22:16,760
at wealthenhancement.com.
609
00:22:16,940 --> 00:22:18,880
You're listening to something more with Chris Boyd
610
00:22:18,880 --> 00:22:19,720
Financial Talk Show.
611
00:22:19,880 --> 00:22:22,320
Wealth Enhancement Advisory Services and Jay Christopher Boyd
612
00:22:22,320 --> 00:22:24,660
provide investment advice on an individual basis to
613
00:22:24,660 --> 00:22:25,200
clients only.
614
00:22:25,360 --> 00:22:27,340
Proper advice depends on a complete analysis of
615
00:22:27,340 --> 00:22:28,540
all facts and circumstances.
616
00:22:28,760 --> 00:22:30,620
The information given on this program is general
617
00:22:30,620 --> 00:22:32,660
financial comments and cannot be relied upon as
618
00:22:32,660 --> 00:22:34,220
pertaining to your specific situation.
619
00:22:34,420 --> 00:22:36,420
Wealth Enhancement Group cannot guarantee that using the
620
00:22:36,420 --> 00:22:38,420
information from this show will generate profits or
621
00:22:38,420 --> 00:22:39,520
ensure freedom from loss.
622
00:22:39,520 --> 00:22:41,880
Listeners should consult their own financial advisors or
623
00:22:41,880 --> 00:22:44,000
conduct their own due diligence before making any
624
00:22:44,000 --> 00:22:44,760
financial decisions.
