The employees of PPNB work with customers of all ages, of varying financial situations, and of different family backgrounds. We celebrate with our customers when they achieve their financial goals like buying a home or starting a business. Unfortunately, we sometimes have to help them when things aren’t as celebratory, such as when they experience financial loss through fraud.
As the access to deposit accounts becomes more convenient due to improvements in technology, it also opens up possibilities for fraudulent activity. Fraud losses also occur in ways not related to digital technology. Mail fraud or fraud via the telephone are common. Finally, fraudulent activity can be perpetrated by those closest to the victim, such as neighbors or family members.
Studies show that our most vulnerable citizens tend to fall victim to fraudulent activity more often than those who are more financially savvy. A recent article in Forbes pointed to those who are lonely or otherwise isolated as potential fraud victims. One thing is clear: taking an active role in the financial activities of your loved ones could potentially save them from falling victim and suffering financial loss.
Those of us in the state of Colorado have an excellent resource on current fraud schemes. The Colorado Attorney General maintains www.stopfraudcolorado.gov, a website that provides resources for fraud victims as well as education on the types of fraud schemes being reported across the state. Visitors to the website can sign up for fraud alert emails that will keep them informed on activities and behaviors that can lead to financial losses for those who may be vulnerable. If you are a caretaker for a family member or neighbor, this resource can be helpful as you work to protect their financial assets.
Those engaged in fraudulent activities seem to stay well ahead of the rest of us. Staying informed and paying attention are proactive ways to stay in front of harmful activities that can cause financial loss to those we love.