- 08
- Dec 2020
Finding and Thwarting Scammers
We helped a client recently resolve a personal financial issue that involved online banking and credit cards. The story illustrates some of the dangers we face in our online world. We can’t run away or hide from those dangers.
Those of us with aging parents face a gut-wrenching dilemma. Without getting involved in anybody’s specific family dynamics, we want our elderly parents to remain independent (as much as they want to be independent), but we also know they are more vulnerable to scams because they tend to be more trusting. Their vulnerability becomes even greater as they use technology more.
This story started with a credit card issued by BP, the gasoline retailer, and money that started to disappear from our client’s mother’s account through Synchrony, a bank that has close ties to Amazon and is used to finance merchant accounts. Our client manages the finances for his mother, who is in her 90s and lives in an assisted living facility. A gasoline credit card was odd because his mom stopped driving four years ago. That raised one red flag. Synchrony raised another.
We surmised that someone that someone was able to hack his mother’s bank account and then created a way to use her info get the credit card and create the transfer portal. In all likelihood, they found a piece of junk mail with the credit card offer and used it to do their dirty work. No email was involved. The credit card had a balance of $1,500, even though he had no knowledge of the card being used. So, he made a $200 payment and saw the balance transferred to what looked like a debit card. He also changed the bank account, but the connection was still there.
When our client wondered if his mom’s account had been hacked – and if any others had – we told him to investigate. He changed the bank account again and told us he was worried that his other accounts at the bank might be affected. In addition to his mother’s account, he had a personal account and one for his business. All were online. Fortunately, the scammers never got there.
To protect the money for the three accounts, our client created a sweep account in his wife’s name for personal use. This enabled him to clean out the accounts he was worried about on a daily basis to keep it safe.
At the same time, he had to send letters to the banks involved to cancel the credit card and close all the bogus accounts and open new accounts. None of this activity tied his mother’s taxpayer ID number to any of the accounts. Had there been a connection, the scammers could have done much more damage.
But it all started with the low-hanging fruit – that credit card offer that anyone could send in. The same problem can come from those “checks” you get in the mail that are really loans. Anyone can use them, and it can hurt you if your name is on the “check.”
Our advice: Pay as much attention to physical pieces of mail as you do to email. Don’t throw those offers in the trash or recycling bin. Shred them or cut them into tiny pieces that can’t be reassembled. At the same time, keep your online presence secure and check your financial info regularly to spot anything that looks out of order.
We can help you with a security audit and we can explain the technology behind various security measure you can take. Call us – 973-433-6676 – or email us to set up a consultation and implement a program.
Categories
Comments
Recent Posts
Recent Comments
- D. J. Hawkins on Health Wearables in Style at CES
- Allan Berger on Tech Preps for Trips
- Stan Schnitzer on We’re Not Neutral on Net Neutrality
- Allan Berger on Equifax and Protecting Your Identity
- Michael L. on Brave New Wireless World
Archives
- September 2024
- July 2024
- June 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- June 2022
- May 2022
- April 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- July 2017
- June 2017
- May 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- July 2015
- June 2015
- May 2015
- April 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- October 2014
- September 2014
- August 2014
- July 2014
- June 2014
- May 2014
- April 2014
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012